Each month, you may notice the same inescapable pattern: you send your billing statements out, and they all come back to you at different times. From there, you and maybe even your employees struggle to process payment after payment. This messy and arduous process can take time away from core business duties for you, and your customers could become irate because of long processing times, too.
However, there are plenty of solutions you can use to speed up your accounts receivable and keep workers and customers content. Here are three simple solutions you can use to improve your company’s billing services.
1. Hire more billing specialists. This is typically one of the first things that many business owners will consider, and it could prove advantageous depending on the cost. After all, if you like having someone in-house to handle your statement processing, then it makes sense to hire someone directly. However, it can also have some negative consequences if the costs outweigh the benefits. Also consider, too, that you’ll have to spend time training new employees and pay their salaries and benefits. That can put a considerable strain on many small businesses.
2. Outsource your statement processing. A cost-effective solution to hiring a billing specialist is to outsource billing to a company that specializes in these tasks. Outsourcing your invoicing is a good way to get the benefits of in-house billing without all of the costs associated with it. And it doesn’t matter what type of company you run: you can outsource medical billing, utility billing, loan processing, and more. In general, using these services can speed up your accounts receivable by as many as one to three days, so customers will be pleased with the turn-around time.
3. Implement an online billing system. Another service you can take advantage of for your billing process is to go online! If you don’t already use electronic invoicing and billing, then your customers may feel like they’re stuck in the stone age. Online billing services give customers the convenience of paying their bills any time from anywhere with an internet connection, and it also means fewer statements coming your way for payment processing.
Have more questions about how to get better statement processing from month to month? Talk to a service that specializes in these sorts of tasks. You can also leave a comment in the space provided below.