Managing your teams and receiving payments from customers can be a tricky business - especially when everyone is located all over the world.
That's where remote accounts receivable departments come in.
Like your in-office one, your remote accounts receivable department is responsible for a company's incoming payments, processing customer invoices, issuing refunds and applying payments to the correct invoices. Businesses would have difficulty running without efficient accounts receivable management; companies would have trouble operating.
Some key activities of an accounts receivable department include:
- Round-the-clock processing customer invoices
- Issuing refunds
- Applying payments to the correct invoices
- Generating reports
- Maintaining customer records
- Reconciling bank statements
In addition to their traditional tasks, many remote accounts receivable departments are responsible for providing customer service. This means that they need to be able to handle inquiries and resolve issues quickly and efficiently.
As the first point of contact for many customers, these departments play a crucial role in ensuring that businesses maintain a good reputation. They need to be well-organized and staffed with knowledgeable and experienced employees.
The bottom line?
Accounts receivable is a crucial part of any business, and your remote accounts receivable department plays a vital role in its operation.
By performing the key activities listed above, your AR department ensures you receive payment for their goods or services.
And thanks to the work of the accounts receivable department, you can keep their doors open and continue to serve your customers, regardless of whether or not you house in-office staff.