Accounts Receivable & Payable Management

Streamline your Cash Flow by outsourcing the AR & AP management services to Fincubex.

Feeling clogged by invoices and payments? Our AR & AP outsourcing solutions can help!

The Accounts Receivable (AR) & Accounts Payable (AP) outsourcing services offered by Fincubex streamline your financial operations. We manage your accounts receivable efficiently, ensuring timely invoicing and collections, thereby improving cash flow. Additionally, our accounts payable services handle your vendor payments, ensuring accuracy and compliance while optimizing the payment processes. Outsourcing these tasks to Fincubex helps reduce the operational costs and allows you to focus on the core business activities.

Unlock the business efficiency with our outsourced AR & AP services

Outsourcing AR & AP services from a leading offshore company can be a significant asset for your business. Our experienced experts efficiently manage payment processes, ensuring accuracy and compliance. Outsourcing can significantly reduce your operational costs compared to maintaining an in-house team. Take a look at the processes involved in AR & AP service:

Accounts Receivable Process

Invoice Generation

Create and send invoices to customers for goods or services rendered. The invoice should include details such as the customer's name, date of the transaction, description of the goods or services provided, quantity, price, and payment terms.

Payment Processing

This involves receiving payments from customers through various payment methods such as checks, bank transfers, or online payments. Payments are recorded in the accounting system and matched against the corresponding invoices.

Accounts Receivable Aging

Accounts receivable aging is a report that categorizes outstanding customer invoices based on their due dates. It helps in monitoring the aging of receivables and identifying overdue invoices that require follow-up.

Collections

If a customer fails to pay an invoice on time, collections efforts are initiated. This may involve sending reminders, making phone calls, or even taking legal action in extreme cases to collect the outstanding amount.

Reconciliation

Reconciliation of the accounts receivable ledger involves comparing the balances in the accounts receivable sub-ledger to the general ledger to ensure that they match. Any discrepancies are investigated and resolved.

Reporting

Regular reporting on accounts receivable is essential to track the performance of the accounts receivable process. Reports may include metrics such as days sales outstanding (DSO), aging analysis, and collection effectiveness.

Accounts Payable Process

Invoice Receipt

Invoices are received from vendors for goods or services provided. Upon receipt, invoices are reviewed for accuracy and completeness.

Invoice Verification

The next step is to verify the invoices against purchase orders, contracts, and receipts. This ensures that the goods or services were received as expected and that the prices and quantities match the agreed-upon terms.

Payment Approval

Once the invoices are verified, they are approved for payment. Approval may require authorization from a manager or other authorized personnel.

Payment Processing

Payments to vendors are processed based on the approved invoices. Payment methods may include checks, electronic funds transfers (EFTs), or credit card payments.

Accounts Payable Aging

Similar to accounts receivable aging, accounts payable aging categorizes outstanding vendor invoices based on their due dates. It helps in monitoring the aging of payables and ensuring timely payments.

Reconciliation

Reconciliation of the accounts payable ledger involves comparing the balances in the accounts payable sub-ledger to the general ledger to ensure that they match. Any discrepancies are investigated and resolved.

Reporting

Reporting on accounts payable is important for managing cash flow and liabilities. Reports may include metrics such as accounts payable turnover ratio, average days payable outstanding (DPO), and vendor payment history.

Don't settle for average accounting. Our team of experts simplifies your needs, plans efficient workflows, and delivers superior accounting solutions at competitive prices.

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Welcome to Fincubex

Accounts Receivable & Payable Management

Streamline your Cash Flow by outsourcing the AR & AP management services to Fincubex.

The Edge with Fincubex

Feeling clogged by invoices and payments? Our AR & AP outsourcing solutions can help!

Roadmap to Financial Health

Unlock the business efficiency with our outsourced AR & AP services

Accounts Receivable Process

Invoice Generation

Create and send invoices to customers for goods or services rendered. The invoice should include details such as the customer's name, date of the transaction, description of the goods or services provided, quantity, price, and payment terms.

Payment Processing

This involves receiving payments from customers through various payment methods such as checks, bank transfers, or online payments. Payments are recorded in the accounting system and matched against the corresponding invoices.

Accounts Receivable Aging

Accounts receivable aging is a report that categorizes outstanding customer invoices based on their due dates. It helps in monitoring the aging of receivables and identifying overdue invoices that require follow-up.

Collections

If a customer fails to pay an invoice on time, collections efforts are initiated. This may involve sending reminders, making phone calls, or even taking legal action in extreme cases to collect the outstanding amount.

Reconciliation

Reconciliation of the accounts receivable ledger involves comparing the balances in the accounts receivable sub-ledger to the general ledger to ensure that they match. Any discrepancies are investigated and resolved.

Reporting

Regular reporting on accounts receivable is essential to track the performance of the accounts receivable process. Reports may include metrics such as days sales outstanding (DSO), aging analysis, and collection effectiveness.

Accounts Payable Process

Invoice Receipt

Invoices are received from vendors for goods or services provided. Upon receipt, invoices are reviewed for accuracy and completeness.

Invoice Verification

The next step is to verify the invoices against purchase orders, contracts, and receipts. This ensures that the goods or services were received as expected and that the prices and quantities match the agreed-upon terms.

Payment Approval

Once the invoices are verified, they are approved for payment. Approval may require authorization from a manager or other authorized personnel.

Payment Processing

Payments to vendors are processed based on the approved invoices. Payment methods may include checks, electronic funds transfers (EFTs), or credit card payments.

Accounts Payable Aging

Similar to accounts receivable aging, accounts payable aging categorizes outstanding vendor invoices based on their due dates. It helps in monitoring the aging of payables and ensuring timely payments.

Reconciliation

Reconciliation of the accounts payable ledger involves comparing the balances in the accounts payable sub-ledger to the general ledger to ensure that they match. Any discrepancies are investigated and resolved.

Reporting

Reporting on accounts payable is important for managing cash flow and liabilities. Reports may include metrics such as accounts payable turnover ratio, average days payable outstanding (DPO), and vendor payment history.

Don't settle for average accounting. Our team of experts simplifies your needs, plans efficient workflows, and delivers superior accounting solutions at competitive prices.

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