In today’s highly competitive business ecosystem, optimal utilization of time plays a vital role to lead the business towards sustainable growth. The key decision makers of the business strive hard and devote their entire attention in analyzing and developing business strategies. Significantly, considerable time of SMB owners is consumed in managing bookkeeping and payroll services such as accounts receivable management, eventually affecting the efficient functioning of their business.
Many of the SMB’s across diverse industry verticals such as Retail, Hospitality, Restaurant, and Healthcare have realized that the key to a successful business relies on an efficient cash flow process as higher the cash flow, the greater the probability of enhanced profitability. As a result, a lot of these SMB owners are looking forward to partner with trusted service providers that can offer them a comprehensive customized industry specific accounting solutions such as Retail store Accounting Solution for Retailers, Grocery store Bookkeeping solution for Grocers, Restaurant Bookkeeping Solution for Restaurant operators, Hotel Accounting solutions for SMB hotels/motels, or Healthcare accounting solutions for SMB healthcare professionals/organizations.
Following benefits are leveraged by SMB’s, if they outsource Accounts receivable process of their business to a trusted service provider like Quatrro:
- 1. Accelerated Accounts receivable collections: SMB’s generally operate on thin margins and a smaller amount of cash in hand. Significantly, the amount tied up in unpaid Accounts Receivables might end up as a considerable amount over time and freeing this up enables the SMB owner to enhance the cash flow of its business. As a result, speeding up the collection of their business Accounts receivable process is imperative for a small and medium business owner. In recent past a lot of retailers, grocers, and restaurant operators are leveraging the tailored industry specific accounting services such as grocery store accounting services, Restaurant accounting services, Retail store accounting services offered by trusted service providers to streamline the accounts receivable process of their businesses.
- 2. Focus on your core business activities: In periods of rapid growth, the back-end operations of a business expand and require a high expenditure of resources. When a SMB owner allocates more resources to performing non- revenue generating activities, they are generally left with less time and resources to focus on the strategic part of their business. As a result, a lot of SMB owners are now partnering with third party outsourcing companies that empowers them to focus on strategic part of their business. To outsource accounts receivables is a low-risk decision that enables a SMB owner to experiment with new innovative ideas without any up-front investment and offers flexibility to use the resources as per the business needs.
- 3. Optimizes credit Risk: As SMB’s work with minimum resources to remain sustainable in the long term, they usually fail to focus on the non revenue generating activities like back office operations. As a result, inefficiencies creep in the system resulting in failure to follow up with customers in a timely manner when payments of the past are due or allocation of cash payments incorrectly, making it harder to figure out which payments are outstanding. Availing bookkeeping and payroll services offered by a trusted service provider will enable the SMB owners to enforce credit policies effectively and thereby optimize and mitigate the credit risk of their business.
At Quatrro, we understand the nuances of a proficient Accounts Receivable process. Our expert team of accounting professionals can optimize the Accounts Receivable process of your business. If you are an SMB, and want to reap our extensive experience of helping SMB owners similar to yours stream line their account receivable process, click here.