Accounts Receivable

Seamless and efficient Accounts Receivable Services.

Accounts Receivable

Are you spending your valuable time tracking down payments and keeping the billing system up to date? Are you not receiving your payments on time? Are you finding it difficult matching payments to invoices, constantly having to resend copies of invoices?

You are not alone. Businesses today face many challenges when it comes to their invoicing and Accounts Receivable (AR) process. This means your operations and production may need to slow down, missing revenue targets and hurting your business.

Good cash flow is crucial in every organization.

Whatever the size of your business, an AR clerk or analyst is a powerful addition.

AR has two broad functions:

  1. tracking revenue expected to be received (invoicing) and
  2. making efforts to collect those revenues.

Other roles include assisting in generating financial statements and designing customer-facing forms, like invoices. These functions need the support of IT systems, which AR personnel must understand.

AR functions also include performing credit checks on customers requesting credit. If the customers are late in paying, which has its apparent detrimental effects, the accounts receivable personnel attempts to collect the outstanding balance. They track who owes what and make reconciliatory adjustments to the accounts, finding and fixing input errors.

Decreased administrative costs, streamlined processes and an integrated collection system are some of the benefits of outsourcing AR, a vital finance and accounting function.

What Does Accounts Receivables Mean?

Accounts receivable (AR) are funds owing to a business by customers or clients for goods or services sold but not yet paid for.

It is an essential part of corporate operations since it reflects client credit and is recorded as an asset on the balance sheet.

When a company sells its products or services on credit, it creates an account receivable, and it is the company’s responsibility to recover the unpaid payments within a specific time limit. This is where management comes in; keeping a healthy cash flow and avoiding bad debts requires timely tracking and collecting these payments.

It often includes the customer's name, invoice date, due date, amount owed, and payment terms. Efficient administration is essential for timely payments and financial stability. Keeping track of your accounts receivables is vital for running your business successfully.

Advantages of Accounts Receivable Services

1. Get Paid Faster

Getting paid sooner is one of the key benefits of receivable management. Invoicing is one of the most important parts of receiving payment from clients or vendors. If the invoice is prepared incorrectly, it will be returned for revision, possibly further delaying payments. So, create acceptable invoices to ensure correct payment.

2. Reduce Bad Debts Risk

Bad debts are a concern for every firm since they wreak havoc on the organisation's finances. When accounts receivable are not correctly managed, it places undue pressure on the business's finances, resulting in bad debts. A properly processed accounts receivable can significantly reduce bad debt difficulties.

3. Appropriate Credit Decision-Making

Accounts receivable management allows firms to track customers with excellent repayment histories. This enables the company to categorise consumers based on their payback history. It makes it easy for firms to decide whether or not to provide client credit.

4. Keep Track of Unreceived Payments

The most crucial part of receivable management is tracking unreceived payments. All outstanding client payments may be easily tracked, making it easy to commence the collection procedure. It will ensure that any unreceived payments are recorded and appropriately paid. The main information supplied here is the efficient method.

5. Efficient Cash Flow

Every firm wishes efficient cash flow to allocate appropriate resources to future projects. It can also assist in making proper use of these finances during adversity. A well-managed cash flow can be pretty useful in analysing the capabilities of a corporation to improve its performance.

Our Certified Professionals Include:

Accounts Receivable plays a vital role for small businesses and has a lot of compliance issues. We handle all your accounts receivable tasks:

  • Allows you to devote more time to crucial business tasks.
  • Help reduce the chance of errors by hiring a thoroughly trained and appropriate accountant.
  • Deducts the overall costs of handling bookkeeping in-house, which may be used to upgrade your company's infrastructure, equipment, and other assets.
  • Relies solely on sophisticated, industry-standard bookkeeping software like Xero, Sage, and QuickBooks.
  • Outbooks is the finest alternative for dependable and effective bookkeeping services.

Why Should You Rely on Outbooks?

Our skilled accountants work with cutting-edge accounting software, including industry leaders like Xero and QuickBooks, to ensure high-quality work and data security. Trust us for:

  • Ensuring 360° Robust Data Security
  • 60-70% reduction in overhead costs
  • Top-Notch Team of Certified Australian Accountants
  • Compliant with Confidentiality & Tax Legislation

Contact us today to take the first step towards stress-free accounts receivable. We're excited to discuss how Outbooks can change your money management.

Why Count On Outbooks?

We understand that chasing away potential bad debts can eat up your business's valuable time and reserves. No matter whether your third-party payments are due within a few days or an entire year, you can bank on Outbooks to deal with the pressure. As a result, you'll be able to concentrate on growing your firm.

At Outbooks, we leverage our vast experience with 2,000 clients to solve problems and drive growth. Our laser focus on selecting suitable candidates with the right mix of skills, credentials, and expertise helps us achieve each company's specific goals. We use state-of-the-art software in line with the old-school practices for optimal efficiency and quick turnaround.

Outsourcing AR cuts down on a significant amount of overhead costs associated with setting up an in-house team or entire department. Moreover, managing AR in-house is proven to slowly empty the available resources, including the morale of your employees.

With substantial experience in managing AR, you won't need to bother about timely obtaining your receivables but focus your employees' energy on core activities.

This further calls for outsourcing this critical aspect of your business to professionals with sufficient competency in all viewpoints like us. Thus, leaving your relations with your customers and vendors optimistic and uncompromised.

Your Questions, Our Answers

  • How can a business manage its Accounts Receivables in a better way?

    A growing business can better manage its Accounts Receivable in several ways. This includes assuring all the parties agree upon the due date, the final amount owed, being up to date on receivables past their due date, and the like. Depending on your clients' operating size and diversification, outsourcing may be more cost-efficient and alleviate your business.

  • Are Accounts Receivable essential for any business to thrive?

    Accounts Receivable is the heart of any business that ensures a smooth flow of resources through the company. With cash-flow mismanagement, it is next to impossible to run a business. Thus, an efficient running of the Accounts Receivable department is of paramount importance for any business to thrive.

  • Shall I outsource Accounts Receivable?

    Outsourcing Accounts Receivables to professionals comes with an array of benefits. For instance, it lowers the cost of in-house operations and ensures that employees' skills are directed to more profitable activities, quicker collecting debts, etc.

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Services Offered

Bookkeeping

With Outbooks, you gain access to highly qualified and dedicated offshore bookkeepers. Bookkeeping forms the core of the accounting process, and our expert bookkeepers bring many years of Australian bookkeeping experience.

Management Accounts

Management accounts are the lifeblood of all well-run organizations. They can boost performance, inform strategy, escalate profits, enable detailed analysis, and accentuate issues.

Payroll Processing

Payroll management can get time-consuming and exhaustive. Getting payroll correct month after month is critical for everyone.

Data Entry

Data entry comes with its own set of challenges. Get the pain out of accounting data entry by outsourcing your data entry tasks to our team of efficient operators. Save time and instead focus on high-value tasks that help your clients grow.

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Outbooks is a leading provider of Virtual Bookkeeping & Accounting Services across the Australia.

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