What are Accounts Receivable?
Monies owed to a business are known as Accounts Receivable (AR) and are the result of goods sold or services rendered. When an item or service is sold by a company to a buyer, credit may be extended and the amount can be paid at a later date. The agreed terms and conditions of the sale vary from company to company and for different services and products sold. Connect manages the information flow in AR with flawless precision.
To execute an Accounts Receivable process, an invoice is typically produced. The invoice may be printed for mailing or produced electronically for sending by email. The customer must pay the amount on the invoice within an established time frame referred to as a credit or payment term.
AR processes are the lifeline of any business but they can be labour intensive, which creates costs, delays, errors and bad customer service.