Why Should You Outsource Your Accounts Receivable?
For many business owners, outsourcing your accounts receivable is the most cost-effective and time-saving solution.
Getting clients and customers to pay you for the goods or services they purchased from you can sometimes take time. Some clients or customers pay their invoices late. Some aren’t paying their invoices at all. That means you, or someone in your office has to take time away from a revenue-producing activity and spend time and money getting that invoice paid.
Under accrual basis accounting, we record revenue at the same time we record the account receivable. Once the payment is received, the accounts are reconciled.
We track your late payments, bad debt expenses, manage allowances for uncollectible accounts, and your accounts receivable turnover ratio as part of handling your accounts receivable.
What are Other Receivables?
In addition to your accounts receivable, you may also have other receivables. These may include
- Interest receivable
- Income tax receivable
- Insurance claims receivable
- Receivables from employees
Generally, these other receivables are the result of transactions conducted outside the normal scope of your business. These are just as important to track in your accounts receivable, as you are expecting to be paid or reimbursed for these transactions.
Ultimately, when you hire us to manage your accounts receivable, we will work with you to make sure your invoices are getting paid. From setting sound payment terms and conditions to creating financial incentives so people pay their invoices more quickly, we help you get paid. Find out more about how we can help you get paid faster.
How Bookkeeping Unlimited Makes Sure Your Accounts Receivable is Always in Compliance
We build compliance into every step of every process of your Accounts Receivable system.
It’s cheaper, faster, and safer to have our team build proper compliance into your accounts receivable system than it is to try and go back and fix problems down the road.
Most embezzlement happens at small businesses, but when you have effective compliance built into your Accounts Receivable system, you have the oversight and tools to prevent employees from stealing from you.
Every business is different, which is why we work with you to create effective internal controls and compliance processes that streamline and protect your accounts receivables system. At Bookkeeping Unlimited, we see compliance as a way to make sure your systems and processes are running smoothly so that you can focus on growing your business.