Solve every problemAccount Receivables
Management
In business accounting terminology, account receivables mean any outstanding invoices or payments that a business has yet to receive from its customers and vendors. The money is referred to as account receivables until the invoices are not paid. The process of managing the account receivables is called receivables management. The complete process of receivable management entails drafting credit policy, establishing payment terms, following up with the payments, and collecting payments on time.
For the smooth functioning of a business, it is essential to manage cash flow efficiently. Thus, a company must ensure the account receivables are properly managed to prevent them from turning into bad debts.
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Benefits of properly managed account receivables
By adequately managing account receivables, you can reduce bad debts and prepare yourself for speculations or acquisitions. Here are some benefits of account receivables management;
- Determine and analyze customers’ credit ratings
- Prevent invoice disputes
- Boost sales
- Improve cash flow
- Determining late payment in advance
- Reduce the chances of receivables outstanding turning into bad debt
- Built customer relations
- Periodic monitoring customers for credit risks
How can TaxAccountPro Help you with Account Receivables Management?
Draft policies for credit approval: Our account receivables management experts will help you define clear policies for credit. The credit approval policies may include a financial statement, trade or bank reference, and so on.
Send invoices and bills to the customers: We prepare a structure for monitoring and tracking all credit sales for your business to ensure invoices are raised soon after the goods have been sold and the amount has been collected from the customer. It’s essential to correctly generate the invoices as it acts as proof of credit transactions in the accounts. A copy of the invoice is sent to the customer to make the payment.
Accounting for receivables: Our experts keep a record of all the due days of the payment. By properly keeping track of all accounts receivable, we ensure you receive the payments on time. Once the customer has paid their invoices in full, we close the account.
Tracking of overdue payments: We make it easier for you to keep track of all your outstanding payments. We also generate timely reminders for due payments to the customers through calls, email, or text messages.
Why do you need TaxAccountPro Services?
Time Benefit – Allows to plan round-the-clock operations.
Cost-Benefit – Lower cost of operations by 40%.
Staff Benefit – Right Level staff for different requirements.
Business Benefit – Save on Infrastructure and Technology for outsourced staff.
If you need a fast, accurate tax professional to prepare your tax return this year give us a call today
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