Accounts Receivable is usually the “happy place” in bookkeeping. That’s where the money is coming in. However, Accounts Receivable can be a major headache as well because it can get complicated very quickly and it can create embarrassing situations with your customers.
The top issues that we see with our clients are the following:
- Setup. How do you setup your QuickBooks™ file to easily create invoices and have the various line items on your invoice flow to the proper spots on your P&L and balance sheet?
- Payment technology. Should your invoices embed the capability for your clients to pay you online? How?
- Collection. How do you shorten the cycle between the time you send your invoice and you receive the payment?
- Reconciliation. How do you make sure that QuickBooks™ truly reflects the money that you are owed while at the same time, accurately tracking the cash flows between the mail box, the credit card merchant accounts and the bank accounts.
Whether you like it or not, invoices are a component of your marketing. Your clients are seldom happy to see an invoice coming from you, but your invoice still tells your client a lot about the professionalism and the ethics of your business. If you send an invoice with mistakes in it or if you collect the wrong amount of money, it will send a very negative signal to your client. Accounts Receivable is one of your interfaces to your clients and it needs to be treated as carefully as your outbound marketing or your customer service.
Let Us Handle Your Accounts Receivable!
Outsourcing your accounts receivable does not have to be a hassle at Guardian Bookkeeping Services™. We use industry best practices and have dedicated professionals managing your accounts receivable. Considering that receivables account for approximately a quarter of your business’ overall value, it is important that your business accounts receivables are maintained properly. We automatically send out invoices via mail or email. Our accounts receivable management allows for quicker payment, a proper collection on outstanding accounts and quick status reporting of your receivables. Improved cash flow, reduced costs and eliminating postage expenses are all benefits of the services we provide.