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Many organisations experience the inadequacy of back offices and relevant technologies required for payment and financing transactions. While some organisations outsource their payment processes to specialists, others hire and train employees to perform these tasks themselves. To select the best-suited method for themselves, organisations must understand and weigh the pros and cons of both in-house and outsourced AR (accounts receivable) processing.
In-house AR processing involves the hiring and training employees for performing specialised payment-related operations for an organisation. The employees are thoroughly trained in using accounting and account management software. They are required to have the necessary skills to create invoices, qualify a trade customer for net terms, deal with delayed and unpaid invoices, and manage payments.
Outsourced AR processing involves hiring third parties for managing the payment processes of an organisation. The organisation depends upon the experience and skills of the third party specialising in streamlining bills, payments, and invoices by managing accounts receivables.
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Pros:
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ClearOne uses modern and updated technology to streamline accounts receivable processes of organisations. It enables organisations to record and settle multiple invoices. Organisations can send payment reminders to customers, monitor receivables at either the invoice or customer level, and instantly mark receivables as paid for further convenience.