Improve your cash flow and increase working capital with AR process optimisation and automation
Discovery CallA 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.
Reduce unallocated cash to the lowest possible figure to boost working capital.
Run digitised AR processes using intelligent, automation-driven workflow tools.
Integrate receivables data from various sources including printed documents, emails and other electronic data.
Wide variety of reports, customised to meet your needs: Daily cash collection, monthly DSO, unallocated cash vs. target, performance dashboard, and more.
Leverage a unique people-process-platform approach to optimise accounts receivable and achieve operational cost reduction of up to 50%.
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.
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.
Outsourcing your accounts receivable means handing over the reins of managing your incoming payments to the pros. It’s all about making your order-to-cash cycle smoother—from managing credit, processing invoices, to handling collections. This smart move can boost your cash flow, speed up how fast you get paid, and lets you focus more on the core parts of your business. Plus, you get the advantage of specialised skills and the latest tech from dedicated experts in the field.
Accounts receivable services streamline your entire order-to-cash process, starting from the moment you set up a customer and evaluate their credit. They handle generating and sending out invoices, keep an eye on incoming payments, and manage collections for any overdue amounts. This not only ensures precision and efficiency through the use of advanced software but also provides comprehensive reports that help you make smart financial decisions. With these tasks taken care of, you can focus more on your core business operations and enhance your cash flow management.
Outsourcing your accounts receivable can tackle a variety of challenges that businesses often face:
Outsourcing your accounts receivable can significantly improve how you interact with your customers, thanks to a few key enhancements:
Choosing QX Finance & Accounting (QXFA) for your outsourced accounts receivable services comes with some real advantages: