Outbooks Accounts Receivable Services UK- Optimising Your Cash Flow
Are you tired of sifting through stacks of invoices and chasing down payments? We've got your back! Our expert team can take the hassle out of your hands, leaving you to focus on what you love – running your business.
Improving cash flow and maximising company success are driven by an efficient order-to-cash cycle. Traditional accounts receivable processes can quickly consume a company’s limited resources due to their reliance on repetitive tasks.
To provide accounts receivable services that are efficient, Outbooks uses best practices. Our services guarantee that you meet your cash flow targets while cutting operational expenses due to our explicit performance metrics.
Get paid faster with our top-notch outsourced accounts receivable services. Let's get started today!
What are Accounts Receivables?
Accounts receivable (AR) refers to money its customers or clients owe to a business for goods or services sold but still need to be paid for.
It is an essential part of business operations, representing the credit extended to customers, and is recorded as an asset on the balance sheet.
When a company sells its products or services on credit, it creates an account receivable, and it's the company's responsibility to collect the outstanding payments within a specified period.
That's where management comes in - tracking and collecting these payments on time is crucial to keep cash flow healthy and avoid bad debts.
Its details typically include the customer's name, invoice date, due date, the amount owed, and payment terms. Efficient management is vital to ensure timely payments and maintain financial stability. So, keeping on top of your accounts receivable is essential for a successful business.
Outbooks Accounts Receivable Services
- The client set-up and administration.
- Evaluating credit.
- Build an AR follow-up system.
- Generate invoices according to activities and submit them for approval.
- Resolving customer inquiries.
- Follow up on, escalate, and resolve invoices.
- Ensure correct maintenance of the sales ledger.
- The reporting and reconciliation of invoice discounting.
- Allocation of cash for receipts.
- Personalised AR reporting.
- Weekly and monthly revenue reconciliation.
- Reporting on MIS monthly.
- Comprehensive vendor reconciliation.
- Reports about AR aging.
- Processing refunds and issuing credit memos.
- Managing AR deductions.
Consider Outsourcing Your Needs to Us for Enhanced Profitability
Suppose you're thinking about outsourcing your AR services. In that case, it's crucial to assess potential providers thoroughly to ensure they possess the necessary skills, resources, and technology to fulfil your business requirements.
By opting for our outsourcing services, you stand to gain several benefits, including:
Improved Efficiency
Our team of experts can help streamline your processes, reduce manual work, and improve accuracy. We have the expertise to manage your invoicing, payment processing, and collections efficiently, allowing you to focus on other aspects of your business.
Reduced Operational Costs
With our services, you can expect faster payment processing and reduced payment cycles, which can help improve your cash flow. We can also help you reduce your operational costs by eliminating the need for additional staff or technology investments.
Enhanced Accuracy
Our team is well-versed in the latest accounting standards related to accounts receivables. By outsourcing to us, you can ensure that your receivables are managed accurately and comply with all relevant laws.
Advanced Technology
We use advanced technology and reporting tools to manage your AR efficiently. Our systems can provide real-time updates on your performance, allowing you to make informed decisions.
Increased Focus on Core Business Activities
Outsourcing AR management to Outbooks can help you free up time to focus on your core business activities. By leaving your Accounts Receivable Management to our experts, you can concentrate on delivering value to your customers.
Cost Savings
The top accounts receivable outsourcing companies help businesses save money by eliminating the need to hire additional staff. This can also help reduce overhead costs, such as rent, utilities, and equipment.
Improved Cash Flow
Outsourcing can help improve cash flow by ensuring invoices are processed promptly, and payments are collected on time. This can help businesses avoid cash flow problems and improve their financial stability.
No matter how exceptional your business needs, we promise to provide individualised attention while meeting your financial constraints with tailor-made solutions.
Reach out to experts at Outbooks for efficient accounts receivable services!
FAQs
Think of accounts receivable as a detective that keeps track of all the money customers owe your company. It's an essential tool that helps you manage your finances and plays a critical role in keeping your business afloat.
One of the essential things it does is track sales made on credit. This information allows you to see how much money you're owed and when you can expect to receive it. This is crucial for managing your cash flow, which can make or break a business.
Another role it plays is in assessing your customers' creditworthiness before granting them credit. By keeping track of their payment history and patterns, you can identify potential risks and make informed decisions about extending credit to them.
It also serve as a record of outstanding customer balances, enabling you to collect payments effectively. It provides insight into customers' payment patterns, allowing you to identify potential issues and take proactive measures to prevent them.
Finally, accounts receivable are used to prepare financial statements such as balance sheets and income statements. These statements are essential for decision-making by management and investors, as they provide a snapshot of the company's financial health.
The procedure for processing AR involves several steps, which are as follows:
- Invoicing
The first step in the process is to generate an invoice for the goods or services delivered or rendered. The invoice should include the following:
The customer's name
Contact information
Invoice number
The date of the invoice
A description of the goods or services provided
The total amount due
Payment terms - Recording
Once the invoice has been generated, it must be recorded in the company's accounting system. This involves entering the invoice details into the plan, assigning a customer account number, and updating the customer's account balance. - Sending
The next step is to send the invoice to the customer. Depending on the company's preferred method, this can be done via email, mail, or an online portal. - Following Up
After the invoice has been sent, it's essential to follow up with the customer to ensure they received it and know the payment terms. This can be done through phone calls or emails. - Payment
Once the customer makes a payment, the payment must be recorded in the accounting system, and the customer's account balance needs to be updated accordingly. If the payment doesn't cover the total amount owed, the outstanding balance will remain in the accounts receivable account until it's paid in full. - Collection
If the customer doesn't pay on time, following up with them and reminding them of the outstanding balance is essential. In extreme cases, this may involve sending additional invoices, making phone calls, or even taking legal action. - Reconciliation
Finally, it's essential to reconcile the balance regularly to ensure it matches the amounts recorded in the accounting system. This involves comparing the AR balance with the amounts in the invoices and payments received to identify discrepancies.
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Services Offered
Remote bookkeeping services that keep clients books in perfect order, updated as per agreed/desired turnaround time, without interrupting routine operations.
High calibre, dynamic resources for secretarial duties, to meet statutory requirements, compliance and services of a transactional nature.
Elevate your cash flow management, streamline invoicing, and optimise AR efficiency, all while reducing overhead costs.
Timely computation of various types of tax, hassle free filing of returns, and expert assistance in making a fully compliant presentation to tax authorities.
Clutter free, cost efficient, and hassle free submission of year end accounts and CT returns to fully avail legitimate exemptions.
Ensure financial efficiency, manage vendors effectively, and streamline payment processing while adhering to compliance and risk regulations.
Customized payroll to handle complex unique requirements, backed by specialist accounting knowledge for HMRC complaint and BACs approved solutions.
KPIs and crisp real time reports to help clients gain an edge over competition, charting a path to steady growth and expansion across domains.
Our audit and assurance support services provide comprehensive solutions to enhance transparency, compliance, and financial integrity.