Accounts Receivable
Here are some ideas on how an Accounts Receivable professional can help you streamline payment processes and improve cash flow management.
What is Accounts Receivable?
Accounts receivable services involve sending tasks such as invoicing, generating statements, and reconciling customer accounts offshore for completion by a resource that’s outside of your organization.
By outsourcing accounts receivable, businesses can then focus on tasks that are core to their business. Account personnel can focus on more complex and analytical tasks that have a real impact on the day-to-day financial operations of the business.
Sending accounts receivable tasks offshore is also more cost-effective than employing locally, and gives your accounts team the dedicated support they need at a drastically reduced price. Offshore accounts receivable staff can complete all the essential tasks required of the role, including but not limited to:
Key Responsibilities
- Maintain bookkeeping databases and spreadsheets, updating information as needed
- Communicate with previous clients and customers to request payment and arrange payment plans
- Collect payment from customers and accurately record it into the system
- Create reports and balance sheets that document overall profits and losses
- Update client accounts based on payment or contact information
- Producing monthly financial and management reports
- Investigating and resolving any irregularities or inquiries
- Generating invoices and account statements
Our qualified, skilled, and experienced accounts receivable staff will ensure your customers are invoiced correctly, accounts are paid promptly and your business has up-to-date sales information. Your local team can then focus on tasks that will grow your business.
Why Do Businesses Outsource Account Receivable?
Businesses may choose to outsource their accounts receivable tasks for a number of reasons. Not only does it cost less, but it’s also easier to find dedicated staff who want to do the work. This then leaves your local team free to focus on more complex work to grow your business and will ultimately lead to more satisfied employees.
Back-office tasks such as accounts receivable can easily be handled offshore, ensuring you stay on top of your paperwork and your accounts. You can get on with generating new business and sales, while your offshore staff ensures that you’re receiving timely payments. And at any given time, you’ll know exactly where your business stands financially, what your sales figures look like and who owes you money.
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