Account receivable services have become very popular in today’s business world, as cash flow is most important part in every enterprise. Timely cash flows make business performance more predictable and help in maintaining good business relationship. In this article we will discuss about how outsourcing account receivable can be helpful for you and your business.
What are account receivable services?
Account receivables are the amount of money that a customer needs to pay to the organization or entity for goods or services delivered or used on credit. Account receivable services makes sure that the enterprise get back their payments in a shorter duration with improved collection rates and ensure faster processing of invoices. All of these processes contribute well in increasing the cash flow and maintaining good business relationships.
What are the processes involved in account receivable services?
Here are the processes involved in the account receivable service:
- Create invoices based on documentary evidence such as sales order copy and service or product delivery confirmations.
- Uploading the electronic invoices onto company’s systems
- Updating the factoring of account receivables
- Invoice processing services that involves updating of the invoices in receivable accounts
- Monitoring and follow up collection of accounts receivable
- Updating account receivables time to time for collection
- Enlisting the advances and deposits received by the company
- Alerting short payments
- Preparation and sending of account payments
- Alerting the company regarding the differences found while reconciling records with the account statements.
- Preparation of account receivable reports
- Prepare cash flow summary by using the raised invoices
What are the benefits of Account Receivable Services?
Account receivable services have various benefits for your company. Some of them are enlisted below:
- Improves the cash flow of company: It is one of the biggest advantages of outsourcing account receivables. Company can collect their payments on deadlines and can keep a record of customers paying payments after due dates. Most of the outsourcing service providers like Enterslice use advanced electronic billing mechanism and user friendly payment options, to process the receivables in no time so that company can get better cash flow.
- Saves time and money: If your are getting your account receivables process done from service provider, it will surely save time and money of your company, as there will be no need to invest in an in house accounts receivable department. Company can save a lot of money as they don’t require to buy the expensive equipment and the employees can also focus on their work well.
- More efficient in work: The outsourcing provider will surely have a lot of experience in this field and can immense your accounts with great accuracy, higher efficiency and within a deadline. Enterslice advisors make it sure to provide you most efficient results on time.
- Make more quick collections: Outsourcing companies keep on alerting you about the accounts receivables that are overdue by a month or two or even a year that helps you in making more quick collection.
- Effective screening of all the customers: Outsourcing companies do an effective screening of clients so that company can know which of the clients have a strong credit history. This helps the company to know who can pay back sooner that helps to save money in long run.
Conclusion: Outsourcing account receivables are a need of every enterprise that wants to manage their account efficiently for a better cash flow. Account receivable service providers are well experienced in their work and make use of the best and latest technology to manage your invoices and payments. Enterslice team provides you the best account receivable services at very convenient prices. to know more about their account receivable services drop a mail at info@enterslice.com.