As a business owner or an organizational leader, one of your primary duties is to optimize your organization’s efficiency. Efficient businesses and organizations save time and capital, reduce expenses, increase productivity, and support a positive customer experience. The billing and invoicing process, for example, can be time-consuming and tedious, especially for those businesses or organizations with a large list of clientele. From keeping and maintaining records to printing and mailing invoices, there are many resources that are wasted without a well-structured system. Below we explore multiple ways business owners and organizational leaders can streamline the invoice process and improve their business or organization.
Accept Electronic Payments
As the world becomes more technologically advanced, it is important for your business to evolve with it. By accepting electronic forms of payment, such as credit cards or PayPal, you are making your business accessible to more clients. Some clients may not be comfortable with sending a check in the mail, and by offering other options you are showing that you value inclusivity.
Additionally, electronic payments are more secure. There is no risk of a check being stolen or getting lost in the mail. Banks and credit card companies encrypt transfers so that there is little to no risk of foul play. Electronic payments also speed up the invoicing and billing process, as your business will usually receive the payment within 48 hours of it being sent out. Of course, some customers may always prefer to send checks, necessitating a remittance coupon and a return envelope in your invoice mailings.
That being said, Information Outsource has the ability both to integrate your data flow with your payment processor and manage selective inserting of return envelopes for those customers who prefer physical payment.
Automate the Invoice Process
If your business or organization sends out a large volume of invoices on a regular, periodic basis, it will likely benefit you to leverage a software platform to streamline the process. Doing so will reduce your error margin, and the software imports data directly from your accounts receivable records while making accurate calculations on what is owed.
Any time an error is made in a business or an organization, it costs money. By eliminating the possibility of errors, you are not only making your business run more efficiently, you are also decreasing costs. Additionally, the billing and invoicing process can be very time-consuming, so automation will save lots of time. Employees will no longer have to make tedious calculations by hand. The time they save can be directed toward tasks that cannot be automated or are more pressing, thus increasing productivity.
Information Outsource is highly experienced with a range of software billing platforms and, because we build a custom application for each part of your business with us, we can integrate with nearly any software solution you employ. Because of our 25+ year history in providing printing and mailing services, we can also use our familiarity with a range of software platforms to help you navigate the process and avoid common pitfalls that could make your invoice delivery process a nightmare! As always, we are your partner and we are here to help!
Outsource to Professionals
Outsourcing recurring services such as printing and mailing can be a great way to save on office expenses. Since you go through the billing and invoicing process periodically, whether it’s every month or every quarter, you are using many resources to complete the process. By handing this off to professionals, you can eliminate expenses related to equipment, maintenance, supplies, and labor. Oftentimes, professionals like Information Outsource are also able to get discounts on mailing costs, since they have a much larger volume of mail being sent out, and those savings will be passed on to you. You will also be getting a higher quality product, as professional printers are able to use equipment and materials that may not have been accessible to your business. If this is your first time shifting from an in-house to an outsourced process, have no worries! We have worked with many customers who are outsourcing their invoice printing and mailing process for the first time. Collecting revenue is the lifeblood of your business or organization and we understand how difficult it can be to make the transition and trust another organization with your most precious data. We stand behind our demonstrated track record of excellent customer service and our experience in the outsource transition.
Establish Clear Policies
Making sure that your clients are crystal clear on when and where your customers owe you is another way to make the invoice process more efficient. From the beginning of your client relationship, you should lay out your payment terms and expectations so that there is no confusion once business is underway.
Having clear communication with clients eliminates time wasted settling disputes or delays based on confusion. Establishing clear policies also makes your business more respectable, as it shows clients that you know what you’re doing. Ultimately, establishing clear policies in the invoicing and billing process will make your business run more smoothly, decreasing costs and increasing productivity.
Importance of Streamlining the Invoice Process
Since the invoicing process is an essential part of your business, it is important for you to make it as efficient as possible. Doing so will save you on costs and increase productivity with time saved. Using methods such as accepting electronic payments, automating the invoice process, outsourcing printing and mailing to professionals, and establishing clear policies, your business will have a streamlined billing and invoicing process in no time. With all the time you save, you will be able to reach new heights and accomplish all your business goals!
To speak to an Information Outsource expert and start streamlining your business today, visit our contact page!