Outsource Accounts Receivable Services for US Businesses
Outsource Accounts Receivable Services help an organization efficiently and easily manage the key financial functions that will generate and impact the organization’s cash flows. Healthy cash flow within the organization is key to keeping the business strong and vibrant. Accounts Receivable provide faster access to payments within the organization.
To meet core requirements, an organization must have an effective account receivable management process in place to ensure that payments are received within a specific timeframe. Furthermore, it improves their collection rates and ensures faster invoice processing, which will lead to increased cash flow. To ensure the payments are received on time, the company may hire an outsourcing service to collect payments, follow up with the clients, and maintain aging reports.
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Accounts Receivables Management Services By OBS
An Accounts Receivable system is designed for the collection process and allows you to focus on running your business instead of chasing after customers who owe you money. Most companies outsource AR services to collect payments from clients.
- Maintaining a record of the bills
- Regular billing and delivery to customers
- Creating Invoice
- Record of received payments
- Adjusting the payments with invoices
- Linking the Accounting software and Payment Gateways
- Regular follow-ups with debtors for pending invoices
- Discounting the debtors
- In-depth analysis of accounts receivable reports
- Accounts Receivable Factoring Services
- Accounts Receivable Aging Report Creation
- Entering receivable transactions into accounting system
- Issuing of credit memos and refund checks approved by the customer
- Maintaining subsidiary receivables ledgers
- Preparing and delivering periodic statements
- Carrying out process adjustments approved by the customer
- Applying cash received to customer accounts and resolving short pays
- AR deductions management services
- Preparing AR reports
- Billing Preparation
- Record and account for revenue
Top Notch Accounts Receivable Outsourcing Services for US Firms at Affordable Rates
Accounts Receivable Software We Use
The accounts receivable software is a computer program that helps businesses keep track of their invoices and payments. These programs allow companies to manage their cash flow and make sure they have enough money to pay their bills.
Customer Relationship Management (CRM) Software
Customer relationship management software is designed to help companies build relationships with their customers. CRM systems store data about clients and their purchases. Companies use these databases to send marketing emails and offer discounts to loyal customers.
Sage 50 Accounting Software
Sage 50 accounting software is a desktop application that runs on Microsoft Windows operating systems. This software allows working on account receivables processing as well as payroll processing, inventory control, and bookkeeping.
Quickbooks online is a cloud-based accounting software package. It is used by small businesses to organize finances and run daily operations. Quickbooks Online provides tools for tracking expenses, managing employees, and generating reports.
Xero is a cloud-based financial software package that is used by many small businesses and different accounting tasks like bookkeeping and account receivables etc. It is simple to set up and use.
Melio YayPay Software
Melio YayPay software is a cloud-based accounting solution that helps you manage your business finances in real-time. You can easily track your sales, expenses, inventory, and much more. It comes with many features including invoicing, reporting, and payment management. It also offers integration with popular accounting platforms like Quickbooks Online and Xero.
Oracle NetSuite is a financial suite that provides businesses with everything they need to run their entire business. It includes CRM, ERP, eCommerce, finance, HRMS, manufacturing, project management, supply chain, and warehouse management.
Microsoft Dynamics CRM is one of the most popular software businesses use today. The number of advantages it provides to its users outweighs the advantages offered by other CRMs in the same field.
Dynavistics is software that helps you collect payments online. It integrates with your website and mobile app to allow customers to pay directly from their devices. It also tracks customer activity and provides analytics to help you improve your business.
Collect-it Anytime is software for collecting payments online. It works with your website and mobile apps to let customers make purchases right from their devices. It also tracks customer activities and provides analytics to help improve your business.
FreshBooks is an online accounting platform that makes it simple to create professional-looking invoices and get paid faster. It also offers expense tracking, timesheet management, and automatic payroll processing.
Bill.com is a billing system that lets you send out professional invoices to clients. It also helps you organize your bills and stay on track with competitors.
Benefits of Outsourcing Accounts Receivable Services
Outsourcing accounts receivable services is a great way to save money and time while still providing professional service. Here are some of the top reasons why outsourcing accounts receivable services could benefit your business.
One of the biggest advantages of outsourcing accounts receivable services is the amount of time you can save. You no longer have to spend hours each month manually processing invoices and chasing down unpaid customers. Instead, you can focus on what matters the most – running your business.
Another advantage of outsourcing accounts receivable is the cost savings. By outsourcing your accounts receivable services, you can reduce overhead costs and increase profits. If you’re paying employees to handle your accounts receivable, you’ll need to pay them salaries, benefits, and taxes. When you outsource your accounts receivables, you can use those funds to invest in marketing and advertising campaigns, expand your customer base, or even hire additional staff members.
Professional Level Service
If you choose to outsource your accounts receivable services, you’ll gain access to a team of professionals who specialize in arrangements of prospects in accounts receivable. These experts know how to keep your books accurate and organized and ensure that you don’t miss any payments due to human error.
Better Customer Relationships
When you outsource your accounts receivable, you’ll build stronger relationships with your clients. In addition, if you provide outstanding customer service, you may find yourself gaining repeat business.
By outsourcing your accounts receivable, your company’s profitability increases. As mentioned above, you can use these funds to invest in marketing, hiring, or expanding your business. Additionally, if you offer discounts or incentives to your customers, you can use those savings to lower your prices.
Access to Expertise
You’ll also gain access to a team of experts who can assist you with any questions you may have regarding accounts receivable. Whether you want to learn more about managing your cash flow, handling payroll, or understanding tax laws, these experts can help you navigate the various aspects of accounting.
Why Outsource Accounts Receivable Services to OBS
We have a team of skilled and experienced accounting specialists whom you can rely on. Businesses of all sizes that have outsourced their accounting services to OBS have grown considerably.
OBS is the best at providing quality and customized experience for each prospect by catering to specific requirements. Our team works together to provide custom-made plans for each project.
We take due care in maintaining the confidentiality and security of the information of our clients.
You can save more than 50% of your operational cost just by outsourcing your accounting tasks to OBS.
We provide an experienced supervisor who is dedicated to a team working on your case at no extra charge. This ensures high-quality accounting services for our clients.
From the first day of the inquiry, we put a lot of emphasis on avoiding task delays and ensuring a smooth induction. The requirements of the client are handled professionally by the team and executed promptly.
Unlike the other outsourcing businesses, OBS does not charge any setup cost or upfront cost.
Our team of accountants works with the client’s timezone in flexible hours so work is not delayed and completed on time ensuring quality and efficiency at the same time.
Outsource Accounts Receivable Services to OBS
Outsourcing accounts receivable services refer to using a third-party company to handle customer invoices instead of doing it yourself. There are many reasons why businesses choose to outsource their account receivables to OBS. Here are some of them:
1) Save Extra Cost
One of the most significant advantages of outsourcing your accounts receivable to OBS is that it saves money. Instead of having to hire staff to take care of these tasks, you can contract with an accounting firm like OBS that specializes in handling these tasks. You save charges by not having to pay employees who would otherwise be working on these tasks and they don’t have to spend time training others. In addition, you won’t need to provide office space for staff since they work remotely.
2) Increase Efficiency
Another advantage of outsourcing your accounts receivable is that it increases efficiency. When you do the task yourself, you may be spending too much time on these tasks. By outsourcing your accounts receivable tasks to OBS, you can free up your time to focus on other aspects of your business. In addition, if you hire OBS, you can be assured that quality will not be compromised at any cost and this is the only reason our average client retention rate is more than 80%.
3) More Tasks Accomplished
Another benefit of outsourcing your accounts receivable tasks to OBS is that we have a bandwidth of skillful workforce that can handle much more work without compromising quality which ensures that at end of the day the OBS team accomplishes more tasks.
What are accounts receivable?
The word receivable refers to an unrealized payment. This means that the company must grant a line of credit to its customers. Typically, businesses sell their goods and services for both cash and credit.
When a company extends credit to a customer, the sale is made on the invoice, but the company sets a deadline for the customer to pay the amount after a specific time.
Why is managing accounts receivable important?
A large part of the assets of any business is accounts receivable. It helps to generate cash flow to the books of the business. This is paramount because the company’s future cash flow is affected. The Company provides credit facilities to customers to facilitate the transaction process and establish a sustainable credit relationship with customers and get better deals for the company. Besides, it helps attract investors as an investor will be able to check the company’s fundraising performance and be interested in investing if it’s a good one.
What are the different kinds of receivables?
Generally, receivables are divided into three types: trade accounts receivable, notes receivable, and other accounts receivable.
- Trade Accounts Receivable- Receivables typically arise from sales on credit. It occurs as a result of the purchase of goods or services in the form of credit. Generally, payment terms vary from one to two months.
- Notes Receivable- This request takes the physical form of a formal letter. This loan has a bill of 2 to 3 months. Debt settlement made within this period will not incur interest. However, if the debtor requests an extension of the payment term, interest will be charged on the monthly grace period.
- Other Receivables- This receivable is broader as it includes interest receivable, wages receivable, advances to employees, and tax refunds.
What are the duties of an accounts receivable specialist?
The Accounts Receivable Specialist or Clerk will be responsible for the specific Accounts Receivable management:
- Invoicing and sending
- Contacting customers to settle payments
- Negotiating payment terms
- Record and billing reconciliation
- Maintain accounts and payment records
- Prepare reports as required by management
- Assist with collections
Why outsource to OBS?
OBS has worked with clients for many years and has the skills and experience to deliver the best accountants to handle all kinds of tasks.
Outsourcing Accounts Receivable Services for US Businesses
OBS provides outsourcing accounts receivable services to USA firms. If you require accounts receivable services in New York, Texas, California, San Francisco, Washington DC, Las Vegas, Chicago, Houston, Illinois, Florida, Ohio, Oregon, Nevada, San Jose, Dallas, New Mexico, Massachusetts, Boston, Portland, Pennsylvania, New Jersey, New Hampshire, Phoenix, Arizona, San Antonio, San Diego or other parts of the US or any other state in the US, you can outsource the service for your business with us.