02.01.2021 | Posted by Erik
Maximize Your In-House Team with Outsourced Accounts Receivable Management
Outsourced accounts receivable management provides many benefits. From boosting cash flow to increasing consistency, there are countless reasons for outsourcing receivables.
One of the most significant advantages actually lies in maximizing your in-house team. Outsourced accounts receivable efforts can have a considerable positive effect on your team and help improve productivity and results.
Boost Morale and Increase Productivity by Focusing on What Matters
No one likes making collection calls. They’re difficult to do – especially if they aren’t in your job description. Having to call past-due customers to try to secure payment can be draining and frustrating.
More than that, you likely didn’t hire your employees to handle accounts receivable. You hired them to be members of the sales team, accounting department, or administrative staff. Chances are that they have a whole host of responsibilities aside from collections.
If your in-house team is handling A/R, not only are they likely doing a job that stresses them out, but they’re also probably feeling burnt out having to juggle so many responsibilities. If they don’t have time for their regular day-to-day job, things can easily fall by the wayside, and ultimately, the company will suffer as a result.
Outsourced accounts receivable management helps companies maximize their team’s productivity by allowing them to focus their energy on what you hired them to do in the first place.
As a result, morale can improve, and productivity increases. Plus, if you hired a high-quality outsourced accounts receivable company, your past due invoices will be decreasing, too.
This isn’t the only way outsourced A/R can have a positive impact.
Leverage Reporting and Expertise to Improve Your Processes
When you choose a professional outsourced accounts receivable company, you aren’t just getting someone to call your customers for payment. You’re also gaining access to insightful expertise and analytics, which can dramatically improve your in-house processes.
An accounts receivable company can use its data to help you devise a better strategy for getting invoices paid on time. By assessing each account using objective criteria, your outsourced A/R partner can determine which customers are most likely to pay slowest and target those first. This approach is much more effective than following a hard-and-fast rule of calling every account that hits 30 days past due, for example
The same solutions don’t work for every company, which is why analytics are so helpful. Having access to an outsourced accounts receivable management company’s insight can help you develop out-of-the-box strategies and simple solutions that make a significant impact.
We’ve used our analytics and expertise to help our customers make changes that improve cash flow and decrease debt, such as:
- Improving billing processes
- Incorporating more up-front collection efforts
- Implementing data-informed follow-up procedures for past-due invoices
- Improving and expanding account information
Companies can work with an outsourced accounts receivable firm to help create analytics-backed strategies to improve their internal processes and the performance of receivables.
Free Up Your In-House Team and Find Strategies That Work
Outsourced accounts receivable companies free up your in-house team so they can do their jobs. This helps boost morale and productivity, allowing your organization to continue generating profits in the long run. Plus, if you choose a quality A/R company, you can leverage their expertise and data to develop strategies and decrease ongoing issues with past due invoices.
Here at Axim, we love helping our customers free up their teams and create strategies for the long-term. We’re a customer-service focused A/R company with a proven track record for delivering results.
If you’re ready to get your team back to business, contact us for a free quote now.