We recently dove into how you can outsource your Accounts Payable without losing spending control, but does it make sense outsource Receivables too? Your business simply wouldn’t exist without its customers, and many worry their customer relationships will suffer without this crucial touch point. Surprisingly you can actually improve them by having someone else handle invoicing and collections.
Invoicing becomes a vital point of contact with your customers, but the collections process can often drive relationships into the ground. However, businesses still need to get paid in order to stay in operation and provide their goods/services. Timely and accurate invoices lead to faster payment. Faster invoicing and payment leads to timely and accurate revenue and collections information, which leads to better and more-informed business decisions.
That is why we recommend outsourcing your Accounts Receivable process to us. At Premiere Financial Consultants, we recognize that your invoices are an important touch point, and will prioritize healthy customer relationships over purely “back room” accounting.
We’ll work with you to develop processes & documents that fit your brand and internal flow, ending with cash in your bank account. In other words, we’ll facilitate the invoicing & collections processes between your customer-facing employees and your customers, ensuring you get paid on time and your people never have to act like “the bad guy” in order to collect revenue.
Following up on unpaid invoices can drastically strain, or even permanently damage, your customer relationships. This can lead to all sorts of stress, cash flow problems, and cash flow-related stress. As invoices age, they become increasingly difficult to collect.
We’ll work with you to develop a reporting structure so you can, at a glance, know how old any outstanding invoice is at any given time. We’ll then develop a follow up structure, which will balance direct communication with your customer with our being the “bad guy” in order to collect.
If you outsource your Accounts Receivable to us, you’ll forgo the stress of invoicing and collections giving you more time to focus on your core business and servicing your customers. Contact us to find out more.