Accounts receivable & Accounts Payable

What does AR and AP process look like?

The AR and AP process involves multiple steps in managing accounts receivables. This includes issuing invoices to customers to extend credit and maintain a record of purchases. Invoices should contain detailed descriptions of the goods or services, the purchase date, the payable amount, and the payment timeframe within which customers are expected to submit their payments.

Setting Reminders

Setting reminders is crucial to ensure timely payments from customers and prompt bill settlements by the business. Neglecting or accumulating AR or AP can have adverse effects on a business. The longer it takes to receive payments, the lower the likelihood of actually receiving them. Completing transactions lies at the core of any business.

Making/Receiving Payments

Timely payment of bills and collection of payments from customers are essential for seamless business operations. This necessitates meticulous financial management to keep track of the parties who owe money to the business and those to whom the business owes money.

Updating Accounts

Updating accounts involves maintaining accurate records of all due and received payments, providing a clear understanding of the cash flow.

At SimplyALT, we expertly handle all of these activities, ensuring that our clients can focus on their core business operations with confidence.

We at SimplyALT takes care for all the above activities.