Experience Hassle-Free
Receivables Management
With over 9+ years of experience, we are a trusted partner for accounting and bookkeeping services in the US. Whether you’re a startup, a small business, or an established enterprise, our services can meet the unique needs of your industry. Our deep understanding of US regulations and best practices can empower your financial journey and drive you toward long-lasting success!
Hire Remote Team
Business Tax return filing by Certified
CPA / Enrolled Agent
(Starts at $350)
QuickBooks And Xero Certified Experts
50% Reduction In Costs
Are Your Customers Not Paying In A Timely Fashion?
Is that affecting your cash flow, and it costs you bad debts? Then, the solution of these is to have systematic payment plans from the customer. Meru accounting provides Receivable management services in U.K.. A record receivable management merges tied in with guaranteeing that clients pay their solicitations or invoices. Great receivables management specifically adds to an organization’s benefit since it lessens terrible debts.
- Reducing the total balance outstanding (DSO)
- Preventing any bad debt in receivables outstanding
- Determining the customer's credit rating in advance
- Frequently scanning and monitoring customers for credit risks
- Maintaining customer relations
- Detecting late payments in due time
Meru Accounting's Plan For Accounts Receivable Management
Clear Policies For Credit Approval.
Set clear policies for credit approval which could include bank reference, trade reference, financial statement, and so forth.
Send Invoices For Customers Timely.
Prompt and accurate invoice delivery is crucial for collecting payments efficiently, marking the initial acknowledgment of a company's debt collection process.
Accounting For Receivables.
Two key methods of speeding up cash collection from accounts receivable are by using factoring and also early settlement discounts, which, thus, helps in easy tracking the payment from customers.
Tracking Of Overdue Payments.
So, you can easily track the payments from the customers that are overdue. We also do a regular follow up for receivables through email or a phone call.
Making Aged Payables Report.
This shows the amounts outstanding from each customer and also for how long they have been outstanding. This will, thus, show any breaches of the credit terms.
Stay Organized By Automation With Online Billing Tools.
Automating receivables management allows you to link all the systems. This, then, improves workflow efficiency. It also provides a better insight into generating cash flow and customer reports.
Purpose Of Receivables Management
- It’s A Requirement :
- Receivables management ensures the financial viability of a business and also ensures the cash flow comes in regularly. Thus, it’s a core requirement of any business.
- Getting Paid On Time :
- Every business has the daily requirements of finance like, to run daily chores properly, to pay bills, to pay employees, etc. So, the question is if the business itself won’t get paid from its clients than how would it pay the requirements? Then, here the receivables management comes into the picture to secure financial needs.
- Reduces Working Capital Needs :
- Generally, a business has to make a provision to fulfill the day to day working capital needs. But, this provision can cut if there is timely payment received from the clients. So, to ensure this, receivables management is a must.
- Happy Customers :
- Receivables management sets a proper system for billing and also getting the payment timely, which is inevitable. It also ensures that this process goes hassle-free. Thus, it makes sure that customers go through a very smooth operation of payment resulting in happy customers. That, of course, eventually means more business!
- Managing Relations With Customers :
- Usually, issues with customers come at the time of billing or invoicing, and mainly it is caused by some misunderstanding. But, if a business has a receivable management team separately, such possibilities get eliminated, and good relations with customers can be established and managed efficiently
- Setting A Brand That Focuses On Process :
- Receivables management also helps in establishing a systematic process for receiving payments from customers, which ensures smoothness in the process. Thus, it turns a business into a brand that speaks with its integrity and values.
- Lending To Customers Having Better Credit Ratings :
- Receivables management deals with analyzing clients and their credit soundness. Thus, it helps a business while coming into contact. It also helps in setting the lending agreement, as many a time a company lends some products or goods on a credit basis. Hence, receivables management can save a business from entering into such doubtful contacts.
- Reducing Outstanding Balance :
- Receivables management deals with analyzing clients and their credit soundness. Thus, it helps a business while coming into contact. It also helps in setting the lending agreement, as many a time a company lends some products or goods on a credit basis. Hence, receivables management can save a business from entering into such doubtful contacts.
Reducing Bad Debts
- As receivables management takes care of receiving payments from clients on a regular and pre-decided basis, it reduces the risk of bad debts and, therefore, saves financial soundness of a business.
- So, that’s how if a business opts for receivables management, it can have many benefits and can also focus on its core business with no worry of receiving pending cheques from clients.
- Check out our Blog on – Why account receivable management is necessary for businesses?
Get a Free Quote
CONTACT US FOR ANY QUESTIONS
WE'RE HAPPY TO ANSWER
CONTACT US FOR ANY QUESTIONS
