Since 2000, the global market size of outsourced services has grown from $45.6 billion to $85.6 billion. Organizations increasingly rely on a variety of outsourced services, including those related to bill payment and approval.
With so many businesses employing remote workers, cloud-based solutions may make more sense in the long run.
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As a decision maker for your business, you should consider using a third-party company to take the pressure off of the collective shoulders of your accounts payable and accounts receivable teams. But first, it may help to learn more about some of the benefits your
business will experience.
With so many businesses employing remote workers, cloud-based solutions may make more sense in the long run. Cloud applications are available from any web browser. Employees only need their user id and password to access their work and communicate with coworkers and supervisors.
1. Automated Processes Allow for Seamless Integration
A third-party billing service acts as a tool that automates accounts receivable and accounts
payable processes to make bill payments and approvals faster and easier. These services
serve as a central hub that manages invoices and bills for businesses of all sizes.
2. More Payment Options Are Available to Accounting Teams
Companies that invest in third-party billing services have more options available for
sending and receiving payments. While most businesses ordinarily have options for paying
via credit card or ACH, billing services open up the possibilities with customized choices
that might include the following:
• Digital payment options, such as PayPal, Square, and Stripe
• Flint payment options, which use a mobile app to scan a credit card number
• ProPay options that feature solutions such as credit card readers for smartphones and
tablets
3. Invoicing Becomes Instant and Simple
A billing service allows you to do all your invoicing through one comprehensive service.
After you send an invoice, the third-party provider, such as Bill.com, adjusts your accounts
receivables accordingly.
4. The Approval Process Becomes Quicker and Easier
Billing services allow you to configure multiple approvals for bills, which then enable a
system of checks and balances to ensure that the same person who codes the bills doesn’t
pay them.
5. Stacks of Invoices Quickly Shrink to Save Paper and Physical Space
The number of invoices that come into an office can seem overwhelming on multiple levels.
Everything from manually opening each piece of mail and inspecting the documents to
filing stubs once payments are complete depletes your resources, both human and
otherwise. When you migrate bill payments to online resources, you save time, effort, and
space for your accounting team.
If you need additional information about third-party billing services and what they can do for your business, our team at SuiteSciens can help. We offer a wide range of Enterprise Resource Planning (ERP) consulting services, and much more. We want to enhance your business to foster healthy growth. Contact us to learn more about our services and how we can help to streamline your business processes to ensure success.
Shalakay is the CEO of SuiteSciens. She is an ERP consultant with over a decade of experience leading cloud infrastructure development projects for companies like Lyft, Bombas, OmniGuide and Citibike. She has a strong focus on Change Management as well as & Governance, Risk and Compliance.
Amortization is an expense recognition feature and an accounting technique that is used to spread the cost of an asset over time. This feature can help in the deferral of purchase expenses. Amortization is similar to depreciation as they are both methods of calculating expense over a given amount of time.
An ERP system is a powerful tool that can streamline your business operations.
Are you considering a move to the Cloud? Many companies in this digital
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