These days it seems like businesses will often outsource their services to other companies. While some people lament these changes, business owners are embracing this structure as a way to complete tasks faster and provide better service to their customers. Nowhere is this more evident than in the world of billing, which includes everything from statement printing and processing to electronic invoicing and online billing services. Outsourcing billing is a popular option for companies that want to speed up their accounts receivable, save money on printing and mailing costs, and keep their customers happy.
Still wondering why companies outsource their billing practices to specialists? Here are three of the top reasons why companies outsource and what they’re getting out of the deal:
- Businesses need to save money.
Cutting costs isn’t always easy, but one way to achieve this is to outsource billing to a company that specializes in these services. Outsourcing helps businesses save money on printing and mailing costs, and they also don’t have to pay for as much paper, toner, or other supplies and machinery. Additionally, personnel costs are reduced and employees can focus on other tasks rather than having to deal with billing, as well.
- Companies need to speed up cash flow.
Even a regular billing cycle can slow down productivity if a company is understaffed or employees have to handle other day-to-day tasks. By outsourcing billing to a company that specializes in these services, businesses can speed up their accounts receivable by as much as one to three days. This means customers don’t have to wait as long for their statements to get processed, so there are no costly delays for consumers or businesses.
- Businesses need more options than paper billing.
Finally, one of the most prominent reasons why companies outsource is to have access to better billing systems. Online billing is a necessity today, and more and more customers prefer paying their bills online. These services are quick and convenient, and customers prefer doing business in this environmentally-friendly way. Online billing also helps organizations save money — on average about 11.5 cents per paper statement not printed.
If you’re considering a move to outsource billing for your company, make sure to get in touch with a qualified billing services company.