Account Receivable is the lifeline for revenue and a critical factor in a business’s profitability. An efficient and accurate Accounts Receivable shortens sales to the payment cycle, improves cash position, optimizes working capital, minimizes credit risk, reduces administrative cost and even improves customer communication and relationship.
But not every business is equipped with an expert Accounts Receivables department to expertly manage the receivables and accrue all the above benefits. Small and medium businesses may have to multi-task their way out of accounting while focusing on their core business functions and growth strategies – and naturally fall short of their AR goals which over time derail the operations with raise in bad debts.
If you are a small and medium business that is looking to level-up your Accounts Receivable process for optimized working capital, cash flow, minimizing your credit risk and smooth overall functioning of your business, Back Office Accountants now offers outsourced Accounts Receivable Services to accrue all the above benefits without breaking a sweat.
Tap the Power of Accounts Receivable Services with Back Office Accountants:
Effective and timely collection of clients’ payments must not only align with Accounts Payables but also provide adequate working capital according to business requirements. Designing a solid Accounts Receivable System that makes this possible while weathering all the unpredictable storms the clients go through, is an art that our Accounts Receivable Specialists mastered a long time ago.
With a team of experienced accountants, expert bookkeepers, accounting resources aided by advanced Accounts Receivable tools and software, Back Office Accountants provides the best-outsourced Accounts Receivable Services in the market.
Accounts Receivable Services by Back Office Accountants:
- At Back Office Accounting, our Accounts Receivable specialists prepare sales invoices from the information provided by the client. The invoices are subject to the client’s approval before sending the email.
- These invoices are either prepared on basis of a pre-approved schedule or as per information provided by the client.
- After the client’s approval, Back Office Accounting Specialists, send an email for sales invoices and monthly Statement indicating the outstanding balance as of date.
- After sending the invoice and statements, these are posted into the client’s accounting software, if not sent directly from accounting software.
- At the periodic interval agreed/requested by the client, Back Office Accounting Specialist provide predetermined reports such as Accounts Receivable Aging Report, Client Balance Report, Open Invoices Report, Sales by Client Summary etc. as per the requirement of the client.
- We also follow-up client with email reminder for clearing of Invoice outstanding for the past due to invoices.
In addition to the above we also provide additional Accounts Receivable Services which include customer credit tracking and screening, issuing credit memos, and refund checks, accounts receivable deduction management services, billing preparation and more.
Why Back Office Accountants?
Reduced Errors: Equipped with advanced automation tools and AR software we automate your AR process to pave way for an accurate and streamlined and error-free AR process. Our best Accounts Receivable practices supported by the latest automation tools identifies the errors and avoid them from becoming a future liability.
Customer credit tracking and screening: Our AR specialists establish clear credit policies that verify the creditworthiness of the client to help gauge the risk and consider it before negotiating credit terms and policies.
Accelerated collections: From screening clients for credit approval to sending invoices, tracking and making follow-up calls every step of the AR process is suitably automated and is managed by our Accounts Receivable specialists to accelerate the collection to keep you in a better cash position.
Immediate Reduction in DSO: We gather data on your businesses current DSO, compare it with industry benchmarks and set DSO goals based on your cash flow and working capital requirements. We screen customers, determine credit risk, define payment terms that balance the business’s DSO goals and customer expectations while focusing on invoice process and follow-up, all steps targeted to decrease the DSO and strengthen your cash flow.
More control over cash and working capital: While accurate and automated AR process paves the way faster collections and reduced DSO to improve your cash position and give better control over your working capital. Our automated AR process provides helps you manage your working capital more effectively and provides you with more insights to make your strategic investments like equipment purchases, facility expansions r other investments.
Improved communication & customer loyalty: Greater visibility and control brought to you by our streamlined and organized AR process, tools and software also improve your client communications. Reviewing and tracking invoices, account information and documentation becomes a quick and effortless process. Add this to the credit accounts and long-term payment options that are offered to clients after credit review, – the client loyalty and goodwill amongst your client base skyrockets effortlessly.
Saved time and reduced administrative costs: By outsourcing accounts receivable to Back Office Accountants, you avoid the expenses of setting up a dedicated Accounts Receivable department and all overhead expenses like training, office space, employee benefits and other overhead expenses that come with it. Add this to the automated manual processing which collectively saves a lot of time and money while accruing all the benefits of having an efficient Accounts Receivable function for your business.
The longer a business takes to collect an overdue amount lower becomes the chances of collecting them and the only way to improve your collections is adopt a streamlined AR process that is set forth after careful Receivable analysis. If you are a business that is not perfectly equipped with an Accounts Receivable department to expertly manage all the receivables and accrue all the benefits, outsourcing Accounts Receivable is the best way out to improve your cash flow, working capital, reduced costs and focus on your core businesses functions.
If you are looking for Outsourced Accounts Receivable Services, you can contact Back Office Accountants here: https://www.backofficeaccountants.com/contact-us/
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- Credit Card & Bank Reconciliation Services