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

Billing & Accounts ReceivableThe 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.

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

Any delay in billing slows down your cashflow...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.

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

Processing checks and other payments received...Here's another grey area in which any mistakes or slowness will definitely impact your business activity most unfavourably.

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

Keeping track of who owes you what... and for how long.Perhaps it is part of human nature to concentrate on actions that involve the present time and future.

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

Monthly statements sent to your customers itemizing what they owe you.This function sends each of your customers a statement that lists how much the customer has purchased from your company.

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.


Benefits of outsourcing accounts receivable to Bookkeepers Plus Inc.

Increase your profits and lessen your headaches...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.

The underlying goal of accounts receivable is GETTING YOU PAID.

In other words, it is our responsibility to ensure money COMES IN so you receive the funds to which you're entitled and do so with minimum delay or fuss.

Accurate and timely tracking of Accounts Receivable keeps cashflow moving.

Cash flow is one of the most important performances of any company. Slow, ineffective handling of accounts receivable means slow cashflow... which can mean that even when you're selling well you suffer from chronic shortage of funds.

Cashflow is the air and life blood of your company, the energy that pumps money where it's required to speed up your business activity and give it the power that enables it to sell and produce MORE.

Profit-making, time-saving outsourcing solutions.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.

Optimized cashflow will make payroll and other nonnegotiable financial obligations much easier to comply with for you.

The benefit of outsourcing accounts receivable to Bookkeepers Plus Inc. comes from knowing these cashflow-optimizing functions are done with uncompromising accuracy and punctuality, thus ensuring maximum "financial breathing space" for your company.

Additionally, with our reporting system, you will always be up to date with accounts receivable, knowing with certainty how much of your money is out there, who owes you and for what, how long they're overdue... all of which are important factors when you need to make decisions regarding your customers' credit, any investment, and so on.

Please remember that outsourcing your accounts receivable to us does NOT require you to change your accountant or CPA.

Problems solved by outsourcing accounts receivable to Bookkeepers Plus Inc.
Minimize late payments by customers
No more confusion over what each customer owes.
Solving all disputes by customers over bills.
Speed up the collection of monies owed to you.
Minimizing bottlenecks in your cash flow thus alleviating lack of money to pay your bills.
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.
Bring in the outstanding funds and stop giving your customers interest free loans.
Control the individual customer's credit, don't extend credit to customers over their limit or give credit for bad payers.
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Contact Bookkeepers Plus Inc. to hear what we could do for you

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

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