| Understanding accounts payable: Learn how to minimize late payments by customers and end all confusion over what each customer owes. Outsourcing your accounts receivable will speed up your cashflow and keep you updated on your income... |
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| Understanding accounts payable: Learn how to minimize late payments by customers and end all confusion over what each customer owes. Outsourcing your accounts receivable will speed up your cashflow and keep you updated on your income... |
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Billing & Accounts Receivable: Outsourcing services from Bookkeepers Plus for Long Island and New York
Accurate and reliable A/R is vitally important to the cashflow and financial well-being of the company. Any mistakes or habitual delay in performing the accounts receivable tasks will impact most unfavourably on the company's viability. Undoubtably many employees do their work conscientiously. Yet the specific requirements for optimum accuracy, timeliness and efficiency in accounts receivables are often best guaranteed by outsourcing these functions. Outsourcing enables you to discard any considerations of an employer to employees and you can simply DEMAND perfection. Let's go through the main functions included in the area of accounts receivable.
Creating customer invoices also known as customer bills & sending these
Whatever the "normal" delay in paying your bills, it STARTS from the moment the client RECEIVES your invoice and verifies the correctness of the said bill. If it takes a day extra to get that invoice to the customer's desk, then it takes an additional day before the money comes to you. Actually, just ONE day's habitual delay in sending out your invoices amounts to a staggering loss if you think that your WHOLE revenue is continually late for a day. Unfortunately the habitual delay with in-house accounts receivable is usually SEVERAL days and, in some cases, WEEKS... which means your business is really financing its clients with short-term loans but without any interest... Equally unpleasant is the circumstance if the invoice is incorrect. It gives the customer a perfect excuse to delay payment, send the invoice back... and further make you finance their business activity. Thus, accounts receivable handled promptly and correctly will optimize the collection of your money and create a fluent cash flow for your company. You want your clients billed immediately, the invoices written accurately and mailed as soon as humanly possible.
Processing checks and other payments received from clients & issuing credits & refunds due to customers
Payments and checks need to be processed promptly and accurately to avoid any delays in your revenue and cashflow and damage to customer relations. Customer relations can be severely damaged when a customer makes a payment and it does not show up on their account. Worse yet, it puts all you're future billings in a questionable light. And by ensuring prompt handling of refunds, you can save yourself a lot of unnecessary trouble. The issuing of credits and refunds is perhaps one of the most volatile areas in business as ANY delay in issuing due credit or refunds to customers will create HUGE upsets, which can lead to losing the customers' business at the very least... and, in the worst-case-scenario, create extremely harmful publicity via the media. People can become extremely upset easily with any delay in receiving a refund or credit and again we find that the more accurately and timely these can be issued, the smoother your main operations can function with minimum (or no) friction from complaints of this nature.
Keeping track of who owes the company, customer service information & collection of monies owed
Most people also intently dislike contacting customers for reminding them of overdue payments, let alone collect monies owed effectively. Thus, this aspect of accounts receivable is often not as organized as it could be in small-to-medium sized businesses. Often no-one is assigned to keep tabs on who owes the company, for what and how long it is overdue. Yet this is one of those vitally important aspects of financial control. The longer your invoice is allowed to go unpaid, the likelier it is to become a credit loss. If customers aren't even REMINDED about overdue bills promptly and repeatedly then the payment is really left up to their good nature. Most customers ARE good people but, as with any "tight squeeze," any bottlenecks in THEIR income will slow down payments... and the debtors they leave unpaid are those who make NO noise about their receivables at all. It's not the same thing as nagging or making customers wrong. There are ways of collecting that are friendly BUT effective, due to the promptness of collection calls. Monitoring what customers owe you and controlling that no bills are forgotten will definitely enhance the speed with which you receive monies owed to you. It will also minimize the risk of credit losses. Also, if performed correctly, it will actually improve the customers' image of your service attitude. As a part of this aspect of accounts receivable we would also perform customer service as it relates to the customers' account with the company. This involves answering questions regarding their account, how much they owe and explaining the itemization of bills so all questions regarding charges and invoices are answered promptly and amicably.
The issuing of monthly statements to customers based on Accounts Receivable
The report itemizes the purchases, showing all invoices sent and payments made (checks, credit card charges, etc.) and how much the customer owes presently. The statement also shows by categories of 30 days, 60 days and 90 days how long sums have been owed. Keeping customers informed on how much they owe, what each payment is for and how long it's overdue will enhance the payment. It maximizes the collection of your money. In short, outsourcing accounts receivable functions will ensure each action is performed accurately and without delay while reporting all the activity and its results to you regularly so you remain in control.
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| Problems solved by outsourcing accounts receivable to Bookkeepers Plus Inc. | |
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Minimize late payments by customers |
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No more confusion over what each customer owes. |
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Solving all disputes by customers over bills. |
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Speed up the collection of monies owed to you. |
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Minimizing bottlenecks in your cash flow thus alleviating lack of money to pay your bills. |
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Complete reporting so you know which items are selling, which customers are paying, what product lines are profitable and which are the best customers in terms of payment of bills. |
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Bring in the outstanding funds and stop giving your customers interest free loans. |
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Control the individual customer's credit, don't extend credit to customers over their limit or give credit for bad payers. |
| Bookkeepers Plus outsourcing solutions | |
Accounts
receivable is just one part of our quality services which our
back office outsourcing solutions offer businesses in Long Island
and New York.
You can contact me directly or, if you're convinced that outsourcing might be the solution, use our quote form to receive an estimate of cost and benefits of outsourcing your accounts receivables to us.
Finally, if you have a specific problem with accounts receivable, why not give us a challenge and receive free advice on how we would solve the problem?
Thank you for your interest, and please remember we offer a free Outsourcing Report to business owners in Long Island and New York.
Best wishes,
Elizabeth Marasco,
MBA
Bookkeepers
Plus, Inc.
354 Neighborhood Rd
Mastic Beach
NY 11951
Phone: 631-949-5864
Fax: 631-207-8349
CONTACT
FORM
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Outsourcing Report Subscribe to this free report on the benefits of outsourcing back office functions and you'll learn how to lower risks while concentrating more on those activities that produce profit! |
Comparing outsourcing with in-house solutions
Read which activities benefit from outsourcing and what to look out for in outsourced solutions. |
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Outsourced bookkeeping
If so, read this article about outsourcing your bookkeeping and what that can bring you in terms of benefits... |
Give Bookkeepers Plus a challenge! An easy way for business owners to get first-hand experience on our services. Give us a challenge and we'll tell you how we would solve it... free! Give us a challenge involving outsourcing of accounting services... |
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Learn how easily one can make mistake in the setup of QuickBooks — and how simple it is to fix these in your accounting software! Use an expert's help in training & support for your QuickBooks accounting software and procedures. |
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| Different functions of bookkeeping — read to see what you can benefit: | ||
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Billing & Accounts Receivable Explained in understandable form what is included in accounts receivable and what you need to look out for in this area. |
Accounts Payable & Cashflow / credit What functions are included and how do these influence your finances and credit rating — and how do you speed up the cashflow? Learn the importance of accuracy in accounts payable for your activity! |
Purchasing & Inventory -controlling cost Keeping accurate record on purchasing and inventory allows for optimizing of your stock and investment while minimizing downtime. Read what outsourcing the purchasing & inventory functions can benefit you! |
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Banking routines This area of bookkeeping frees up a lot of your time while ensuring your funds arrive promptly and securely. Read what benefits you receive by outsourcing the banking duties to an accounting professional. |
Cash Management How would you like to be free from constant worry and checking of your cashflow and receive some control and prediction to finances? How cash management can increase your financial control and prediction. |
Payroll outsourcing Calculating salaries is the most time-consuming of all activities. Outsourcing your payroll you gain accuracy at lower cost than handling it in-house. |
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Financial Management Reporting The absolute jewel of services, ensuring that you gradually gain full control over financial planning in your company. Management Reporting teaches you to plan finances hands-on with accuracy and profits! |
Project Accounting An essential service if you have larger jobs or projects coming up which you want to keep under tight financial control. Quality service giving greater financial control. Project Accounting - how to keep the budget and finances of any larger job or project under control! |
Taxes and preparing books for your CPA Why not save some 50% off this part of your accounting by letting our bookkeepers prepare taxes and books for your accountant / CPA? Save money and headaches by... ...outsourcing tax work and preparation of books for accountant's review. |
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Useful articles for LI business owners This page contains articles by Elizabeth Marasco on various subjects relating to taxation, finance, accounting, bookkeeping and other important issues. Read Elizabeth Marasco's articles on taxation and accounting in Long Island and New York |
Bookkeepers Plus Virtual Assistant Don't need a full-time secretary or can't afford one? Then the solution is the Bookkeepers Plus Virtual Assistant - you pay only for the work we performed at the quality requested! Bookkeepers Plus Virtual Assistant - secretarial work without the cost. |
Human Resources Outsource the tasks involved in Human Resources: Workers Comp, insurance, retirement plans, leave maintenance, recruitment, personnel policies, resolving disputes, etc. and save money and time! Human Resources support services: Workers Comp, Retirement Plans, Recruitment, disputes... |
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Other Credits and Collections actions These tasks are not very spectacular if done accurately and correct. But if you forget then many unnecessary problems can arise from... ...Petty Cash , Employee Reimbursements, Business Expenses, and Vehicle Mileage tracking |
Bookkeepers Plus Office Software Application Training Read how businesses throw away thousands of dollars monthly... and how you can make sure you don't... and secure it for free! Bookkeepers Plus Office Software Application Training & Consulting |
Sales Tax Keeping accurate record on your sales tax and filing in time is not exciting and thus it suits outsourcing well. Save money while avoiding all problems due to delays or mistakes... See the savings and benefits available from outsourcing your sales tax routines! |
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Getting the most out of your QuickBooks? Participate in this survey to find out! Want to see if you are receiving the true benefits from your QuickBooks software... or check if it could help you more than currently? Take this online survey on QuickBooks to find out... and receive a free initial phone consultation! |
About Bookkeepers Plus Inc. Introducing Bookeepers Plus Inc. — the outsourcing expert for businesses in Long Island NY. |
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The Accounts Receivable
function— often abbreviated as "A/R" — forms
an area of responsibilities and functions performed by the bookkeeper
or A/R clerk and/or specialist.
Amazingly,
the delay in paying a bill is on average the same with each customer,
given that their financial circumstances do not change all of
a sudden.
Here's
another grey area in which any mistakes or slowness will definitely
impact your business activity most unfavourably.
Perhaps
it is part of human nature to concentrate on actions that involve
the present time and future.
This
function sends each of your customers a statement that lists
how much the customer has purchased from your company.
Outsourcing
your accounts receivable to us, you will essentially ensure that
we are responsible for handling these vital functions without
any right for explanations or excuses.
You have
salaries, overheads and purchases to pay... so the faster your
cashflow turnaround, the less pressure there is to finance that
which YOU have to pay out without fail.
What
do you stand to GAIN by outsourcing select back office activities...
and how do you know which ones to outsource and which not? This
interesting article explains the pros and cons of outsourcing
and offers a make-sense tool for finding the activities whose
outsourcing brings the biggest profits and benefits.
Want
more accurate bookkeeping with timely delivery and without any
problems brought to you about it?