Accounts Receivable Services

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What are Accounts Receivable?

Accounts receivable are the funds that come into your business from clients and vendors. They’re charted as a part of your income and can be remembered as the way that your business makes a profit. When accepting and organizing accounts receivable records, it’s critical that you keep a close eye on the amounts coming in to double-check that everyone who owes you money is paying accordingly. When it comes to keeping track of these amounts, All About Businesses can help! We’ll organize your records and accounts payable, guaranteeing that your company is always receiving the money that it’s owed.

Accounts Receivable vs. Accounts Payable

Accounts receivable and accounts payable can be remembered as opposites of each other. Accounts receivable are the funds that your company receives, while accounts payable are the funds that your company owes clients and vendors. They are the costs and profits of running a business and are recorded similarly.

Accounts Payable Vs Accounts Receivable

Examples of Accounts Receivable

Examples of accounts receivable can look like:

  • Sales to customers
  • A bill from a client
  • Unpaid invoices

Accounts Receivable Process

The process for accounts receivable will vary based on the industry and the specific situation but can often be broken down into a four-step process. This process often looks like this:

  1. Sales and delivery – The price, due date, and other details of payment are discussed with the client and customer.
  2. Invoice – An invoice is sent out to the client for the accounts receivable.
  3. Payment collection – The client will receive a due date until the invoice must be paid, and then will send over the amount due.
  4. Reconciliation – After the amount is received, a check will be done to guarantee that it’s the right amount.

Your Local Business Bookkeeper

When organizing your company’s books, you’ll want to keep a close eye on the funds that you are owed. If a vendor isn’t paying you accordingly, it can impact your company, making it critical that you always double-check your records. At All About Businesses, we will pay attention to the details, making sure that you always receive what you owe. This will greatly improve your income and allow you to focus more on your business while we handle your books.

Our team members are Diamond Level QuickBooks Advisor certified, carrying a decade of experience in bookkeeping and accounting. We use the top software and technology, such as QuickBooks, Xero, and Zoho Books, to make sure that your records are always in order and precise.

For professional, efficient accounting and bookkeeping that you can trust, contact us today! We’ll help transform your business, making life easier for you.

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