Enhance your firm’s goodwill and increase customer retention.
Book a Free ConsultationOutsource Accounts Receivable Services to us and keep your customer and client payments and dues cleared to increase your firm’s reputation. At Prime Offshore Accounting, we aim to optimize your cash flow, augment working capital, and reduce operating costs by implementing automated solutions.
By outsourcing Accounts Receivable Services to us, all your invoices and payments will be recorded systematically by our highly experienced Accountants for analyzing and deriving valuable insights. Our Accounts Receivables Outsourcing Services enhance collection rates through faster generation of payments and reducing disputes to strengthen customer retention rates.
Leverage our extensive industry proficiency and expertise to manage your order-to-cash cycle effectively with our outsourced Accounts Receivable Management. As one of the leading Accounts Receivable Outsourcing Companies, we offer our clients a comprehensive range of services from Accounts receivable financing, Loan Processing, invoice entry, electronic billing options, and more. All our services comply with the industry’s best practices and federal and state laws and regulations.
Our Accounts Receivables solutions are tailored according to your firm’s processes and processes. It aims to reduce Days Sales Outstanding (DSO) and bolster the payment collection rate. Outsource Accounts Receivable to us and reduce operating and overhead costs by up to 50% with our intelligent automation solutions.Discover valuable insights tailored to your industry with our blog posts: Non-Profit Accounts Receivable, Manufacturing A/R Strategies, and Accounts Receivable Solutions for Law Firms.
We have a highly qualified and adept team of veteran accountants who widen your firm’s expertise and service basket by enabling you to offer best-in-class AR services to your clients with 100% accuracy and worthwhile insights.
We help you enjoy arbitrage savings on labor costs by providing a highly skilled workforce and leveraging our advanced infrastructure, technology, tools, and software to achieve a competitive edge and attain scalability.
We utilize cloud-based technology to build a centralized destination for all Accounts Receivables data of your clients and customers. It seamlessly integrates with different tax, accounting, and CPA firm enterprise systems.
As a highly trusted Accounts Receivable Outsourcing Firm, we employ the industry’s best security measures, data privacy protocols, NDAs (for confidentiality), and internationally recognized practices to safeguard our client’s data.
Whether you are a small-scale or mid-size Tax, Accounting, or CPA firm, we have flexible engagement models to fulfill your Accounts Receivable requirements. We offer a free 1-day trial to give you a viewpoint of our working style.
By outsourcing Accounts Receivables to us, you can be assured of getting premier-quality output within the committed time frame. Our veteran accountants are proficient in delivering 100% precise reports in a rapid turnaround time.
Outsourcing is trending across every industry vertical in the United States, and accounting is utilizing it to the full extent. Accounts Receivables Outsourcing is a highly preferred option by firms to outsource their process and operations of payment collection management from customers and clients.
The third-party service provider adroitly handles all tasks from accounts reconciliation to follow-up on unpaid invoices and bills and many more. It helps you stay worry-free about payment collection activities and focus on other business activities.
There are three types of accounts receivable:
Trade/Accounts Receivable: This happens because of credit sales whenever a customer buys goods/services on credit. The payment period ranges from a month or two.
Notes Receivable: It is the physical state of a formal letter. The payment period ranges from two to three months. The debt settlement during this duration is not entitled to interest. It is charged only when debtors request an extension timespan according to the monthly rate.
Other Receivables: It is a broader concept (type) consisting of employee advances, salary and interest receivables, and more. The accountants benefit from recording entries for these receivables separately in the Balance sheet.
Many forms (practices) of accounts receivable are adopted by AR processors worldwide. However, the following are the best practices which must be implemented:
The accounts receivables can be processed in multiple ways. However, we recommend the following steps for efficiently processing accounts receivables:
Accounts Receivables Outsourcing is a wiser decision to get relieved from internal processing and managing accounts receivables. And you can utilize the free time, resources, and infrastructure to grow your business.
Your savings will be increased to 50% as you won’t have to worry about upgrading your software and technology, hiring a new workforce, or training existing ones on the latest tools.
By outsourcing Accounts Receivables management, your AR will be handled with 100% precision, resulting in improved payment collection duration and increased customer retention rate. Accounts Receivable Outsourcing cost is minimal and helps you enjoy significant advantages of arbitrage savings on labor costs.
We recommend the following best practices to speed up your accounts receivables process:
It is wiser to outsource the entire responsibilities and process to an Accounts Receivables Outsourcing Service provider who will manage all activities and will implement their skills and strategies to speed up your payment collection from customers.
Both accounts receivable and accounts payable are vital for every business. AR is primarily concerned with speeding up the payment collection process and increasing customer retention rates. AP involves timely payment disbursals to vendors and suppliers to build long-term business relations.
AP is a short-term current liability; AR is recorded in the asset account. In practice, the accounts payable process is easier than accounts receivables if you use the latest accounting software and tools for vendor management and pay off expenses, bills, and invoices on time.
The best way to simplify both processes is outsourcing them to a third-party service provider, such as Prime Offshore Accounting. You will get your AP and AR activities managed skillfully by seasoned accountants at a one-stop destination, delivering you value creation output. Contact us for a consultation and a free one-day trial.
Yes, accounts receivable can be automated because of technological advancement and software. It is intelligent to automate accounts receivables tasks, centralize them at a single destination, and streamline workflows. It makes the payment collection process efficient and simplifies follow-up activities.
At Prime Offshore Accounting, we facilitate your AR process by providing automated solutions to speed up the collection process and increase the customer retention rate.
