Accounts Receivable Services
In the present business world, performance becomes more predictable when collections and cash flows are timely. But companies have to ensure that they derive the maximum output from the amount they spend on managing their receivables. Cogneesol provides accounts receivable services that improve collections, along with the company's lifecycle, from order to cash.
Our accounts receivable outsourcing services implementation follows the best accounts receivable practices and delivers frequent analysis, automation, reporting, improved communication, and flexibility. In addition, our accounts receivable management team recognizes and resolves any causes for payment delays in the course of our efforts towards continual improvements.
"Thanks to Cogneesol, our rising DSO has been brought under control, giving us an excellent working capital position!"
- A Food Packaging Company, Bristol, England
Our Accounts Receivable Outsourcing Services
- Escalating/alerting short payments
- Preparing and sending account statements
- Updating factoring of accounts receivable, if any
- Itemizing advances or deposits received, besides receipts, etc.
- Following up collection of accounts receivable, along with monitoring
- Using invoices raised to date to prepare cash flow summary for the past and future
- Updating accounts receivable for collection, besides reconciling bank account credits
- Uploading electronic invoices onto your systems, after transmitting these electronically
- Statements that you require, such as total cost per line item, analysis by program or project code
- Escalating/alerting you about differences found while reconciling your records with account statements.
- We can create invoices based on documentary evidence such as service/ product delivery confirmations and sale order copies
- Updating invoices into accounts receivable (invoice processing services)
- Preparing accounts receivable reports based on analysis of accounts receivable by age, business segment, customer, etc.
We Support Multiple Accounting Software
With expertise in every accounting software and platform, our team of highly skilled professionals offer fast learning curves and swift implementation of solutions.
Every Business is Unique. Find Out How We Can Help Yours.
Contact UsOur Key Differentiators
Single Platform
A single source of delivery for documentation for accounts receivable like consolidated electronic, mail, and print delivery. Helping you lower the overall complexity.
Time-Saving
With the Cogneesol team, you get to save a lot of time through quick access to document images by multiple users. Enabling faster valuable insights and decision-making.
Enhanced Flexibility
Flexibility and speed increase with the efficiently managed back-office workload. This will help you in streamlining the overall accounts receivable process of your business.
Customer Experience
We follow a problem-solving approach and processes for quality assurance to improve the overall customer experience. This, in turn, aids customer loyalty in the long run.
Lower Costs
With us taking care of your accounts receivable process, you save money on in-house hiring, infrastructure, and technology. Enabling you to spend on business growth more.
Unmatched Experience
We have a highly experienced collections team that increases salvaged revenues through primary charge-offs. Helping you maintain positive cash flow throughout the year.
Why Choose Cogneesol for Accounts Receivable Outsourcing?
Choosing to outsource your accounts receivable tasks comes with multiple benefits. You get to minimize the operational costs, streamline your process, and enhance the services related to the deduction management of accounts receivable.
The chances of delinquency are also brought down to the minimum level with the help of outsourcing. In a way, your credit department gets a virtual extension that enables it to increase recoveries, and in turn, cash flow. Apart from this, you get to eliminate unapplied credit and reduce bad debt to a great extent.
Cogneesol’s practices cover collections, credit, cash receipts and applications, payment terms, individualized contract management, and electronic and paper-based procedures for billing. We keep you informed about your customer relationships and receivables through our regular reconciliation and analysis provided throughout the order to cash cycle.
Our Resources
We help our clients navigate from where they are to where they aspire to be through our always-on learning agenda in the form of client stories and blogs covering the latest industry trends.
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Client Testimonials
It is always a pleasure to learn that the work we do has positively impacted our clients and that they are happy to share their experiences.
Our customer master data was in complete disarray, slowing down our receivables considerably. Cogneesol assigned us a dedicated resource to help with customer data maintenance and streamline all the other sub-processes of Accounts Receivables. The resource immediately set to task with correcting payment terms, centralizing data maintenance, implementing controls, and conducting regular audits. Soon we were able to do away with more than 80% of customer disputes!
Cogneesol transformed our Accounts Receivables processes, freed up cash, and optimized our working capital position. The team does a thorough job of checking the accuracy of their bills, invoices, or credit terms, apply for cash payments correctly, do not override credit limits, follow up with customers in a timely manner when payments are past due, collect and apply cash correctly. These have made our Accounts Receivables position very efficient!
We had a huge pile of outstanding receivables that had blocked huge amounts of cash. We hired Cogneesol to help clean up our account sand support, especially with the receivables. The team charted a collections plan, segregated receivables as per their DSOs, and allocated the collections to their team with set targets. It took the agents under two months to collect close to 90% of our receivables!
