Outsource Accounts Receivable Services
Transform your business with end-to-end accounts receivable outsourcing services that streamline process, ensuring smooth cash flow while minimising delays.
The complexities involved in accounts receivable includes errors in invoices, multiple payment methods, varied payment terms, delayed payments, data management challenges, customer trustworthiness, cash flow management, technology incorporation and compliance challenges.
Here is how OBS helps in tackling challenges across several areas:
• Advanced Technology: We utilize advanced software for timely reminders, online payment, quick invoice creation, and real time reporting.
• Improved cash flow: Our proactive measures help in minimizing payment delays and maximizing cash flow.
• Strategic insights: Our comprehensive reports help in improving decision making and financial performance.
• Strengthened customer relationships: Our processes focus on strengthening customer relationships.
• Standardising payment terms: For customers with specific needs, our outsourced accounts receivable services help in standardizing payment terms with customized solutions.
We also ensure that all invoicing and payment processes comply with relevant laws to avoid penalties and improve the trustworthiness of a business.
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Security and Data Protection
At Outsourcing Business Solutions (OBS), security and data protection are top priorities, and we take them very seriously. We employ various security measures to ensure higher levels of security and data protection.
By signing Non-Disclosure Agreement (NDA), Non-Compete Agreements (NCA), we assure the high standard of confidentiality. We also implement stringent measures in the working floor like prohibition of pen, paper, mobile phones and USB.
For data sharing, our employees use only the high security platforms such as Dropbox and SharePoint. Dropbox is widely utilized to ensure the safety of all the information with 128-bit encryption.
Another major aspect of data security and protection is the storage of data. By utilizing centralized data servers instead of local or individual servers we ensure secure data storage. Thus we ensure data protection with our outsourced AR services.
Accounts Receivable Services We Provide
For improving the growth of businesses, outsourcing accounts receivable is an ideal option. At OBS, our customized account receivable outsourcing services help ensure timely payments. We integrate various payment platforms into a single system to improve payment processing. We notify the customers in advance through automated reminders to avoid delays in payments.
We analyse the credit history of the customers to help our clients make informed decisions on extending the payment period. Our services are scalable for accommodating the seasonal demands and expansion of businesses. We focus on simplifying the processes of outsourced accounts receivable services to provide the best experience.
- Accounts Receivable Factoring Services
- Billing Services
- Invoice Processing
- Bookkeeping Services
- Refunds and Settlements
- Conduct Collection Calls
- Preparing and sending account statements
- Preparing accounts receivable reports
- Applying cash received to customer accounts
- Accounts Receivable Aging Report Creation
- Updating accounts receivable
- Follow-up collection of accounts receivable
- Creating invoices based on product/service delivery confirmations
- Updating Invoices
- Payment Processing
- Customer Accounts Reconciliation
- Entering receivable transactions into the accounting system
- Order to Cash Processing Services
- Invoice Data Entry
- AR deductions management services
Process of Accounts Receivables
Step 1: Invoice Generation
Creating and delivering invoices to clients for items or delivered services is the first step in the AR process. Typical information on invoices includes the description of the goods or services, quantity, unit price, overall amount owed, conditions of payment, and any relevant discounts or late payment fees.
Step 2: Invoice Delivery
After creating invoices, clients receive them through a variety of channels, such as email, postal mail, and online billing portals. Effective delivery strategies increase the pace of payment by ensuring that invoices are received on time.
Step 3: Payment tracking and posting
As payments come in from clients, it’s important to precisely track them and post them to each client’s account. This entails logging the payment amount, applying it to the relevant invoice(s), and revising the balance on the customer’s account as necessary.
Step 4: Account Reconciliation
To guarantee the correctness and integrity of the AR records, routine account reconciliation is carried out. This entails identifying any discrepancies or unresolved items by comparing the AR sub-ledger with supporting evidence, such as payment receipts, bank statements, and customer correspondence.
Step 5: Collections Management
This process becomes essential when customers don’t pay their bills on time. In order to do this, it is essential to have active communication with customers to remind them of unpaid invoices, work out payment arrangements, settle disagreements, and, if required, step up the collection efforts. Maintaining relationships while guaranteeing prompt payment recovery requires adopting a professional and customer-focused strategy.
Step 6: Reporting and Analysis
As part of the AR process, reports are created on a regular basis to give information about the overall success of the AR process. Metrics like aging analysis, collection efficiency, days sales outstanding (DSO), and customer-specific AR aging may be included in these reports. It is possible to improve cash flow management by identifying trends, evaluating the success of credit and collection programs, and making well-informed judgments by analyzing these reports.
Step 7: Cash Application
To ensure correct cash application, the AR team compares payments with bank deposits after they are posted. By ensuring that money is correctly allocated to each customer account, the AR balances are maintained accurately.
Step 8: Account Maintenance
It’s crucial to keep current and accurate customer information throughout the entire AR process. To support effective communication and successful collection activities, this involves managing client master data, updating contact information, resolving any changes in billing addresses, and assuring data integrity.
Step 9: Credit Management
Credit management might, in some circumstances, be a crucial step in the AP process. To reduce the risk of bad debts and credit losses, this entails assessing and establishing credit limits for consumers, determining creditworthiness through credit checks, and monitoring customer payment behaviors.
Step 10: Continuous Improvement
To increase effectiveness, decrease errors, and maximize cash flow, the AR process is continuously improved. Implementing latest tools, integrating AR systems with other financial systems, optimizing workflows, and keeping abreast of current best practices in AR management may all be necessary to achieve this.
Our Software Expertise
At OBS, we speed up the account receivable processes with our expertise in various accounting software including QuickBooks, Xero, Netsuite, Sage, Zoho Books and FreshBooks. With centralisation of financial data, we make it easily accessible for making informed decisions. We integrate our accounts receivable services with existing financial systems in an easy manner.
Our Packages
HOURLY
Working Time Hourly Basis
Minimum billing of USD 300 per month
Starting from USD 10
Client's Testimonials
How A2Z Real Estate Transformed Their Accounts Payable with Expert Accounting Services
Listen to our client, Ms Michelle from A2Z Real Estate, as she shares how expert accounting services transformed their accounts payable processes.
Streamlining Invoices and Accounts Payable: A Client Success Story
Listen to our client Mr. Allen Kelly, as he shares his company’s experience using our expert accounting services. Learn how our solutions transformed their invoice and accounts payable processes and led to more efficient operations and stronger vendor relationships.
Seamless Accounting Transformation with QuickBooks: A Client's Journey
Discover how our client Ms. Danine Hodge successfully streamlined their accounting processes with OBS’s outsourced accounting services using QuickBooks. Learn how the integration of QuickBooks and expert support from OBS transformed their financial operations, providing them with the clarity and precision needed to drive their business forward. Listen to their story and see the tangible benefits of partnering with OBS for your accounting needs.
