Are limited time and resources hindering your ability to submit invoices, manage incoming payments, follow-up on overdue payments, resolve disputes, and nurture important customer relationships? Are you effectively utilizing your resources to maximize the returns on your work efforts?
Accounts receivable refers to the management of the outstanding invoices and payments owed to you, the independent contractor, by your clients or customers. It represents the amount of money the you expect to collect in the future for your services rendered or any goods delivered. ITG’s Accounts Receivable services help improve collection rates by generating faster payments and minimizing customer support communications. We help you optimize your Accounts Receivables with service solutions that deliver measurable results.
IT Garage ensures that you receive timely payment for your work by working hand-in-hand with your Clients. We’ll manage your Client credit standards, payment terms, time reporting, customer invoicing, collections, dispute reconciliation, reporting, and payment processing.
Judy Rollins, CLIENT MANAGEMENT
ITG’s will assist you through all necessary steps in managing and securing your Accounts Receivable in a timely manner:
- Invoice-Based: Your Accounts Receivable arises when we issue your invoice for services or products provided.
- Record of Customer Transactions: We provides detailed information about who owes you money and how much.
- Short-term Nature: Usually, your receivables are due within a relatively short time frame.
- Subject to Collection Risks: There is always a possibility of delayed payments or bad debts, so monitoring receivables closely is important.
- Asset on the Balance Sheet: Your Accounts Receivable is considered a current asset because it is expected to be converted into cash within a short period, typically within 15 to 30 days.
ITG’s Accounts Receivable solutions feature the following traits:
- Invoicing: We preparing and send accurate invoices promptly to your clients.
- Record Keeping: We maintain detailed records of all receivables, including invoice dates, amounts, due dates, and payment statuses.
- Payment Tracking: We monitor outstanding balances and following up with clients regarding overdue payments.
- Reconciliation: We regularly reconcile your accounts receivable records with bank statements and client payments.
- Aging Analysis: When necessary, we generate aging reports to identify overdue accounts and prioritize collections.
- Collections: When necessary, we contact your clients to remind them of unpaid invoices and resolve any billing disputes.
- Reporting: We provide regular reports on your Accounts Receivable status, cash flow forecasts, and collection effectiveness.
- Bad Debt Management: We identify noncollectable accounts and advising on write-off procedures or additional collection strategies.
By managing these aspects carefully and effectively, ITG helps ensure that you maintain a healthy cash flow while minimizing the risk of bad debts.
Check out ITG’s other Smart Back-Office Solutions for Contract Management and Pay Distribution.
