Accounts,Receivable,Outsourcin finance, share, loan Accounts Receivable Outsourcing
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Accounts Receivable factoring is a process that enables a small business to sell off its invoices and other Account Receivables to a financing company. The financing company purchases these invoices at a discounted rate, gives the cash to the business and, when the due date of the invoice arrives, it collects the cash from the customer at the face value of the invoice. The company can collect the cash itself or outsource the work to another company that specializes in cash collection services.The Outsourcing company first carries out what can be termed as an image capture. This means that as soon as a purchase order is received, the company uses a large number of recording techniques to scan the purchase order, and then index it based on fields such as customer name, customer number, invoice number and date. This will ensure that all customersï¿bf½ data is stored together digitally and is accessible when required.The next is to scan the POD, or proof of delivery. Here, the customerï¿bf½s signature on the document is verified. This serves as a proof that the goods were received and accepted. The next step involves the creation of the invoice statement. Once this is done, the company initiates the process of collecting the money as the due date arrives. All Outsourcing companies focus on maintaining a cordial relationship with the customers, and collecting the money as soon as possible. In fact, some companies also design customized solutions to implement both inbound and outbound treatment plans to manage the Accounts Receivable based on the customer relationship strategy of the company.The company then contacts the customer through formal letters or phone calls, and also maintains a record of the same. If, after adequate reminders, the payments do not materialize, the company also prepares statistical reports stating the causes of delinquencies. It also tracks issues like non-payment due to damaged merchandise, unfulfilled service and pricing discrepancies.
Accounts,Receivable,Outsourcin