Overview

Accounts receivable services help the organization to effectively and easily tackle its key finance functions that will generate and influence the cash flow in the organization. Healthy cash flow in the organization is important for a strong and vibrant business. Accounts receivable services make quick payments accessible in the organization. In order to meet the cash flow requirement an organization must have a process of acquiring effective accounts that ensures that the company will receive payment within a certain time. In addition, it improves their collection rates and ensures faster processing of invoices which will increase cash flow.

Account receivables largely affect an organization's cash flow activities. If not done effectively, it can weaken the company’s Finance. On the other hand, strong account receivables help organizations to produce higher incomes. Outsourcing of these accounts receivable services to a team of experts can lead to unexpected successful results.

Benefits

Accounts receivable Receivable services provide you with many benefits such as saving time, money and resources. However, working on in-house accounts receivable without the help of an expert team can reduce your profits and extra work. Services available may prove useful to your organization in the following ways:

• Upgrade the process to get your accounts

  Account receivable outsourcing helps you collect payments faster and within the required time. Additionally it also guarantees that there is no distortion in payment collection, the service provider chooses to go with customer-friendly options and enhanced electronic billing.

  Your presence is not required at the time of payment processing as all mobile and electronic transfers are handled properly. In addition, some payment options allow your customers to choose their preferred method of payment and make payment before the due date. Thus, it improves the income of the organization.

• Reduce time and cost

  At this point when you work such services in-house, it is very difficult and tedious. You may need to invest both your time and money in creating accounts, hiring employees, and working on infrastructure.

  However, when you outsource AR services, you only have to pay for the services you have employed them. Subsequently, through outsourcing, you can save your substantial time and cost.

• Let you focus on your core business operations

  By appointing your accounts services to an

  expert, you can focus on important business functions so that they can grow and expand. The outsourcing accounts receivable service provider monitors all those who often make late payments. AR Service Provider’ works with you and give you ample amount of time to grow and build your company to its complete potential.

• Effective Customers’ Screening

  One who is proficient in accounts is better prepared to set clear credit policies and observe the credit value of many customers. They incorporate the skills from some customers to find out who has a solid record of credit history and, therefore, are able to pay you before the deadline. This kind of capability can help you save cash for a long time.

• Fast Collection

  The more defects you incur in collecting the overdue amount, the less amount your organization will recover. Your accounts are delayed by as many months or years; You will lose more money which will directly affect your cash flow.

Step by stap process

The steps associated with account receivable services may vary for the size of different companies. On the one hand, large companies have a large income and consequently, they do not hesitate before investing in efficient IT systems and credit management systems.

On the other hand, small firms have assets and therefore cannot put such a large amount in recruitment. Rather, they outsource and spend both their time and costs.

• Establish credit behavior

  The organization needs to create a credit application process. On seeing the applicant’s Creditworthiness will decide whether to offer goods on credit. It is up to the organization to decide on offering loans to individual customers or other businesses.

  In addition, the organization will create certain terms and conditions for credit deals that must conform to federal laws using loans. In addition, the document should mention customer requirements and commitments. For example, the organization should be aware of the interest rates for credit to its customers.

• Invoices and Billing for Customers

  A receipt is a document that a customer receives upon the acquisition of specific products or services. Receipts include data, for example, the cost of goods / services provided, the same, and the date of payment.

  Each invoice has its own separate invoice number that one can easily obtain. These are given as per customer’s Choice, ie in physical form or electronic form. In most cases, companies prefer electronic invoices because they are cost effective and convenient.

• Monitor Account Receivable

  At the point when you are finished with the invoice, the next step is to track accounts receivable with the help of Accounts Receivable Officer. The officer will check the payment deposited by the supplier’s bank account, put it into the AR system, and allocate it to an invoice.

  The officer is responsible for encapsulating the AR ledger which ensures that payments are posted properly. In addition, it issues monthly statements to its customers, which it provides to customers’ information about the amounts owed.

• Accounting for Accounts Receivable

  The collection officer finalizes the due date for payment of both bad and unpaid debts. When the officer has inspected unpaid debts, the accounting department will make journal entries to record the deals. Further, the accounting department is at risk to confirm the rebate made on early rebate.

What is Invoice and Billing?

Are your customers paying invoices on time? Are your payments postponed by customers due to missing invoices? Do you have a framework to track if the invoice reaches the client? Let us search for an answer and plan a consistent work process to guarantee accurate and convenient entry of invoices for your customers.

The reality of your cash flow depends on the time when the official and exact billing you give to your customer. An invoicing is a list of goods and services you send to a customer or customer that includes costs that are owed to your business. / />

Customer Account Reconciliation

Do you check your receipts periodically and make a customary follow-up so that your customer pays you on time? Are your customers calling regarding any late fees, low payments, etc.? We must move forward to maintain a strategic distance from any problem on payments and reunite our customers every now and then.

We send an accounting statement to the customer to avoid payment delays. Our dedicated collaboration with the customer's contact space updates intimate accounts.

Business to Business Collections

Are your receivables really due to the past? Is this happening continuously for your customers? Before you can implement this, you may have to change your approach to connect with your customers.

Constant contact base with your customer for product feedback, fees / services etc. helps build a synergy. Our team discusses details of accounts, shares invoice aging, identifies the reason for the delay, fixes it and creates a process flow with control checks to avoid delays.

End-to-End stap by Servzone

• Sales Order Processing
• Bookkeeping
• Invoices and Billing
• Invoice Receipt Verification
• Reconciliation with Payments
• Monthly open balance statement to customers
• Debt Aging Report Preparation and Processing
• Paid Follow-up
• Credit Memo Processing
• Customer Cohesion
• Credit control tool with continuous monitoring
• Customer Support Desk
• Dispute / Charge Management
• CST C-Form / GST Form Collection
• Bad Debt / Delay Management
• Recovery Suite Handling