In today’s business world, outsourcing accounts receivable services have become popular, as cash flow is of utmost importance in every enterprise. Typically, the business' performance becomes more predictable when collections and cash flows are timely. But companies have to ensure that they derive the maximum output from the amount they spend on managing their receivables.
Outaccounts provides accounts receivable outsourcing services that improve collections, along with the company's lifecycle from order to cash. Our accounts receivable implementation is in accordance with the best practices and delivers frequent analysis, automation, reporting, improved communication and flexibility. The practices cover collections, credit, cash receipts and applications, payment terms, individualized contract management, and electronic and paper-based procedures for billing.
We keep you informed about your customer relationships and receivables through our regular reconciliation and analysis provided all through the order to cash cycle. We recognize and resolve any causes for payment delays in the course of our efforts towards continual improvements.
We can take care, on your behalf, of all the processes mentioned below:
We can create invoices based on documentary evidence such as service/ product delivery confirmations and sale order copies
Statements that you require, such as total cost per line item, analysis by program or project code
Uploading electronic invoices onto your systems, after transmitting these electronically
Updating factoring of accounts receivable, if any
Updating invoices into accounts receivable (invoice processing services)
Following up collection of accounts receivable, along with monitoring
Updating accounts receivable for collection, besides reconciling bank account credits
Itemizing advances or deposits received, besides receipts, etc.
Escalating/alerting short payments
Preparing and sending account statements
Escalating/alerting you about differences found while reconciling your records with account statements.
Preparing accounts receivable reports based on analysis of accounts receivable by age, business segment, customer, etc.
Using invoices raised to date to prepare cash flow summary for the past and future
Operating cost minimization
Increase in recoveries and cash flow
Unapplied credit elimination
Bad debt reduction