Accounts receivable is the MOST critical financial accounting function. Ensuring timely and accurate payment from customers is essential to business operations, generating free cash flow/financing, and continuing to operate or expanding operations. The myriad of payment terms and levels of customers/payment methods for a particular business might add complexity to the situation, and hence outsourcing AR services to our team will help with invoice generation, account aging and chase, reconciliation, customer payment and credit card payment processing, and others
Some of the most common AR services we provide are listed below. As always, just because something related to accounts receivable is not listed below does not mean it is not something we offer. Please do not hesitate to contact us to discuss any of your accounts receivable or other financial accounts needs.
- Expertise in the majority of common software applications used today, including Quicken, QuickBooks, Sage, Peachtree, SAASU, Xero, VT Software, Wave Accounting, FreeAgent, FreshBooks, MYOB, and etc.
- Invoice processing, entry into bookkeeping or ERP/MRP systems, and cross-check against purchase orders or other documentation
- Managing sales and service taxes associated with the purchase of goods and services, as required by individual jurisdictions
- Flagging problem transactions, invoices, or accounts to be elevated to the relevant contact(s) to ensure issues are caught and smoothed over
- Generating and complying with internal policies and agreements regarding chargebacks, cash discounts, program discounts/back-end, and similar
- Capturing of recurring payments or other automated bill-pay mechanisms to ensure accuracy of GL accounts and records
- Generating and/or information capturing for payment instruments like checks and electronic transfers
- Account chase to ensure payments are made to vendors in accordance with agreed payment terms and durations – not too soon, not too late – to optimize available cash on hand and cash flow vs. balance sheet
- Account reconciliation with suppliers/vendors
- Account setup and payable vendor database/maintenance of same