How Do Accounts Receivable Systems Contribute to Businesses?

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Accounts receivable systems contribute to your overall business in a very specific way. Learn about how accounts receivable systems contribute to your overall business with help from a business consultant in this free video clip.

Part of the Video Series: Finance & Business Advice
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Video Transcript

Hi, my name is Alexis Guerreros, and today I'm going to talk to you about how accounts receivable systems contribute to your overall business. Now very simply, your accounts receivable is the money that's coming in so you've sold the product, you've sent an invoice, that invoice goes to your accounts receivable. When that money in that check comes in, that should also go to your accounts receivable. Now what happens is you can actually go out and find a third party, either a system or a group of people that will control your accounts receivable. Why this is important is because all of those invoices are the money that your business has coming in. Their valued so if you have a company or a system that's simply focusing on the money that goes out and the money that's coming back in you'd have a little bit more control over the money that's in the account in your business. So very important, if you have money that's going out which is the product that you're selling, you need to make sure you're getting the same amount of money back. If someone is taking a little too long to pay their bill, someone will go out, start collecting that money and making sure that you're getting the money that you deserve right back in your back account. So very important, if you're having a little trouble controlling your account receivable system, make sure you go out and find either a company or a product that can help maintain it for you. There's some great ones out there. Good luck with that.

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