One of the most visible and the largest assets on a balance sheet is Account Receivable. Even though businesses are aware of its significance, it is still not able to allocate their time and resource efficiently to perform the task. You spend so much your time, effort, and money in acquiring new customers and then the same amount of time in delivering the product and services to the masses. But equal importance should be given to collecting the receivables, otherwise it may cause an obstruction in the cash flow and can result in causing debts for the company.
Accounts receivable is considered as a current asset but what good is an asset if you are not able to collect the value for the same on time. Long due accounts receivable can turn into bad debts and no business wants that. Therefore, it is important to track accounts receivable. Imagine not keeping track of it and then you fail to bill a customer on time or not to know whether you have been paid or not.
While it is good to have transactions for which payments are made immediately but this is not possible for every industry due to the credit period existing in these industries. So, a proper Accounts Receivable Management is essential which will help you managed accounts receivable on a consistent and routine basis.
We can adeptly handle small business accounting as well as manage large firm accounting.Contact us, to know more!
Outsourcing Accounts Receivable Services can help you in the following manner :
You can focus your time, effort, and money in acquiring new customers instead of utilising your time on following up on receivables.
Hiring an Outsourced Accounts Receivable Service cost will be much affordable in comparison, hiring in house resource or CPA.
Days Sales Outstanding (DSO) is reduced by making sure every sale is recorded, and receivables are collected, keeping in mind the outstanding days.
Outsource partner deal with an existing client for any information or collection. This creates a positive barrier between you and your clients, helping maintain healthy relationships.
At Whiz Consulting, we assist our customers in streamlining the cash flow for Australian businesses. We ensure that every customer pays on a regular basis and we highlight the ones who do not. Once you outsource your accounts receivable to our highly experienced team at Whiz Consulting, we extend an accurate picture of your business in terms of receivable, bad debts and so on. We send out invoices and email your clients using the tool of your preference such as QuickBooks, XERO etc. We also take follow up task seriously; we connect with your clients directly on the invoices due. When you outsource accounts receivable service to Whiz Consulting, you get specific and customised service tailor-made to your needs. For instance, if you wish to personally connect with your clients for follow-ups, we can prepare weekly or fortnightly reports regularly and send them to you.
Outsourcing accounting service to an expert like us, will help you handle the task of regular follow-ups on the unsettled invoices, send out regular reminders, negotiate with the debtors, and also discount the debtors who facilitate prompt payment and improve cash flow. Outsource your accounts receivable service to Whiz Consulting today and be assured that we will work equally hard to get the money due to the business.