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!