Opinion: 5 Reasons to Invest in Remote Staffing for Accounts Receivable

There is a lot to like about owning a business or guiding its fortunes as a manager. You get the thrill of developing new products or services. You experience the buzz of inspiring team members or putting smiles on the faces of customers. For all the joys though, there are a few aspects of business life that are mandatory, tedious and time-consuming and at the top of the list for many people is managing accounts receivable.

A growing customer list is a positive for businesses but with such growth comes an increase in the time and resources required to follow up unsettled accounts. Rather than focusing on core tasks and what they enjoy most about running a business, many people find themselves increasingly frustrated as they get bogged down in the minutiae of accounts receivable.

Then there are the smart operators who choose a different path and tap into a cost-effective resource that removes such tasks from their to-do lists and hands them to experts in the field. That path? Remote staffing.

What is accounts receivable?

Accounts receivable refers to money that is yet to be paid by a business’s customers and is typically generated when they purchase products or services through a credit line. While tracking revenue to be received and collecting that money is the main priority of accounts receivable staff, their duties can also extend to performing credit checks, pursuing outstanding debts and processing refunds to clients.

What are the benefits of using remote staffing for accounts receivable?

Businesses choose offshore resources to manage accounts receivable for various reasons but the overriding factor is it is good for business. For proof of that, consider these benefits.

Cost savings – top of the list for many people is that remote staffing is a financial win. The lower cost of living in countries such as Pakistan and the Philippines means businesses can save up to 70% on labour costs alone, while there is also less expenditure required for onboarding, training and infrastructure such as computers and office equipment.

Access to talent – remote staffing providers invest heavily in developing large and highly qualified talent pools, which is particularly beneficial at a time when there is a global skill shortage. Rather than cutting corners, it also allows businesses to access skilled accounting and bookkeeping staff with extensive experience in managing accounts receivable.

Company culture – there are few quicker ways to reduce morale within an organisation than ask or, even worse, force team members to take on responsibilities outside their area of expertise. Sadly, many owners and managers do just that when it comes to accounts receivable, handing what is a specialist and vital responsibility to administration or sales staff. Using cost-effective remote staff allows in-house employees to do what they do best and, in turn, fosters a more positive culture.

Technology – the past few years has seen a boom in tech tools and platforms that allow seamless communication between onshore businesses and their offshore colleagues. Likewise, many remote accounts receivable staff are armed and/or familiar with the latest accounting and bookkeeping software to enable them to do their jobs to the highest of standards.

Management and support – when all is said and done, the job of a manager is to manage and provide support to the people best placed to perform a role. Handing accounts receivable tasks to a remote staff member not only means such duties are handled by an expert, it allows owners and managers to step out of the trenches and focus on the bigger picture of growing their business.

Wherever you are on your business journey, you should always be asking yourself if there is a better way of doing business. When it comes to using remote staffing to manage accounts receivable, the answer is a resounding yes.

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