Outsourced Accounts Receivables Services

Outsourced Accounts Receivables Services

Enhance your firm’s goodwill and increase customer retention.

Book a Free Consultation

Outsource 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.

Book a Free Consultation

    Why Choose Us for Account Receivable Outsourcing?

    Choose Us for Account Receivable Outsourcing

    Widen your expertise

    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.

    Affordable Pricing

    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.

    Cloud-Based Technology

    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.

    Data Security and Privacy

    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.

    Flexible Engagement Models

    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.

    Rapid Turnaround Time

    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.

    What do our Outsourced Accounts Receivable Solutions include?

    • Invoice Follow-up, Discounting, Escalation, and Resolution
    • Preparing Reports of Invoice Discounting and its Reconciliation
    • Credit Checks and Master Vendor Reconciliation
    • Revenue Reconciliation weekly, bi-weekly, and monthly Reports
    • Preparation of MIS and Accounts Receivable Aging Reports
    • Issuance of Credit Memos, Refund Checks, and Write-Offs
    Outsourced Accounts Receivable Solutions include

    Frequently Asked Questions

    What is accounts receivable outsourcing?

    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.

    What are the three types of account receivable?

    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.

    What is the best form of accounts receivable?

    Many forms (practices) of accounts receivable are adopted by AR processors worldwide. However, the following are the best practices which must be implemented:

    • Setting up Automation
    • Outlining Credit and Collection Policies and Following them
    • Agile Approach to involve teams throughout the process
    • Constant Follow-up for Quick Payments Collection
    • Employing Electronic Billing Software, Right KPIs, and Online Payment options

    What are the steps of accounts receivable?

    The accounts receivables can be processed in multiple ways. However, we recommend the following steps for efficiently processing accounts receivables:

    1. Formulation of Payment Collection and Escalation Plan
    2. Creating a Credit Application Process
    3. Determining the Accounts Receivable Management Software and Tools
    4. Outlining the Consumer Credit Laws for Compliance
    5. Issuing Invoices
    6. Tracking (monitoring) of the Payment Collection Process
    7. Recording all the expenses and charges levied in real-time
    8. Encouraging Early Payment Discounts
    9. Fostering and maintaining Long Term Business Relations
    10. Efficiently Resolving Customer Queries and Escalations

    Why outsource accounts receivable?

    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.

    How can I collect accounts receivable faster?

    We recommend the following best practices to speed up your accounts receivables process:

    • Adopting Electronic Billing and Payment options for systematic customer payments and invoicing processing
    • Updating your Collection Strategies from time to time to ensure they are in alignment with updating technology and trends
    • Devising an effective plan for resolving queries and adroitly handling every escalation
    • Prioritizing Accounts Receivables Collection Efforts and Processes by training the team to stay in the loop for faster collections
    • Alluring customers with early bird discounts and offering installation options so they can conveniently make payment

    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.

    Is accounts receivable easier than accounts payable?

    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.

    Can accounts receivable be automated?

    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.