Outsourcing your business’s accounts receivable can be both liberating and challenging. It frees up time for other pursuits, reduces your overhead, and brings a new perspective by utilizing outside expertise.
But outsourcing also brings up many questions, like ‘are they reliable?’, ‘how secure are my finances?’ and ‘when should I consider outsourcing my bookkeeping services?’
Tracing, contracting, negotiating, and following up with your customers can absorb a great deal of your employees’ time and resources. That’s why accounts receivable (AR) is a popular process to outsource. The right outsourcing company can help you maintain control over your portfolio regardless of your company’s size.
In this post we discuss three of the most commonly asked questions when it comes to outsourcing your business’s bookkeeping, especially AR services.
Let’s get started.
Here, we answer three common questions businesses have about outsourcing their accounts receivable.
Sensitive corporate data breaches are all too common. As expert cloud bookkeepers, we use high-level security protocols to make sure your data and information are safe.
When clients trust us with their private information, we promise to securely access, store, and legally comply with the destruction of confidential information. To that end, we keep your information safe by investing in top training and technology (including firewalls, monitoring and encryption), and physical security measures (like proximity access cards).
Absolutely not. Your business is – and always will be – yours. You don’t need to worry that your policies or framework will be disregarded. Your accounts receivable outsourcing partners are just that: partners. Consider them an ally to your company.
They will work within your set structure, including your preferred payment methods, security standards, payment timelines, and your process for overdue accounts. If you don’t have a comprehensive plan for these processes, your outsourcing partner will work with you to create one that stays true to your business’s vision and mission. They will help your business grow and succeed, but your company will still have the final say on decisions or strategies.
Some business owners may think that outsourcing their accounts receivable services will create a disconnect between them and their customers. Fortunately, that’s not true.
Far from adding to your existing stress or headaches, the right outsourcing partner becomes a virtual extension of your internal processes in these ways.
Good accounts receivable outsourcing offers a wide range of functions, including order and cash management, billing, and debt analysis. In short, it makes clients’ lives a lot easier. So, consider outsourcing your bookkeeping and AR services to Virtuous Bookkeeping. We help all sizes of companies, including startups. If you have any questions that were not answered here, get in touch with us.
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