They can turn their focus on driving revenue and handling customer concerns. Greater responsibilities for your employees translates to less responsibility on your shoulders. Allow a professional printing and mailing service to relieve you of some of your burdens. Besides timely payments, there are other reasons why exact invoices are crucial. One big reason is that customers will not have to contact your business with questions and concerns about the mistakes on their invoices.
- You should also keep track of your invoices and payments, and reconcile them with your records.
- This is what an outsourced agency for invoice processing will help you achieve, thereby increasing your business efficiencies.
- When you outsource your invoicing process, you are also outsourcing the data entry and conversion process.
- In this initial conversation, we begin to learn about your business and how you are currently handling your bookkeeping and accounting.
- When you outsource your invoice processing to a qualified provider, you can be sure that your invoices will be processed in a timely and efficient manner.
- Customizing and personalizing your invoices can help you build trust, loyalty, and satisfaction.
Outsourcing your invoicing means sharing your sensitive and confidential data with a third party, which can expose you to data breaches, theft, or misuse. You should also limit the access and use of your data to the minimum necessary, and review and update your data regularly. You should also inform your customers about your data sharing practices and obtain their consent. Streamlining your processes will allow you and your in-house team to be more efficient and productive alongside your outsourced employees. Invoicing experts—be it freelancers or from outsourcing companies—are trained to produce accurate invoices and paperwork.
What Our Customers Think of Us
Communication – Every reputable outsourced AP vendor will have some sort of live customer support, but how they communicate with you will be on their terms. There’s unlikely to be a lot of deep insights that may help your business run better, smoother, and more efficiently from a financial perspective the same way a rockstar AP department would. It’s also worthwhile to take note of their office/staff locations as outsourced AP services can be hosted overseas, which can be a communication The Importance of Accurate Bookkeeping for Law Firms: A Comprehensive Guide barrier. Administrative, tracking & reporting – Since you’ll be paying this vendor a fee to manage your AP, they’ll often provide reporting among other administrative functions. Managed AP services can offer reporting on cost per invoice and time to payment among others, and routines such as analysis, month and year-end close, reconciliation, and AP document management. In an earlier blog post, we explained that manually processing a single invoice can cost as much as $30.
By getting a large volume of invoices processed within a short turnaround time, you can be sure of achieving a high customer satisfaction score. For many firms, the AP personnel tasks are not always as integrated into the business as another function such as operations, so it can be an attractive offering to outsource some of the paperwork. Of course, there are some downsides to using third-party accounts payable outsourcing services.
Your staff may put the wrong price for specific products or services or forget to outline the services your company has performed. It can go from a simple typographical error to incorrect invoicing that will cause delayed remittances. To help you and your company along the way, we have gathered our six best tips to get billing on the agenda again, and maybe the tips will make the work feel easier and more fun? By entrusting invoice follow-up and debt collection to a professional partner, you can focus on your main tasks for which you are paid. We have tools and systems for your company to have a healthier economy and better liquidity. Axactor streamlines this work through a combination of automation and a good customer experience.
Our team provided the required service and helped the client to efficiently manage the huge volumes of paperwork. 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. If you https://www.digitalconnectmag.com/a-deep-dive-into-law-firm-bookkeeping/ 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.
A Heart For Helping Small Businesses
You may have an in-office automated electronic invoice system that generates the document for you instead of an employee, but even still, there is a lot of room for error when invoices are handled in-office. All of these minor mistakes add up to a longer turnaround for you to get paid. Outsourcing your invoices will help you stay flexible in an ever-changing world of business – which can be difficult without considering how it impacts various aspects of a company’s operation like staffing. Last but certainly not least, it’s going to save your company money, especially in the long run.
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. If there are limited resources within your accounts payable (AP) department, it’s key to identify how the function can scale to better process invoices when volume increases.