Do you have a billing department for your business? Or do you have employees who cover billing responsibilities but could be performing more essential tasks instead? If so, you are one of the many business owners who could outsource billing services to another company.
Outsourcing billing doesn’t just mean reducing manpower: by using another company to take care of some or all of your statement printing, statement processing, electronic invoicing, and other services, you get the added advantages of more time and money. There are added benefits to your customers, too. Here are four things you could save when using a billing outsourcing company.
1. Time: Having an entire billing department can be a lot to manage. Smaller businesses, especially, may not have the time and resources to dedicate to billing practices. Using an outsourcing company to print statements, process payments, and handle customer inquiries can allow you and your employees to focus on core activities instead. Additionally, if your outsourced billing company offers online billing services, your customers can save time paying their bills — which brings money to you even faster.
2. Money: Instead of having to hire personnel and pay salaries and benefits for each worker, all you’ll have to pay when you outsource is one fee. Additionally, you won’t have to order as much paper, toner, and other supplies in order to create all of these billing statements. That’s an extra bonus for you.
3. Resources: It’s no surprise that statement printing and mailing services can use a lot of paper. When you factor in the equipment needed to print these statements and the continual purchases of toner and ink, that’s money and resources you’re using up. Just think — the paper you use to print statements could cost you approximately 11.5 cents per customer. Having an outsourcing company print your statements for you or provide you with the option of electronic billing lessens the environmental impact caused by the creation and mailing of paper statements.
4. Stress: Are you a small business owner? If so, having to bill your customers every month or as needed can be time-consuming, especially if you have to worry about getting everything out on time. If you outsource billing to another company, however, you may see a dramatic reduction in the amount of phone calls, customer questions, and other problems that arise each month when you do the billing yourself, and giving customers the option to pay online can cut out of the middleman altogether.
Outsourced billing isn’t only for businesses that specialize in finance. Even utility companies and medical offices can outsource billing and see the same advantages.
Have you ever outsourced for your company? Tell us about your experience or leave questions in the comments section.