Accounting firms today face growing challenges while managing their client accounts. Increasing competition, evolving technology, changing client expectations, and being ready with the next regulatory change are among the many challenges that CPAs have to grapple with. Fighting multiple battles at various fronts has led to inefficiencies creeping into a firm\u2019s core deliverables. Among them is the service of accounts receivable (AR). And the evidence is clear, as per a study conducted by Intuit QuickBooks, 73% businesses reported experiencing adverse effects due to late invoice payments.<\/p>\n\n\n\n
So, what is the solution for firms looking to enhance efficiency in our present times? Outsourced accounts receivable has emerged as a viable alternative to financial efficiency. Outsourcing not only improves overall accuracy but also reduces the days sales outstanding. By outsourcing accounts receivable services, businesses are reportedly reducing collection times by 40%, all the while redirecting their internal resources toward core accounting services.<\/p>\n\n\n\n
To give a concrete value prop on AR, this blog highlights six benefits that are key to building efficiency in accountancy firms. We also delve into why outsourcing has become a strategic gain for firms looking for a market advantage.<\/p>\n\n\n\n