There was a good article on self development, which we shared in the post on Saturday.
Then I wanted to come out with our regular post on Tuesday, but I came across a good white paper on “Outsource Options for Procure-to-Pay Processing”, so I could not resist myself sharing the same.
Getting back on track, Accounts receivable, billing and its ancillary processes, there are more ancillary sub-processes to billing:
- Bill Presentment – This could be in a utility proves, where you would trigger an automated process for bill generation (like telephone / electricity), handling of exceptions becomes important here.
- Receipt Processing – when a customer pays up against a bill, you may need to trigger / actually generate receipts for the same.
- Customer Response Team – Important component, will need to tackle all customer issues and queries.
- Collections – chase customers for payments and ensure lesser slippages – though this is usually a distinct process and not a sub component
- Lockbox – realization and application of all checks / cheques.
- Suspense handling – handling anything unknown
- Returned Items – Again crucial, needs vali8dation of returns, credit note generation for customers etc.
Now you see that the accounting world is large. And to get more worked moved to your shared / outsourced center, you just need to keep your eyes open, innovate and execute.
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