Accounts receivable outsourcing services
Improve your cash flow and increase working capital with AR process optimisation and automation
Discovery CallDrive Focus to Mission-critical Functions with QX’s Accounts Receivable Services
A timely and effective order-to-cash cycle is vital for improved cash flow, and it plays a critical role in optimising business performance. However, the repetitive and time-sensitive nature of traditional accounts receivable processes can often drain a company’s limited resources.
At QX, we leverage best practices, industry expertise and automation to deliver less expensive and more efficient accounts receivable services. With clear performance benchmarks and SLAs, our services ensure that you achieve your cash flow goals while reducing operating costs.
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Benefits
Improved Cash Allocation
Reduce unallocated cash to the lowest possible figure to boost working capital.
Transformation Support
Run digitised AR processes using intelligent, automation-driven workflow tools.
Consolidated Documentation
Integrate receivables data from various sources including printed documents, emails and other electronic data.
Improved visibility
Wide variety of reports, customised to meet your needs: Daily cash collection, monthly DSO, unallocated cash vs. target, performance dashboard, and more.
Cost Savings
Leverage a unique people-process-platform approach to optimise accounts receivable and achieve operational cost reduction of up to 50%.
Services
- Customer set-up and maintenance
- Credit checks
- Set up AR follow-up mechanism
- Raise invoices based on occurrence & send for authorisation
- Customer queries resolution
- Invoice chasing, escalation and resolution
- Maintain sales ledger accurately
- Invoice discounting reporting and reconciliation invoice discounting reporting
- Customised AR reports
- Cash allocation for receipts
- Revenue reconciliation on weekly and monthly basis
- Monthly MIS reports
- Master vendor reconciliation
- AR aging reports
- Issuing refund checks and credit memos
- AR deductions management
Software Capabilities
The QX team works with industry-standard software to streamline finance and accounting. Additionally, we are also flexible to incorporating any additional systems in our solutions to suit your specific organisational needs.
FAQs
Here are some of the most frequently asked questions around Accounts Receivable outsourcing. If you have a question that isn’t answered here, please feel free to contact our sales team – they’ll be happy to help!
Most businesses choose to outsource their AR function to build scalable teams, bring down operational costs, overcome staffing shortages and streamline processes. An experienced AR outsourcing partner can introduce highly qualified accountants to your business and bring in their industry expertise to deliver significant cost savings. Modern businesses also leverage the expertise of accounts receivable and credit control service providers to accelerate their finance & accounting transformation.
Partnering with an accounts receivable outsourcing specialist can give your business access to a dedicated finance and accounting team to streamline the entire process for enhanced accuracy, timeliness, and efficiency. In addition, a specialist can also enable your business to avoid administrative costs and shift focus to more value-add functions.
An experienced AR outsourcing partner will have the capability to work with all major accounting and collection software systems. They are up-to-date with the latest technologies and adapt to them within very short time frames. Some of the major software packages you should look out for are FreshBooks, Oracle NetSuite, QuickBooks, Sage, Xero and FreeAgent. Additionally, you can leverage their expertise to automate many of the activities related to AR and credit control.
Most AR outsourcing providers offer the flexibility of either outsourcing the entire accounts receivable function, or certain key functions in the AR process. The offshore AR service providers work closely with on-shore teams to get the tasks done and deliver as per defined SLAs. This means that it is easy for your business to outsource just the specific accounts receivable tasks that are non-optimum to be done in-house.
Absolutely! QX seamlessly handles both B2B and B2C accounts receivable. We tailor our approach through a customised plan after understanding your needs. We manage tasks efficiently for both business types by leveraging best practices, advanced technology and top talent.
For B2B accounts, QX can handle complex credit analyses, set appropriate credit limits, manage invoices, and facilitate debt collection processes tailored to the business environment. This includes dealing with larger transaction volumes, negotiating payment terms, and addressing specific industry considerations.
In the case of B2C accounts, QX adapts its approach to align with the characteristics of consumer transactions. This involves managing a potentially larger number of individual accounts, implementing effective communication and reminder strategies, and addressing the unique challenges associated with consumer debt collection.
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