Benefits of an Organization Using a Third-Party Company to Approve Bill Payments and Pay Bills
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.
Explore 5 Benefits to Using a Third-Party Company for Bill Payments
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.
The following are five ways outsourcing your billing tasks can help your organization:
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.
Do You Still Need More Information About Third-Party Billing Services?
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.