Accounts Receivable
Accounts Receivable Services
Being paid on time is important for cashflow and to enable your business to grow. Let us help you get that running smoothly.
Accounts receivable refers to the money customers owe your business. This is what you invoice out to your customers and how you know what is owed to you.
Sheils Bookkeeping Service can provide you with a list of outstanding invoices, organise payment reminders for invoices nearing the due date, send out statements, and put your customers on credit hold if they go over their credit limit. We can also contact your customers if they are not paying on time and chase consistently late payers.
Benefits of using our Accounts Receivable Services
Modern accounting software such as Xero enables us to set up your invoicing so it runs like clockwork. We can organise payment reminders for invoices nearing the due date. This saves you time and the hassle of chasing payments.
The benefits of using Sheils Bookkeeping Service to do your invoicing include:
- The quicker you invoice the quicker you are paid.
- It will be done accurately and correctly the first time.
- We will contact late payers.
- Your invoices will look professional.
Book A Discovery Call
You look after your business and we will look after your accounts and invoicing.
Call us today for your free consultation and discover how we’ll help you get paid faster and get time back.
The difference between Accounts Receivable and Accounts Payable
Accounts receivable is money your business is owed from your customers. These can also be called current assets.
The accounts payable are the monies owed to your suppliers, ie. The bills you need to pay for buying raw materials or services. These are referred to as current liabilities.
Accounts receivable creates cash flowing in, whereas accounts payable creates cash outflow. Knowing your cashflow position is important for making investment and financial decisions, and to decide what bills need to be paid and when.
Accounts Receivable System
There are many ways to handle the accounts receivable system:
Some businesses invoice from a different package and load a monthly figure to their system for reporting purposes.
Other businesses invoice through their accounting package such as Xero. This method can also be achieved by using the software’s mobile app. This is great for trades as they can accept payment on the spot.
It is essential to have your contact details etc. on your invoices and statements. That way, if your customer has a query that needs to be addressed, they can contact you as quickly as possible, ensuring faster payment.
Once your bank account has been reconciled, you will know at a glance how much is owed to you and what is overdue.
Most accounting software allows for reminder invoices to be sent automatically. This is helpful and even better if you are up to date with your reconciliations. If you are not, then you will be sending out reminders which are not required.
Sheils Bookkeeping Service can streamline all of this for you.
Why choose Sheils Bookkeeping Service for your accounts receivable requirements?
If you want to enjoy more time for yourself and less time doing your accounts, contact us to book your free consultation.
We can discuss how we can help you.
