Accounts receivable is one of the crucial assets on your balance sheet. Businesses have a core responsibility of acquiring new customers, and hence owners put all their time, effort, and money into the same. Post-customer acquisition, the focus is to deliver the product or service in the best possible manner.
After this, the focus should be on collecting all the receivables, but this ends up being neglected, thus disrupting cash flow cycle leading to debt financing to keep business aflot. Apart from financial/ opportunity loss, you may lose credibility as a business and might fail to meet employee payroll cheques or even day-to-day petty expenses. This raises the need for efficient accounts receivable management which helps you keep the money rolling in effectively and constantly.
Our accounts receivable management services can have a range of benefits for your business. Most importantly, it makes your unpaid invoices more manageable and improves your chances of getting paid within a reasonable timeframe. We can help you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Consequently, you will be less susceptible to cash flow issues, which can prove to be catastrophic for businesses of all shapes and sizes.
Issue invoices and record them along with sale orders and goods/ service dispatch
Get confirmation from the customer regarding the receipt of the invoice
Issue credit note to the customer for verified sales return
Send regular reminders and follow-ups to the debtors to ensure timely receipt of payment
Reconcile bank accounts to identify payments received from debtors against the invoices issued
After successful receipt of payment, invoice is marked as paid and filed into repository
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