Accounts Payable Services and Receivables Help That Protect Your Cash
Late bills cost you discounts and goodwill; late invoices cost you cash. Accounts payable and receivable services make both happen on schedule.
Why payables and receivables slip
In most small businesses the owner approves every bill and remembers (or forgets) to chase customers. That works until volume grows. Then vendors are paid late, early-payment discounts are missed, invoices go out days after work is done and nobody follows up when customers are slow to pay. The result is a cash crunch that has nothing to do with how profitable you are.
What accounts payable services cover
- Collecting bills in one place and checking them for duplicates and errors
- Routing bills to you for approval and scheduling payments by due date
- Reconciling vendor statements so you only pay what you owe
- Preparing payment runs for you to release
You keep control over approvals and payments; the service handles the paperwork.
What receivables services cover
- Sending invoices on time, including recurring invoices
- Recording customer payments against the right invoices
- Polite, consistent reminders before and after due dates
- An aging report showing who owes what and for how long
DNA Growth runs AP and AR with automation and reporting on cash position, described on its accounts payable and receivable outsourcing page. For the thinking behind good AR, see its accounts receivable outsourcing guide.
What you gain
Beyond saved time, you get a weekly view of cash in and cash out, which makes decisions about hiring or buying stock much easier. Pair AP/AR with invoice processing services if you receive a high volume of paper or PDF bills. Owners who want forward-looking cash planning should add cash flow management. Accounting firms should see white-label AP/AR.
Signs your payables and receivables need help
- Suppliers chase you for overdue payments
- You have paid the same bill twice
- Invoices go out days or weeks after the work is done
- You do not know your total unpaid customer balance without digging
- Cash is tight even though the business is profitable
If several of these apply, the cost of disorganized AP/AR is probably already larger than the cost of fixing it.
Same service, different angle
This page is written for business owners. Read the other versions if they fit you better:
Frequently asked questions
Will someone else be able to pay my bills?
Only if you choose. Normally the service prepares payment runs and you approve and release them.
Can you chase customers for me?
Yes. Reminders follow a schedule and tone you agree, so customers hear from your business as usual.
Do I need special software?
No. DNA Growth works in your existing accounting and payment tools.