Online billing services have long been available for credit card and utility customers, but what many people forget is that they’re available for businesses as well. From billing to payroll, some routine processes in your office probably take up valuable time and skills that could be put to better use elsewhere. That’s why more and more companies are considering outsourcing processes such as payroll.
In fact, many companies are now combining electronic billing and payroll with traditional print and mail services for maximum effectiveness. While the idea of outsourcing your payroll to a print and mail services company may seem scary, there are more pros than cons. Regardless, it leaves you with a lot to think about. To help make your thought process a little more streamlined, here is a short list of some of the pros and cons of outsourced billing.
Pro: Compliance and Accuracy
Payroll errors are extremely common in offices across the nation, especially when the people doing the work have other tasks on their minds. When outsourcing payroll, however, the people working are tasked with understanding even the most minute tax law changes, and are highly trained to avoid common payroll errors. As they complete the payroll process for you, they can spot mistakes that a rushed in-house employee might have missed.
Con: Data Access
When performing your own payroll, you have instant access to all of the company data that you might need, which you lose to an extent when you outsource. However, if you’re working with an experienced and trusted company, you should still have instant access to your data. It’s your information, after all.
While completing payroll on your own may take up valuable time and effort, a single missed deadline can lead to employees going without a paycheck for days. Outsourcing your payroll to a print and mail services company is a guarantee that all of your billing will be done in a timely manner. Outsourcing can speed up receivables by one to three days, while allowing you to get back to important duties you may have at your office.
Con: Providing Information
While outsourcing your payroll will take away most of the responsibility, you may still be required to provide time-sheets and salary information. In reality, this is a small task to perform. In addition, it means that you’re still in control of your company’s information, which provides an added measure of security.
Pro: Lower Long-Term Costs
In the short term, it may seem expensive to hire a print and mail services company to complete your billing, but in the long run, it’s actually far more affordable for your business. Not only that, but businesses can save an average of 11.5 cents per billing statement by switching.
One-fourth of customers reported improved relationships with their billing company after switching to electronic billing, and outsourcing your payroll and billing could potentially have similar positive effects. Not only that, it will allow you to focus on your company as much as you need to.