There are more or less complex tasks in accounting. One of the more time-consuming tasks is definitely the monitoring of all financial transactions. Especially for international companies that sell goods or services online, this task represents an enormous burden in terms of personnel and time. However, there are efficient solutions that can be linked to all sales channels and general ledger solutions.
Payment flows are becoming increasingly diverse. All customer sales and payment transactions need to be monitored - from online store purchases to incoming payments. In order to organize these tasks and processes effectively, an accounts receivable accounting system suitable for mass production is required.
What is accounts receivable management?
If sales are not paid in cash but on a specific payment date, the store operator has receivables from the customer who makes use of a specific good or service.
Accounts receivable management takes care of the process from the creation of a receivable to the final posting of the incoming payment. It monitors this process for each customer and for each incoming payment. The aim is to quickly identify outstanding receivables and ensure the company's permanent liquidity.
Accounts receivable management also takes care of the following tasks:
- Creating the chart of accounts and maintaining the accounts of customers and debtors
- Checking the customer's creditworthiness before accepting the order
- Checking the contract authorization
- Creating and posting invoices and incoming payments
- Monitoring payment due dates
- Processing complaints and recording them in the accounts
- Creation of credit notes and value dates
- Preparation of reminders
- Initiating further measures in the event of late payment
- Reconciliation to the general ledger
- Ensuring audit-relevant processes
Monitor money movements
Safe, relaxed and effortless
Automated solutions are available to complete these tasks successfully and efficiently. Accounts receivable management from nexnet offers you an industry-independent solution that monitors all cash movements in your end customer business and compares them with the data from your online store, your marketplaces or offline sales channels.
nexnet connects accounts receivable management in Business Process Outsourcing (BPO) between your customers, various payment service providers and banks and ensures that you are always aware of all money movements.
You receive permanent information about the completeness, due date and correctness of all transactions; the solution records all movements directly in the accounts so that you can then conveniently receive a certifiable monthly statement (SOX compliance). It is also possible to create a daily overview of all booking processes in aggregated form.
In addition, the accounts receivable management solution supports common general ledger solutions such as SAP or DATEV.
Efficient dunning process
But nexnet does not stop at debtor management. Receivables management for defaulting payers goes one step further. Here you can customize your requirements for the commercial dunning procedure. Set up and send dunning letters, define dunning charges and monitor your customers' payment behavior.
A debt collection solution is also integrated, which even includes the judicial dunning procedure. All dunning stages can be easily integrated into your existing processes via online interfaces.
Article by: BASIC thinking
