What is Accounts Receivables ?
The Accounts Receivable Process is an important aspect of a business’s essential analysis. We understand the significance of prompt and accurate invoicing, dispute resolution, tracking receipts, credit authorization, cash collection,ledger maintenance, and account reconciliation. We also provide reports to our clients at the desired frequency to stay informed on the collectibles.
Risks of Accounts Receivable and Mitigation
It is estimated that almost all businesses will experience some form of Accounts Receivable fraud in their lifetime. This
type of fraud can have a devastating effect on a business, both financially and reputationally. Several risks come with
having an in-house Accounts Receivable. These risks can be mitigated by taking a few simple precautionary measures.
- Validate the sales order and track record of the customer. This will help us ensure that the customer is
legitimate and that there is no history of fraud. - It is important to validate service documents such as GRN, timesheets, and approvals.
- Prepare and validate the AR report before sending it to the management.
- Once the report has been sent, it is important to reconcile the customer ledger regularly. This will help to
identify any discrepancies that may occur.
By taking these precautions, you can help to mitigate the risks associated with providing Accounts Receivable services.
Why Outsource Accounts Receivable ?
- We will manage your customer master data and ensure that all information is accurate and up to date.
- We will generate sales invoices or as required.
- We will update your books of accounts on a timely basis.
- We will send invoices to your clients and track the payment as required.
- We will follow up with the customers as per the agreed payment terms.
- We will continuously update the books on receipt of payments.
- We will provide you with a monthly report that includes all relevant information about your accounts receivable.