Top 10 Accounts Receivable Outsourcing Companies for US Companies

Managing accounts receivable is crucial to the financial health of businesses of all sizes. Effective accounts receivable management ensures timely cash flow, reduces bad debt, and improves overall financial performance. 

For many companies, outsourcing accounts receivable services is a strategic move that provides access to specialized expertise and advanced technology. In addition to cost savings, the numerous other benefits of outsourced finance and accounting have increased the demand for offshore accounting talent among US firms.

This article explores the top accounts receivable outsourcing companies in the US, the benefits of outsourcing these services, and key considerations for choosing the right provider.

10 Top Accounts Receivable Outsourcing Companies

In no specific order, here are today’s best outsourcing firms for accounts receivables processes.

1. Near

We put ourselves at the top of this list because we love to help our clients find the best accounting professionals from Latin America, ensuring a cost-effective and transformative outsourcing experience at all times.

Near is dedicated to offering comprehensive outsourcing services that help all kinds of companies hire bookkeepers, financial analysts, and many other accounting professionals. 

Partnering with Near enables you to place your accounts receivable management in the hands of top remote finance experts who can ensure your financial processes are compliant and efficient. We support our clients through the entire recruitment process and continue to provide support after they’ve made a placement.

2. Deloitte 

Deloitte helps clients operate efficiently while meeting regulatory requirements using its multidisciplinary expertise in finance and accounting.

Its global reach and deep industry expertise enable it to offer robust accounting solutions that improve cash flow and reduce operating costs.

Deloitte’s expertise and use of advanced analytics help businesses gain financial control, manage payables and receivables, and obtain valuable insights into their financial performance.

3. Paro

Paro offers a broad range of accounting and bookkeeping services, including outsourced accounts receivables management. The company’s focus on AI-enabled analytics provides businesses with insights to make informed decisions and manage cash flows with ease.

4. PwC 

PwC is known for its rigorous approach to accounts receivable management, offering services that enhance accuracy and compliance. Its solutions include automated invoicing, payment processing, and dispute resolution. 

PwC’s expertise in data security and regulatory compliance makes it a reliable partner for businesses seeking to outsource their accounts receivable functions.

5. Capgemini 

Capgemini offers scalable accounts receivable solutions that cater to the needs of growing businesses. The firm’s services include end-to-end accounts receivable management, from invoice generation to payment collection. 

Capgemini’s use of artificial intelligence enhances the efficiency and accuracy of its receivable processes, providing significant cost savings for clients.

6. EY 

EY provides a wide range of financial outsourcing services, from tax planning to managed services and consulting.

By leveraging technology and expertise, its accounts receivable outsourcing services help businesses optimize their cash flow and reduce bad debt. 

Its comprehensive approach includes detailed financial reporting and analytics, enabling businesses to make informed decisions. EY’s expertise in various industries ensures that its solutions are tailored to meet specific business needs.

7. KPMG 

KPMG offers financial services that focus on improving operational efficiency and financial accuracy. Its solutions include automated billing, payment processing, asset management, and comprehensive reporting. 

KPMG’s commitment to data security and compliance makes it a trusted partner for businesses looking to outsource their accounts receivable functions.

8. BDO 

BDO provides accounting outsourcing services that enhance financial performance. The company’s services include detailed financial analytics and reporting, helping businesses gain insights into their transaction lifecycles, accounts receivable processes, and revenue recognition.

BDO’s focus on customer service ensures that clients receive personalized support and solutions.

9. Whiz Consulting

Leveraging its understanding of the importance of effective accounts receivable management, Whiz offers outsourced accounts receivable services that help businesses analyze and manage their cash flows.

Its expertise as an outsourced accounting and bookkeeping service provider ensures that receivables do not turn into bad debt, enabling companies to avoid financial loss and build trust.

10. Gaviti

Gaviti offers its expertise and platform to help clients transform accounts receivable management through customized automation. Its focus on accounts receivable automation and management empowers businesses to manage cash flows, track invoices, and collect payments more efficiently.

Benefits of Outsourced Accounts Receivable Services

Here are the key benefits of outsourced accounts receivables services that make it a compelling option to businesses in the US.

Improved cash flow

Outsourcing accounts receivable services ensures timely invoicing and payment collection, which is crucial for maintaining a healthy cash flow. One study found that 82% of companies fail because of cash flow mismanagement.

On the other hand, efficient cash flow management allows you to meet your financial obligations and invest in growth opportunities. 

Outsourcing providers use advanced technology to streamline accounts receivable processes, reducing delays, debts, and financial losses while improving cash flow.

Reduced operating costs

Maintaining an in-house accounts receivable team can be expensive due to salaries, benefits, and training costs. Outsourcing accounts receivable services can lead to significant cost savings, as you only pay for the services you need. 

This reduction in overhead costs allows you to allocate resources more effectively toward core activities.

Enhanced accuracy

Outsourcing providers use advanced tools and technologies to minimize errors in invoicing and payment processing. This technological advantage ensures that financial records are accurate and up to date. 

Enhanced accuracy in accounts receivable management reduces discrepancies and improves the overall reliability of financial data.

Access to expertise

Outsourcing accounts receivable services provides businesses with access to professionals with extensive experience in accounts receivable management. These experts utilize best practices and efficient processes tailored to the unique needs of each business. 

Specialized knowledge ensures that accounts receivable tasks are handled with precision and accuracy, reducing the likelihood of errors and delays.

Faster payment cycles

Efficient accounts receivable processes lead to faster collections, reducing the average collection period and improving cash flow. Outsourced professionals implement systematic follow-up procedures for late payments, improving the likelihood of collection.

They use various strategies, such as reminder emails and phone calls, to encourage timely payment from clients. This proactive approach helps reduce the risk of bad debt and enhances cash flow management.

Better customer service

Professional accounts receivable teams provide courteous and effective communication with clients, enhancing customer relationships. They can automate the process of sending payment reminders to clients, ensuring that reminders are timely and consistent.

This automation improves efficiency and increases the chances of receiving payments on time. Regular reminders also help maintain positive relationships with clients by keeping communication clear and professional.

Scalability

Outsourcing partners can scale services according to your business needs, providing flexibility during busy or slow periods. Outsourcing accounts receivable services provides you with the flexibility to scale operations up or down based on your current needs. 

This scalability is particularly beneficial for companies experiencing fluctuating demand. Outsourcing partners can quickly adjust their services to accommodate the changing requirements of the business.

Focus on core business activities

A survey by QuickBooks discovered that 65% of businesses spent an average of 14 hours handling administrative tasks related to payment collection. By outsourcing accounts receivable tasks, businesses across all industries can free up time and resources to focus on their primary activities. 

This shift in focus enhances productivity and allows staff to dedicate more attention to core business functions. Improved focus on core activities can lead to better business outcomes and higher satisfaction.

5 Considerations for Choosing an Accounts Receivable Outsourcing Company

Here are a few guidelines to use when choosing an accounts receivable outsourcing partner.

1. Evaluate their experience and expertise

It’s crucial to check for industry experience and expertise when choosing an accounts receivable outsourcing partner. 

Selecting a provider with experience and a proven track record means choosing a partner that understands the unique financial management and compliance requirements in your industry.

A provider with a high level of expertise can better tailor their services to meet specific demands and help maintain regulatory compliance.

2. Assess scalability and customization options

Ensuring that an outsourcing provider has scalability and customization options is crucial for businesses looking to grow. Changing needs should be met with scalable solutions that adjust to fluctuating demands.

Providers should provide customizable offerings so that your specific requirements can be met with the right solutions.

3. Review security measures and data protection policies

Verify that the provider has robust security protocols to protect sensitive financial data. This is paramount when outsourcing accounting processes, especially if your provider is located in an offshore country.

Your provider should implement various security measures, including encryption standards, access controls, and compliance with relevant regulations for data protection.

Having strong security minimizes the risk of data breaches and protects your business’s reputation.

4. Consider pricing structure and contract terms

Analyze the cost effectiveness and flexibility of an outsourcing provider’s pricing and contract terms. Ensure transparency with contract terms and check for hidden fees or unexpected costs that can challenge your budget and strain your budget further.

5. Check client testimonials and reviews

Research the provider’s reputation by reading client testimonials and reviews to gauge their reliability and service quality. Positive feedback from other businesses can indicate reliable and high-quality services. 

Client testimonials provide insights into the provider’s performance, customer service, and overall reliability, helping you make an informed decision.

Final Thoughts

Outsourcing accounts receivable services can be a strategic move for US businesses looking to enhance cash flow, reduce operational costs, and access specialized expertise. 

By partnering with the right accounts receivable outsourcing company, you can ensure efficient financial management, allowing you to focus on core activities and achieve sustainable growth. 

At Near, we value the importance of effective outsourced accounts receivable management for businesses. That’s why we are dedicated to connecting our clients with the best accounting talent to ensure effective accounts receivable management, improve cash flow management, and optimize other accounting processes.

Book a no-commitment call with us today and learn about how our comprehensive hiring solutions can enable you to outsource your accounts receivable functions in under 21 days.

Frequently Asked Questions

What are the challenges associated with transitioning to an outsourced accounts receivable model?

Transitioning to an outsourced accounts receivable model can present several challenges, including internal resistance, software integration complications, potential time zone and cultural differences, and ensuring quality.

Many of these issues can be addressed by partnering with a reputable accounts receivable outsourcing firm that has experience with US clients in your industry. Additionally, working with a nearshore outsourcing company like Near allows you to hire talent located in a similar time zone that shares cultural similarities with the US.

How do outsourced accounts receivable services handle disputes with clients?

Outsourced accounts receivable services often have dedicated teams to handle disputes by using systematic approaches to resolve issues, such as verifying invoice details, communicating clearly with clients to understand the dispute, and negotiating payment terms.

Outsourcing providers often also employ advanced technology and standardized procedures to track disputes and ensure timely resolution.

What measures do outsourcing providers take to ensure data security?

Outsourcing providers implement several measures to ensure data security, including encryption of sensitive financial data, secure access controls, and regular security audits to identify and address vulnerabilities.

They also comply with international data protection regulations such as GDPR and CCPA, ensuring that data privacy is maintained at all times. Additionally, outsourcing providers often train their staff on best practices in data security and establish incident response protocols to address any breaches promptly.