Outsource Accounts Receivable Services For Restaurants
Restaurants face several common accounts receivable (AR) issues, including delayed payments, uncollected debt, inaccurate billing, lack of proper documentation, and a high volume of transactions. Outsourcing accounts receivable services can help in overcoming these challenges by timely payment follow-ups, reducing uncollected debt, improving billing accuracy, providing proper documentation, and efficiently handling transactions. At Outsourcing Business Solutions(OBS), our qualified professionals can help simplify the AR processes and maintain a steady cash flow. By choosing to outsource accounts receivable services for restaurants, you can ensure your AR processes are handled efficiently.
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Security and Data Protection For Restaurants
At OBS, your data security is our topmost priority. Many restaurants outsource tax-receivable services relying on data safety. We assure data safety with Non-Disclosure Agreement (NDA), Non-Compete Agreement (NCA), and stringent work floor policies. We utilize secure platforms such as Dropbox and SharePoint for data sharing. Dropbox is mainly utilized due to its 128-bit encryption to ensure the safety of all the information. Another major part of data security and protection is the storage of data. We are highly committed to ensuring safe data storage by utilizing only centralized data servers instead of local or individual servers.
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Outsource Accounts Receivable Services We Provide
At OBS, we offer end-to-end accounts receivable services. We assess your current processes and restructure them to improve efficiency. Our services are designed to improve the long-term financial health of the organization. Restaurants that outsource accounts receivable services to OBS, benefit from our proactive services. By opting for our outsourced accounts receivable for restaurants, you can focus on your core business while we handle the complexities of receivables management.
- 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.
