Invoice Processing

Five Reasons Your Company Should Outsource Invoicing.

If you are dealing with a large customer base, you know the difficulty in getting invoicing out every month then outsourcing your invoicing makes sense. You may still be leery of using an invoicing service from past experience. In the digital age, there is no reason to fear invoicing services, in fact, larger companies should be embracing them. Here are five reasons why outsourcing can benefit your company.

Invoicing Services Know the Rules.

Your company must stay on top of compliance when it does its own accounts payable department. Regardless of it’s a state-specific such as privacy laws, or federal law such as HIPPA, your company should be sure that your company is following regulations. When you have a large number of customers, it can become a gargantuan task. Outsourcing your accounts payable process, ensures you do not violate any state or federal laws. Experts you are entrusting your invoicing to know the laws more intimately than a regular accounts payable employee at your company does.

Invoicing Services Get Your Company’s Invoices Out Faster.

An invoicing service is more efficient than your accounts payable department. They are specialized in processing invoices, that means they are in your customer’s hands faster, and your company gets paid more quickly. Invoicing services aren’t using the same antiquated equipment and methods that your company does, that is why it’s essential to make the switch. Getting invoices out faster also increases customer satisfaction, when a customer has the invoice paid, and off their books, it means they can focus on other issues.

Invoicing Services let You Reduce Costs.

Using an invoicing service means that you don’t have to increase your payroll to get invoices out. It also lets you save money on equipment required to get invoices out in a timely fashion and maintenance on that equipment.

Invoicing Services Means Increased Employee Productivity.

Employees are the lifeblood of a company, and when they are tied up with unnecessary tasks, their productivity goes down. Employees steer your company toward a unified goal, making sure things get done. Freeing your employees from processing invoices means that they can be assigned to other areas where they are the most needed. It eliminates tying up your employees with unnecessary meetings and training. They can spend more time collecting from delinquent accounts and focusing on relationships with your vendors.  If your company is seasonal, then you won’t need to hire extra employees just to deal with invoicing, you can focus on hiring for manufacturing or the service your company provides.

Invoicing Services Can Eliminate Mistakes and Protect from Downtime.

You’ve heard “to err is human,” and that applies to your company’s employees as well. Automated payroll processing eliminates under or overcharging on an invoice, or misstating what a charge was for. Processing services have the automation software to ensure there are no mistakes in invoicing. You can also rest assured knowing that employees being out on vacation or sick won’t slow down invoicing. Invoicing services also protect you from not being able to bill from a disaster such as a fire, flooding from a storm, or roads made impassable from snowstorms. Your invoicing will go out at the time when you will need it the most.

These are just a few of the many good reasons to switch from having your company do its own accounts payable to having an invoicing service handle your company’s substantial billing. Contact BMS Direct today for more information!

Why Your Company Should Use a Statement Processing Service

You can save your company a significant amount of employee time and operational costs by outsourcing your statement processing. Your company’s accounting department won’t be saddled with the responsibility of processing and mailing out statements. Once the transition has been made to a statement processing service, it should bring about noticeable savings.

Not only does using a statement processing service save your company money, but it also allows the company to focus on its core services or products.  It also enhances your company’s brand when customers receive easy to understand statements that arrive consistently on time. Statements that come late and are not clear on details can be a frustrating experience for customers. One of the most consistent complaints by consumers is billing problems.  For many customers, statement issues can be enough of a headache that they choose to seek one of your competitors for the same goods and services, even if it means paying more. Conversely, when a customer receives a statement on time, it enhances customer satisfaction rates.

Better Statement Options.

A statement processing company can create a wide variety of statements. They can be specialized as to the product or service and their appearance. A typical accounting department will not produce a statement with colorful, eye-pleasing graphics. They can also incorporate branding into the statement by using colors, language, font, and icons that communicate what your company is all about.  Attention-grabbing marketing inserts can even be included with statements to make customers aware of events or goods and services your company provides of which they may not have known existed.

Statements can also drive traffic to your company’s website and social media accounts by including the web address of your companies site and including the icons for social media on the envelope or statement itself. Marketing departments dedicate a substantial portion of their budget in Pay Per Click ads on search engines in an attempt to persuade customers to visit their website, including the address on the statement is an easy, low-cost way to get customer attention.

If your company has a sub-company, statements can be produced separately for each company which will make auditing much less of a chore at the end of the year.

Savings on Postage

Because statement processing services mail in bulk, they get better rates on postage.  If your company has a large number of customers, the money saved on postage can quickly add up and increase your bottom line. Most statement processing companies will give you the option of holding marketing materials until the next mailing if it will increase postage costs.

More Security.

When a statement processing service runs billing, you can be sure that their security is much stronger than that of a small or mid-sized company.  You can rest assured when a statement processing service runs your billing that your customers private data will remain secure from hackers. The statement processing service is also familiar with medical privacy laws such as HIPAA and can make sure that statements don’t violate those laws. Outsourcing to a statement processing service helps your company to mitigate risks involved with customer privacy. Statement Processing companies are continually upgrading their security measures and hardware technology so they can stay five moves ahead of hackers.

Timely Statements Means Increased Cash Flow.

If your company is always behind on billing, you know that it can create capital shortages that can interfere with things such as expansion, equipment repair or replacement, or employee salary increases. Using a statement processing service means that billing will go out on time, which means your company’s customers can pay you faster.

When the costs and effort of your company sending out its statements is taken into account; it makes sense to outsource it to a statement processing service.

Solutions to Cut Municipalities’ Costs

“We’re Listening” – Needing Solutions to Cut Municipalities’ Costs

Counties throughout the US are hearing the same refrain- CUT costs, Create a balanced budget. Cumberland County PA Commissioners have gone one step further. They have gone online asking residents to take a survey seeking input on cutting costs and improving county government.

Pet Licenses onlineIn looking at mandated pet licensing program, we have noted the substantial benefits to pet owners, and the pets as well as the safety of the general public. Looking from the county’s perspective at the efficiency of pet licensing programs, there is much room for improvement. The pet licensing process involves: notifying owners to license their pet, processing pet tag purchases, collecting and verifying vaccination data, remitting vaccination data to appropriate locality, inputting this data into a system, and easy, immediate access for administrators and Animal Control. For many municipalities this process is done piecemeal; it is time consuming, not efficient, there are inputting errors, no real-time reporting of revenues and licensing volume, and no easy access of data.

When calculating the municipalities’ expense for delivering this service; consider the tasks involved in the pet licensing process, and consider the cost to the pet owner for a tag ranges from $5- $25. Results realized by municipalities for providing this service, is a projected loss on each issued dog tag.

 

 Are You Listening? Attention Municipalities: “We have listened to our clients (municipalities/ counties) and developed Petztrack as an online solution to simplify and manage pet licensing and vaccination data within municipalities. We heard your pain and targeted ways to cut costs and deliver more effective services to your residents. Petztrack, an intuitive new web application to meet the ongoing pet licensing requirements of municipalities throughout Virginia and the US will save time and money, allowing employees to focus on critical work while reducing overall costs.”  ~ Vernon Berry, Vice President Sales & Marketing, BMS Direct

10 Steps to Optimize Invoice Processing [Infographic]

Providing value to its clients has been a priority of BMS Direct. Utilizing their state-of-the art equipment BMS customers receive an advanced invoice processing service that delivers accuracy and productivity.  James E. LaPrade, Sr. President, BMS Direct explains the value to BMS clients.

“We have had a number of client requests over the years to outline how our invoice processing services increase efficiencies and reduce costs. This infographic simplifies the 10 steps BMS Direct utilizes during the production process to ensure our clients’ invoices and statements are processed in the most efficient manner.  As an added benefit, the utilization of our invoice processing services will increase cash flow for our clients. I look forward to learning how our services may help your organization.”

10 Steps for Optimizing Invoice Processing

10 Steps for Optimizing Invoice Processing

With regard to accuracy and efficiency, BMS Direct Vice President, Leif  Aagaard, Jr. explains the expectations of BMS customers,

“Over the years, the accuracy and efficiency of our invoice processing service has been refined to ensure 99.9% accuracy with each mailing. Our SSAE 16 compliance guarantees the privacy and security of your data while our state-of-the-art equipment ensures the most cost effective data processing services obtainable.”

For your convenience, we have also created the 10 Steps to Optimize Invoice Processing [Infographic] in a PDF file you can download. For additional information on our invoice processing services or to find out how BMS can help your organization please contact us.

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