What does Accounts receivable services mean?
In modern times, where competitiveness between companies is going hand in hand, it is important for businesses to exploit their assets to bring out the full return on their investment. Many businesses are currently unable to devote their time and money adequately so that they can handle the time and costs of debt collection over time.
Partner requirement is the need on which the company can rely which would help in improving cash flow by advancing the company‘s internal accounts receivable department Like Book Keeping.
The objectives in terms of cash flow require a system of efficient accounts receivables that ensure that businesses can recover their payments in a very short period of time increase their collection levels and also ensure smoother transitions of invoices that add to the cash flow.
End-to-End Accounts Receivables Services from India Financial Consultancy Corporation Pvt Ltd
- Processing of Sales Order
- Book keeping
- Invoicing and billing
- Invoice receipt verification
- Invoice reconciliation with payments
- Monthly Open Balance Statements to Customers
- Debtor Aging Report Preparation and Processing
- Payment follow-ups
- Credit Memo processing
- Customer reconciliations
- Credit Control Tools with Continuous Monitoring
- Customer help desk
- Dispute / Chargeback management
- CST C-forms/ GST Form collection
- Bad Debts/ Delinquency Management
- Recovery suites handling
What does Invoicing and Billing mean?
Does the payment regarding the invoices made on time? Does the payment get delayed due to missing invoices? In order to keep a track that whether the invoice reaches to the customer or not, do you have a system? Let's first find a way and layout a streamlined workflow to ensure correct and timely delivery of invoices to your customers.
The reliability of your cash flow depends entirely on the timing and quality of the invoice you provide to your customer. Invoicing is a list of the products and services which you deliver to the customer or the company, including the costs that they owe to your business.
What happens in Invoicing and Billing?
We understand the features and capacities of your ERP accounting system and utilize the best and most efficient way to create invoices with appropriate customer data. Billing procedures on a regular basis shall be established to send invoices to the customer by regular mail or in electronic formats such as e-mail, electronic data interface (EDI) or online portal.
There are now a range of tools available for suppliers to communicate with their customers on invoice submission and monitoring. Most suppliers are now active on these platforms and have made the receivables a smooth operation. Let our experienced team help you make the most of these creative billing methods.
What happens in Invoice Presentation and Payment?
Our team of professionals actively participates who are excellently knowledgeable in the billing process on these vendor portals and track invoices from submission to receipt of payment.
What does Customer Accounts Reconciliation mean?
Whether frequently checking of the receivables are done by you? Whether regular follow up with your customer regarding the payment on time is carried out by you? Is there any dispute by the customer regarding the late fees, short pays etc.? In order to solve such problems, steps are required to be taken?
What happens in Customer Reconciliation?
We give a list of accounts to the customer on a daily basis in order to prevent delays in payments. Our committed team works closely with the customer's touch point and updates the accounts.
What do Business to Business Collections mean?
Are your receivable result in past due and such thing happens frequently? In such cases, you are required to change your approach in order to connect with your customers before it gets past due. Past due account is not just a fault of the customer; we have had to make it easier and identify a strategy to avoid these situations.
What happens in Business to Business Collections?
A regular contact-base with your customer for brand reviews, charges / services, etc. helps to build a document. Our group examines the statement of accounts, reports the aging of the invoice, defines the source of the error, addresses it and establishes a system flow of monitoring tests to reduce delays.
What does Customer Data Management mean?
Are the numbers of you customers large? We also require the right set-up of customer data to ensure that orders are handled effectively and in a reasonable amount of time. How reliable the billing would be, based on the customer data contained in the ERP accounting system. The properly maintained and controlled customer database helps to handle day-to-day transactions seamlessly and guarantees the reliability of the tax specifications as per the applicable taxes in different states.
What happens in Customer Data Management?
We obtain the necessary information and tax certificates from your customers at the time of initial setting up and keep them regularly updated year after year. We often answer customer requests whenever they want their details up-to-date, such as name change, taxability, business nature and contact data.
What does Customers Dispute Management mean?
We have to address their concerns of all kinds, in order to manage our customers! Most of the time, there is a lack of communication or a system void. We could turn the unhappy customer into a happy customer through solving their concerns in a timely manner.
What happens in Dispute Management?
In the case of a customer refusing a payment due to any lack of information/returns or violation of the terms of the contract, which in turn results in no payment, our team of experts will help to resolve the matter collectively and provide all required documentation/backup for verification and correction.
What does Cash Application mean?
Cash applications are an essential thing and must be handled with due care. The clients should try to pay invoices in good time in order to prevent any late fees and therefore the money received will be added to the appropriate invoices.
What happens in Cash Application?
We must confirm that we have a process in place to obtain guidance on remittances for all consumer transactions. We record all payments received in bank via ACH, wire or Check and apply them to the appropriate invoices.