The BFSI sector needs to improve its accounts receivable management strategies to enhance its profitability. As a reputed AR Management company, we offer omnichannel and multilingual credit card debt collection solutions for better recovery. We offer omnichannel AI-driven AR Management services to help our Fintech clients recover their working capital. Our first-party and third-party accounts receivable services are designed to maximize collection for your fintech business. We offer personalized customer service across all channels to ensure better customer satisfaction, even during the collection phase.

  • Good AR management maintains healthy relations with your customers and bolsters your business’s reputation.
  • Payment reports are essential for tracking customer payments and keeping accurate records of the payments received.
  • There should also be strict controls in place that prevent anyone from being able to access or edit this data to limit any mistakes.
  • Ignite staff efficiency and advance your business to more profitable growth.
  • Cash application is a part of the AR process that applies incoming payments to the correct customer accounts and receivable invoices.

Put protocols in place for frequently checking the quality of your data to eliminate bad or conflicting information. Training your staff about data practices will also ensure that everyone understands and is following the same protocols. If you recently attended webinar you loved, find it here and share the link with your colleagues. Go beyond with end-to-end transformation.Powerful technology is only part of the story. Successful transformation requires expert guidance from a trusted partner.

What are accounts receivable?

Improve the prioritization of customer calls, reduce days sales outstanding, and watch productivity rise with more dynamic, accurate, and smarter collection management processes. While outsourcing your AR process to an accounts receivable management company is certainly a superior approach to handling it in-house, it’s not without its pitfalls. Accounts receivable directly influences your company’s financial health. Managing it effectively can be the difference between steady cash flow and crippling debt. Ultimately, the right provider can help you to streamline your accounts receivable process and improve your bottom line. For instance, your AR team will have more time to focus on other core competencies.

  • The cash will be deposited in the merchant’s bank account in a very short period of time.
  • This is why having a controlled grip on your accounts receivable management is seen as such a vital component of running a business.
  • They also improve your customer payment collection activities and increase your business’ revenue by keeping track of customers and sending automatic reminders about unpaid invoices.
  • It can also ensure a strong and easy path of communication in the case of any roadblocks.
  • Every executive is committed to ensuring transformational success for every customer.

These reports give businesses a better understanding of their customer’s payment patterns and help them manage cash flow more effectively. By automating your accounts receivable process you’re also able to automate and streamline your accounts receivable reporting as well. Below are the benefits of automating your accounts receivable process for reporting purposes. It also refers to the process of creating, sending, and tracking customer invoices to collect any amount your customers owe you.

Determining the Credit Policy

Make the most of your team’s time by automating accounts receivables tasks and using data to drive priority, action, and results. Billing automation software transforms tedious financial tasks into streamlined, reliable processes that help you get paid faster while enhancing the experience for your customers. Once you engage a receivable management service, they’ll first evaluate your current AR setup. This includes reviewing outstanding amounts, client payment history, and any existing processes. Generally speaking, companies with higher amounts of accounts receivable tend to have more difficulty collecting payments from their customers than companies with lower amounts of accounts receivable.

Accelerate your cash flow without chasing invoices by entrusting your outsourced accounts receivable to experienced professionals. That’s why more and more small and mid-sized businesses are working smarter with the help of AR automation software, like InvoiceSherpa. By leveraging your technology you’re equipped with an advanced tool designed to transform the way you manage receivables. Our software syncs effortlessly with your accounting software – be it Quickbooks, Clio, or Xero.

Accounts Receivable Management: 6 Best Improving Tips

Our data servers are SOC I and SOC II compliant to maintain clients data integrity and security. However, if it gets to this stage then the business that is owed the money can suffer in the meantime. This is especially true if a business is working on a tight budget and is relying on the payment coming through.

Several factors to consider when choosing an accounts receivable outsourcing provider

Outsourcing partner creates a positive barrier between you and your clients as it deals with all clients for any information or collection; this helps maintain healthy client relationships. There is a solution to leverage automation to improve your Accounts Receivable with AR automation software. Finally, cash application is an equally important element of your AR management. Stay up to date on the latest corporate and high-level product developments at BlackLine. Finance and accounting expertise is not only needed to prevent ERP transformation failures, but F&A leaders are poised to help drive project plans and outcomes.

This can be from a sale to a customer on store credit, or a subscription or installment payment that is due after goods or services have been received. When a company owes debts to its suppliers or other parties, these are accounts payable. To illustrate, imagine Company A cleans Company B’s carpets and sends a bill for the services. Company B owes them money, so 501c organization definition it records the invoice in its accounts payable column. Company A is waiting to receive the money, so it records the bill in its accounts receivable column. Outsourcing your accounting receivable needs to an expert like us will help you in regular follow-ups on unsettled invoices, negotiate with the debtors, send out regular reminders, and discount the debtors.


We conduct monthly meetings with CPA’s for effective communication and understanding client needs. To learn more about the Cascase365’s specialty finance offerings, download our eBook. Our API-first development strategy gives you the keys to integrate your finance tech stack – from one ERP to one hundred – and create seamless data flows in and out of BlackLine. BlackLine Magazine provides daily updates on everything from companies that have transformed F&A to new regulations that are coming to disrupt your day, week, and month. Drive visibility, accountability, and control across every accounting checklist. A smooth transition and the ability to mold services to fit your specific needs can be a game-changer.

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And once you acquire new customers, your focus is to deliver the product or service in the best possible manner. After this, your focus should be on collecting all the receivables, but this ends up being neglected, thus causing trouble for business cash flow and then causing debt. Apart from financial loss, you 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 is crucial for your business and will help you keep the money rolling in effectively constantly.

In some cases, accounts receivable customer service may also involve providing financing options to customers who cannot pay their invoices in full. By working with customers to find a payment solution that meets their needs, AR representatives can help businesses improve their cash flow and reduce the number of outstanding receivables. Payment reports are essential for tracking customer payments and keeping accurate records of the payments received. By monitoring these payment reports, businesses can stay on top of customer payments and maximise their accounts receivable management.