Whether you’re an independent consultant, small business manager, or the CEO of a larger company, billing is probably one of the least favorite parts of your job. Between making calculations, invoice printing, and keeping track of all the paperwork, billing services can suck the energy out of any enterprise, and what’s worse, all mistakes on the billing end are costly mistakes. Now, with electronic billing trending, you just know you’re going to have to learn about three different kinds of software to keep up. It’s giving you hives thinking about it. Luckily, there’s another more palatable solution, and that’s seeking outsourced billing companies to help lighten the load.
There are many benefits to changing this service over to outsourced billing companies. For one, by having a dedicated team who knows the ins and outs of billing and gets it done quickly, you can increase your receivable turnover by 1 to 3 days, which in turn increases your revenue cash flow. Furthermore, turning to outsourced billing companies might actually reduce your personnel costs in the long run, because even though you’re hiring a new type of employee, the other people on your payroll are now freed up to do more of what they were hired to do which in turn makes your organization more efficient. You’ll also save a bundle in equipment and supplies, since you will no longer have to spend money on toner, printer depreciation, etc. printing out your own invoices.
In speaking of printers, there’s also a bigger-picture reason the outsourced billing companies are better for your business right now. As most things do nowadays, this has to do with technology. Electronic billing isn’t just a more convenient option — it’s becoming the necessary and preferred way to do business. Switching to electronic billing has proven again and again to boost customer satisfaction and reduce poor feedback or confusion. Furthermore, an electronic paper trail is proving easier to track than a physical paper trail. This increases overall accountability for both the consumer and your billing broker and again makes the organization more efficient. No more tedious filing, chasing bad debts, or digging for forgotten invoices.
We’re pretty sure we’ve convinced you that outsourced billing companies are the way to go. That being said, not all of these companies are equal. When choosing a billing company, it is important to weigh options for pricing obviously, but also for service. Very often, these billing companies will be directly interacting with your customers, and not always satisfied customers. You need to make sure you hire a company with an incredible reputation for professionalism as well as good availability. Also, if you only have a rudimentary understanding of the billing process, you’re going to want to find a billing company who sets you up with a representative who is intimately familiar with your case and can explain things to you in plain English.
So go on and start Googling. We are willing to bet you won’t regret it.