If you’re in business at all during these times, we’re willing to bet we can make a case for you to outsource billing activity. The following industries especially will want to start Googling outsourced billing companies as soon as they can:
Water, heat, cable, and electric are some of the most essential features of modern living. Almost everyone has most of these services, whether they’re responsible and organized or…not. The very wide demographic for these services is what makes utility billing solutions so essential to your industries efficiency (and sanity). Utility billing solutions can chase bad debts for example so that you can concentrate on providing better service. Utility billing solutions that include some method of electronic invoice processing can also ensure that your customers’ routine payment is a convenient and secure one, with less chance of lost paperwork.
2. Medical Services
We can’t think of any industry more in dire need of automation than the medical field. Medical workers are already the masters of complex information and are called upon to work in high-pressure situations over long hours almost constantly. What’s more, often the people you’ll eventually be billing are either injured, sick, or the emotional loved ones of the suffering. This kind of state of mind doesn’t exactly promote optimal executive functioning. Outsourcing the billing services at your hospital or medical office will go a long way in keeping the billing process more organized. Furthermore, since virtually all outsourced billing companies employ some sort of electronic billing service, your collection of receivables will be more efficient and easier for consumers to understand. After all, it’s a lot easier to pay a bill with the click of an app button on your smart phone rather than digging for the checkbook and hoping you remember the right address, especially if you’re not feeling your best.
3. Independent consulting
If you’re in business for yourself, you often have to be a jack of all trades. We’ve spoken to a lot of independent contractors and consultants, and they all say that the accounting aspect of what they do is their least favorite, least efficient part of the way they do business. After all, people go into business to make money, not necessarily to make money off of managing it. Hiring someone else to do your billing can free you up to focus on your businesses’s core mission. Sure, you’ll be spending a little revenue, but think about what you’ll be saving in the long run with the quicker turnover on receivables, less bad debt expense, better organization, and more accurate book keeping? Advantages like that should not be overlooked, not if you’re a smart business owner.
How much time does your company spend on billing in a week? How about a year? Think about making that amount of time zero.