Account Receivable is one of the most considerable visible assetson a balance sheet, and its significance is known to all. But even so, businesses are negligent while performing this task by not efficiently allocating their time and resource. As a business owner, your focus is on acquiring new customers, and hence you put all your time, effort and money for the same. And once you acquire new customer, your focus is delivery of the product or service in the best possible manner. After this, your focus should be collecting all the receivables, but this ends up being neglected, thus causing trouble for business cash flow and then causing debt.
Accounts receivable is a current asset, but if the receivables are not collected on time, then it turns into bad debt. This is not an ideal situation for any business. Visualise a situation where your business is not constantly tracking accounts receivable thus you fail to bill your client or worst-case scenario you are not aware whether you have been paid or not. Apart from financial loss, you lose credibility as a businessand also might fail to meetemployee’spayroll cheques or even day to day petty expenses.Therefore, it is important to track accounts receivable.
Each individual industry has different credit cycle, which you also need to follow to keep up with the competitors. Payment made on an immediate basis is good for the business but not practically possible as you have to match up to the credit period offering by competitors in the industry. So, an efficientAccounts Receivable Management is crucial for your business which will help you to keep the money rolling in, effectively on a constant basis.Accounts receivable outsourcing is the most effective way to go about it.
With outsourced partner taking care of your accounts receivable you can increase your efficiency by focusing on acquiring new customers.
Outsourcing Accounts Receivable Service cost is much affordable as compared to hiring in house resource or CPA.
An outsourced partner helps you reduce Days Sales Outstanding (DSO) by recording every sale, collecting receivables, keeping up-to-date with outstanding days.
Outsource partner creates a positive barrier between you and your clients as it deals with all client for any information or collection; this helps maintain healthy client relationships.
Whiz Consulting is dedicated to providing services which will helpto efficiently and effectively run your business while we handle your accounting and bookkeeping needs. And with accounts receivable we do the same, we provide accounts receivable solutions in USthat helps in streamlining the cash flow for your businesses. We take it on us to make sure your customers are paying on time and with chalk out the ones who do not pay on time.
Our Accounts Receivable team are highly experienced and help you get an accurate picture of your business in terms of receivable, bad debts and so on. Using the tool of your preference such as QuickBooks, XERO and so on, we will create invoices and sent the same to your clients.And then we contact your clients directly on the invoices due. Withoutsource accounts receivable servicefrom Whiz Consulting, you will get specific and tailor-made service specific to your needs.
Outsourcing your accounting receivable needs to an expert like us will help you in regular follow-ups on the unsettled invoices, negotiating with the debtors, sending out regular reminders,and also discounting the debtors. This will help you to facilitate prompt payment and improve cash flow.