The mark of a true leader is knowing when and how to delegate tasks. When it comes to running a business, it’s no different. We understand how complicated staying on top of the financials can be for your goods and services. That’s why we at TFO Solutions would like to be your accounts receivable accountant. Located in the DFW metroplex, we specialize in implementing financial structures and accounting practices starting with something as simple as organizing and sending your customers their invoices for money owed.
TFO Solutions’ Accounts Receivable Services
Most businesses choose to sell to their customers on a line of credit, meaning they deliver the goods or services and then send an invoice to be paid at a later date. While this works well for the customer, it requires the business to be extremely organized with their balance sheet with strong attention to detail. Fortunately, our team at TFO possesses both of these attributes and is proud to offer our clients exceptional account receivable services.
While this may seem like a simple task, accounts receivable is a vital function as it keeps track of all the amount of money that is owed. When companies run into cash flow problems, it’s typically because they did not keep track of customers who paid late, or have a bad debt because they chose not to pay at all. When done well, accounts receivable can show who you should and should not be doing business with.
Why You Need to Send Invoices to Your Customers
While it may seem obvious that a customer should pay after a job or service is complete, having an accounts receivable invoice system in place is crucial. Not only does it establish what service was done and how much is due, it legally creates accounts receivable balance, or a claim for your customer to pay. Furthermore, it closes out the job or project and highlights the professionalism of your company.
An invoice also creates another means of communication and acts as a natural reminder that payment is due. It shows contact information, as well as terms of payment and which forms of payment are acceptable. Invoices may be sent through postal mail, via email, or delivered in person. It all depends on the preference of the business owner or customer.
Collections Management and Accounts Receivable
It never fails that some businesses will encounter a customer that is late in payment or doesn’t pay at all. When this happens, TFO Solutions will implement a collections procedure and pursue those customers that have yet to pay. We are here to take this stressful and time-consuming process out of the hand of our clients with this accounts receivable service so they can focus on their business.
Contact us Today For Invoicing
If you’ve been feeling overwhelmed by invoicing and keeping track of your accounts receivable, it may be time to enlist the help of the specialists at TFO Solutions. Our highly qualified and experienced team is ready to take your business to the next level by improving your processes and creating organization and structure. Give us a call today to get started with this service, accounts payable, or a variety of our services!