Accounts Receivable

Accounts Receivable (AR) Explained.

Accounts receivable (AR) is the money a business is owed by customers for goods or services that have been delivered but not yet paid for. It's an asset on a company's balance sheet. 

It's a legally enforceable claims for payment held by a business for goods supplied or services rendered that customers have ordered but not paid for.

Ready to file your business taxes? Don’t worry! Fiscal Integrity Group can help you file your taxes and optimize your tax bill. Contact us! →

The Accounts Receivable Process

Receive Customer Orders

Customer places an order, approved by the business

Credit Assessment

Evaluate customer's creditworthiness if selling on credit

Invoice Creation

Generate and send invoices to customers

Collections Management

Monitor payments and follow up on overdue accounts

Payment Terms and Deadlines

1. Net 30
2. Net 60 or Net 90
3. Due upon receipt
4. Net 10 EOM

Best Practices for Accounts Payable

Built on integrity and expertise, our firm delivers exceptional personalized service that goes beyond standard accounting practices.

Clear Policies

Establish clear payment policies and procedures

Efficient Processes

Have a clear processes and system

Utilize Technology

Utilize technologies so as to streamline processes and have a stable system

Regular Review

Regularly make a full review on all the processes and system

Client's Testimonials.

Our clients' success stories speak volumes about our commitment to excellence and personalized service.

Wagner, Manufacturing CEO

Fiscal Integrity Group transformed our financial management. Their expertise in manufacturing accounting is unparalleled.

Kara, Small Business Owner

Their tax strategies saved us thousands. I can't recommend them enough for small businesses.

Robert & Mary K., Retirees

FIG's personal tax services have made our retirement planning so much easier and more profitable.

Book A Free Consultation

Drop us a line! We are here to answer your questions because the first step to hassle-free accounting, tax returns, and tax planning starts by reaching out to one of our representatives.

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