Outsourcing has become a trend worldwide. And, for a good number of reasons! In the past, outsourcing was not a common concept among organizations. Today, the dynamic nature of businesses and competitiveness has made it more popular than ever. Among one of the most commonly used services in outsourcing, account receivable service is major. Every organization needs accounting management. But, hiring an in-house employee cannot always be feasible for a company’s budget.
When you outsource accounts receivable service, you get efficient results, save costs, and be able to focus on your core business objectives. To know more about how you can seek help from a service provider and what all are the benefits of doing so, be sure to read till the end of this article!
What Is Accounts Receivable Service?
Accounts Receivable (AR) services help companies keep a record of the amount owed to them by the customers. Regardless of the scale you’re operating in, you’re going to need to manage account receivable invoices. Needless to say, the process is time-consuming and sometimes very complicated. If you’re a newer company operating with a busy schedule, hiring a service provider to manage your accounts receivables would possibly be the best idea for a smooth flow of work overall.
Moreover, a service provider is going to use the latest technology and specific expertise for accounting. Some steps in AR service are invoice generation, payment tracking, customer follow-ups, timely collection of payments from customers, and dispute management. The service provider can also constantly monitor the accounts, which may not always be possible for companies that are large as well as those looking to constantly scale up and grow. As a result, your organization will face less instability financially.
Why Outsource Accounts Receivable Service?
There are more benefits to outsourcing accounts receivable service than you may think. The following are some of the major points to consider:
Cost Effective
Outsourcing accounts receivable service is going to be cost-effective in the long run. Paying salaries for in-house employees every month is not going to be as cost-effective. You can always use the money you save as an investment for other important core objectives in your organization.
Focus on Core Objectives
When you let the service providers handle the AR part, you can focus on your company’s core objectives. The back-office duties, as such, are always time-consuming, even for the company owners. Hence, companies become more productive and can generate revenues in a short period.
Expert Help
You will get access to help from experts when you’re seeking accounts receivable service. The service providers have experience working in the same field for a considerable period. Further, you will only be helped by those who have proper knowledge in the field.
Better Cash Flow Management
Managing cash flow amid busy schedules can seem impossible for company owners. Accounts receivable service providers help avoid bad debt and manage the flow of cash in the organization.
Lesser Risks And Errors
AR services result in fewer risks and errors in the long run. You don’t have to spend any time training the onboarded employees, which takes more time, more resources, and has more risks.
Why Choose Nepal For Accounts Receivable Outsourcing Service?
With the betterment of education and career-oriented workforce in Nepal, the demand for outsourcing has increased. Besides having highly skilled candidates looking to work eagerly at any given time, the candidates are just as affordable for hire. You don’t have to spend a fortune to get access to even the most skilled workforce in Nepal. And the dedication they put into their work is commendable as well.
In Nepal’s arena, you will mostly find college graduates who have worked in the field of accountancy and finance for a fair period as your outsourced service provider. When company owners rely on a dependable back-office support agency, they can grow their revenue in less time than they may have thought of. In addition to this, businesses can lower their costs over time while their income goes up.
Another significant reason why outsourcing accounts receivable service in Nepal is wise for a company owner is that you get a dedicated workforce. Nepalese youths are hardworking and honest with their work. That’s why, in recent years, companies worldwide have been opting for services from these workers who are not only efficient but deliver and respond to queries from employers in real-time.
The English proficiency of the Nepalese workforce is another plus point for employers. You won’t have to struggle with language, as every service provider is fluent in English. Also, the Government of Nepal is supportive of outsourcing services. This makes the process compliant with the country’s law as well. The service providers are just as known with the laws of hiring companies’ country and they abide by them.
Our Process For Accounts Receivable Service
We follow specific procedures for accounts receivable work. From beginning to end, everything is done methodically while remaining compliant with the laws of your respective countries. The following is our process for AR service:
Invoice Generation
After the customers have sought service or products from your business, we generate an invoice through which bills will be collected within the payment due date.
Receivables Tracking
The number of receivables yet to be collected will be tracked. This will create a record without you missing out on any information about what’s due on the customer’s behalf.
Overdue Payments Follow-ups
If a customer fails to pay you on time, the overdue payment follow-ups will be made frequently and in a very professional manner.
Remind Customers
Your customers will be sent reminders about their payment dues so that they make the payment within the due date.
Payment Receipt
After the customers have made the payment, they will be sent a receipt. And a copy of the receipt will also be given to the employer company.
Payment Application
Bills are marked paid as soon as they are, and client accounts are credited with the amount received through the payment application part of our service.
Dispute Handling
If there are any disputes caused due to finance management, we make sure to handle them. The customers or employers won’t have to get into a fuss as long as they opt for our AR service.
Defaults Handling
Delinquencies or defaults are caused when the amount yet to be received from the customer is heavily overdue. The AR service helps overcome such issues.
Report Generation
The report of what comes in, what goes out, and the overdues are kept systematically.
Aging Report Monitoring
To help your management understand the accounts receivable, aging reports are monitored and provided accordingly.
Why Kantipur Management is The Best Company to Outsource in Nepal?
There are many outsourcing service providers in Nepal for accounts receivable service along with many other back-office duties. However, Kantipur Management stands out from all the other companies in more than just one aspect. It has been handling global clients for 10 years.
Some other major aspects that make Kantipur Management stand out are as follows:
Team of Professionals
We have a team of dedicated cyber security and support professionals with great expertise in their respective work. They each work with our 1200+ square feet state of art infrastructure in place. You may not find such experts elsewhere, even if you are hiring in-house. And, the experienced set of employees from our agency will save you the cost of training, onboarding, and the hassle of individual payments each month.
Information Security Management Systems
By implementing ISO 9001:2015 for quality management systems and ISO 27001:2022 for information security management, Kantipur Management Private Limited (KMPL) maintains the highest standards of quality and information security.
Customizable Solutions
You can customize solutions as per necessity. When we say this, we’re talking about you not having to stick with the rigidity of any activity throughout the process. As long as you’re connected with us for work, you get to have your say in almost every step.
Diverse Clientele
We have been serving customers from different parts of the world and throughout industries. There is no requirement for our customers to belong to a single or certain field of work or from a certain geographic location to seek outsourcing services.
Affordability
The services you get in our company are not only diverse, efficient, and profitable, they are just as affordable. Not all service providers in Nepal provide high-quality services in pricing packages as low as ours.
Security and Data Safety
You can be assured of the data safety you’ll get when you put your trust in us. We use technologies and methods that don’t only get the work done for you but also guard your company’s information risk-free.
Conclusion
So, if you’re looking to get the best possible service in Nepal for accounts receivable, then you’ve got to take your chance with Kantipur Management. We guarantee error-free results, timely payments from your customers, and increased profitability over time. Be sure to get in touch with us for further information!
