Philippines
Global
Accounts receivable services in the Philippines
We help your business get paid on time— every time!
An accounts receivable management service for businesses in the Philippines
We make sure that you get paid by your clients!
- Review and optimization of existing invoice and billing processes
- Advice on best practice controls to monitor aging of accounts receivable
- Set-up of cloud accounting system for automated invoicing based on AR policies
- Tracking of outstanding payments and unreconciled bank deposits
Accounts Receivable - The Process
- We review your existing accounts receivable process and advise on key areas for optimization and control
- We record sales, prepare and issue invoices through the cloud accounting solution on a weekly basis based on the inputs provided by your team
- Record and reconcile receipt of invoice payments from customers on a weekly basis
Here’s how our accounts receivable service adds real value to your business in the Philippines
What is Accounts Receivable?
In simple terms, accounts receivable refers to any monies or payments that are owed to your business by your customers or clients. Usually, this will be for goods that you previously sold to a client or services that you previously provided for a client. In both cases, the client will not have paid you at the time of delivery or performance – as such, accounts receivable refers to payments still owed and due to the business.
Accounts receivable is a way of maintaining records so a business can keep track of all monies due and owe to them from clients. It is a crucial way of ensuring that any invoices issued to clients are tracked and monitored and that the business is following up on outstanding payments from its clients on a consistent and regular basis. If not, a business can risk forgetting about such outstanding payments or leaving them outstanding for too long, making it more difficult to recover.
A Process-Driven Accounts Receivable Service
The key to making sure that your accounts receivable function is efficient and adding real value to your PH business lies in the process and control. Without a streamlined system in place for managing your invoices, your collections, and your clients, it will be difficult to ensure that all outstanding payments are paid when they fall due.
We put robust accounts receivable processes in place so you can have effective accounting and finance functions. This includes continuous monitoring of services performed, products sold, invoices issued, payments received, and overdue accounts.
Invoicing and Accounts Receivable
The first step is to create and maintain professional business invoices that have all the required information for BIR compliance. We advise on the various details that must appear in a business invoice in the Philippines.
Once that is complete, we help clients to transition from the traditional format of paper invoicing to a more automated process via cloud accounting solutions. Our team will remotely set up your invoicing system on the accounting system and ensure the correct client and payment details are included on the system and easily issued and captured.
Optimization of your internal approval process for invoicing is another important element of our outsourced accounts receivable service. Based on our knowledge and experience across many businesses and industries in the Philippines, we know what works best when it comes to internal invoicing protocols.
We support your business by identifying the right controls to put in place to ensure you have an invoicing and collections process that aligns with your business model and revenue model.
The Objective for Accounts Receivable
It is our objective to ensure that, from an end-to-end perspective, the entire accounts receivable process, including the invoicing, billing, client communication, and bank reconciliation process is working efficiently for our clients and to help them receive payments owing to them at the time the payments fall due.
CloudCfo helps you reduce invoicing times and costs, track invoice deliveries, identify overdue payments, develop a system for invoice queries, and reconcile invoices sent and payments received across your books of accounts and bank accounts. We also help to implement and optimize accounting software, tools, and solutions for more automated preparation and sending of invoices, issuing of statements of account, and capturing of payments received.
Our ultimate objective is to help companies get paid on time, every time, through the implementation and maintenance of a robust, process-driven, and output-focused accounts receivable service for our clients in the Philippines.
In business, getting paid by your customers can always be a challenge! But if you work with an accounts receivable service provider, you will have a streamlined process and system of controls to manage outstanding customer payments.
Accounts Receivable - The Output
- Monitor ageing of accounts receivable and issue statements of accounts based on agreed AR policies
- Efficient Treasury Management through regular reporting and analytics
- Identify and report unreconciled bank deposits and identification of payors and corresponding invoices
Want to know more about Our Services?
Speak to our Team directly!
Get In Touch
Featured in
Our Partners
