Outsource Accounts Receivable Services For Construction

Accounts receivables in construction often involve multiple stakeholders, large projects, progress billing, and varying payment schedules, which can cause confusion and delays. This complexity can divert businesses from their core operations, leading to inefficiency. By outsourcing accounts receivable to experts, construction companies can improve cash flow management while maintaining control and visibility over their financials, all while efficiently managing their projects. At OBS, we provide specialized outsourced accounts receivable services for construction, offering expertise and efficiency at every step.

AWARD-WINNING OUTSOURCING COMPANY

Top Bookkeeping Company - OBS
Global outsourcing firm index rank 1843 in 2023
Clutch award top BPO company
Best Bookkeeping Company - OBS
Clutch 100 Fastest Growth 2023

Security and Data Protection For Construction

When you outsource accounts receivable for construction, security and data protection become critical priorities. At Outsourcing Business Solutions (OBS), we take the protection of your financial data seriously. We follow stringent security protocols to ensure that your sensitive information remains safe. To guarantee confidentiality, we sign Non-Disclosure Agreements (NDAs) and Non-Compete Agreements (NCAs) with our clients. Additionally, we enforce strict facility measures such as a no-paper, no-pen policy on our work floors, and prohibit the use of mobile phones and USB devices. With our commitment to security, you can trust us to manage your construction outsource accounts receivable needs with the highest level of protection and confidentiality.

Get a FREE QUOTE!

    Outsource Accounts Receivable Services We Provide

    Our construction outsource accounts receivable services offer end-to-end solutions tailored for the construction industry. Our comprehensive services include invoice processing, payment processing, vendor management, and accounts reconciliation. All bills would be processed by our team on time and accounts would be updated accurately. We will also follow up on pending payments, prepare accounts receivable reports, and create aging reports to maintain cash flow. Contact us for reliable construction accounts receivable services.

    • 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

    PART TIME

    Working time flexible

    Starting from USD 750

    FULL TIME

    Working time 8 hours daily

    Starting from USD 1500

    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.

    Accounts Receivable Client Success Stories

    Account Receivables Services for Multiple Industries

    Scroll to Top