Accounts Receivable
What is Accounts Receivable Management?
Efficient management of cash flow is crucial to a business of any size. An essential activity in the process is accounts receivable management. Accounts receivable is the money owed to the company by customers for the sales of goods or services done to them. These are a company’s income and help them take care of its expenses, thus making their management is essential and necessary.
While the overall act of accounts receivable services might seem simple, it can become complex, involving invoicing and also extending credit to customers. Given the volume of business, number of clients, and terms of the agreement, a system to manage outstanding sums of money can be necessary.
An outsourcing account receivable firm keeps a track of invoices and their processing times, reduces collection times, increases timely payment rates, among other tasks which help optimize the process.
What Is Accounts Receivable Process?
Wealth Bridge Consulting is an outsourcing accounts receivable firm which can help companies by easing the accounts receivable accounting services. Partnering with the firm can provide companies with access to manpower and resources which will help in the collection of outstanding payments.
The firm not only provides high quality accounting services, it offers online My CFO services, Tax services and Assurance services, as well as access to online accounting reports. It also sends out weekly reports of their follow up with customers of partner companies including analysis and metrics pertaining to outstanding debt.
Some benefits of partnering with Wealth Bridge Consulting:
- Better cash flow management for the business
- Reduction in Bad Debts
- Owners can focus on their business instead of managing receivables
- Increase accounts receivable management efficiency
- Improve customer services and satisfaction
- Reduce administrative costs
- Minimise credit risk
- Financial protection
- Decreased overhead costs
- Saved time
- Reduced human error
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