We liken an outsourced e-invoicing solution to a chauffeur-driven service where the vehicle is selected based on the objective of the journey. The importance of invoicing to any business leads to a fear of ‘giving away’ any control over this. While such protective yearnings are just part of being human, it’s sometimes better to let go. Consider the importance of postal delivery, or power-supply and wiring to your business, yet these are areas we are accustomed to handing over to experts – saving time, money and painful mistakes in the process. Since 1993, Jones Square has been providing bookkeeping and accounting services in the Dallas/Fort Worth, Texas area. Since then, we’ve expanded into serving small businesses across the country.

• Our tax preparation services are backed by over 23 years of experience in helping organizations file their taxes and save money while doing so.
• One issue that many businesses that invoice in-house have is failing to send an invoice as soon as work is completed, which can impact cash flow significantly in the long run.
• Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014.

In fact, entrusting your invoicing services to a third party can improve efficiency, cost-effectiveness, security, customer service, and even compliance. When evaluating different invoice processing providers regarding technology and infrastructure, also consider scalability and your plans for the future. Inquire the service provider whether they are planning to add more technology solutions in the near future, and also ask about their resource policy. Since, for most companies, invoice processing services are not a core operation, all of these issues can add up and may disrupt the organization’s overall productivity.

How to Outsource Invoicing to Your Virtual or Personal Assistant

As of 2023, cybercrime costs businesses more than $8 trillion worldwide. That, unfortunately, makes cybercrime one of the most lucrative “industries” in the world. Nothing can kill the trust of your customers more than a hacking incident that exposes their payment information. One of the main areas where a business can’t afford to make careless mistakes is its invoicing and collection services. Customers need to feel comfortable giving you their money, and the first time that trust breaks, it’s nearly impossible to get back.

This means that they will have more time to find new customers, create relationships, and generate business. Outsourcing your invoicing to a team that can do it better than anyone else ensures that this dream becomes a reality. Once we decide that the relationship is a good fit, we’ll have an initial meeting.

This is because professional companies are known for their high levels of efficiency and professionalism. When you outsource your invoice processing to a qualified provider, you can be sure that your invoices will be processed in a timely and efficient manner. This will reflect positively on your company, and help to build trust and credibility with potential customers. By choosing the right service provider, companies may also cust labor costs, including overhead and salaries, by outsourcing invoice processing. Even outsourcing your smallest processes could save you and your team loads of time, effort, and to an extent, overhead costs — an example is to outsource invoicing services.

Review and improve your invoicing

Regardless of it’s a state-specific such as privacy laws, or federal law such as HIPPA, your company should be sure that your company is following regulations. When you have a large number of customers, it can become a gargantuan task. Outsourcing your accounts payable process, ensures you do not violate any state or federal laws. Experts you are entrusting your invoicing to know the laws more intimately than a regular accounts payable employee at your company does.

We have robust experience in the payments landscape and specific industries like financial services, government, property management, healthcare, and consumer services. The end result of this is a smarter, more adaptable, and most importantly, a more scalable solution that transforms and re-engineers itself to meet your changing invoice processing needs. Our efficiently streamline your accounts payable and accounts receivable with invoice automation services to decrease cycle time and increase visibility.

Typical internal e-invoicing solution feature-set:

This then means that you don’t have the additional overheads that come with employment such as heating, lighting, holiday pay, sick pay, etc. When needs change, you can easily adapt and change with them – all without having to worry about your invoicing process. Shorter payment cycle times mean that you can get paid sooner – which as we’ve already mentioned, keeps everyone happy. In addition, this team will be dedicated solely to the task of invoicing, meaning that they will not be distracted by other duties.

And echoing the point above about reduced hiring costs, bringing in outside help also means you don’t have to spend money or time training in-house staff in these areas. Outsourced services allow you to scale up or down operations without additional resources and slash capital costs for equipment, compliance measures and technology. The right billing and invoicing vendor can also help you save money in other ways. For instance, they can help you launch and manage a digital adoption program to reduce the increasing costs of printed statements and postage. If you’re still using a lot of paper, a partner can help you reduce costly errors such as incorrect addresses and return mail.

If an emergency happens, they likely won’t spend the weekend making it up. Additionally, it’s unlikely that they’ll be able to conform to your AP workflows exactly, so you’ll be doing things their way. Also, don’t be disconcerted when outsourcing AP and they have eyes into your financials; a loss of privacy Outsource invoicing is one drawback and vulnerability when it comes to accounts payable internal controls. In this post, we’ll define and add detail to the practice of accounts payable outsourcing, but also examine the alternatives to accurately and efficiently manage a backlog of unpaid invoices, including AP Automation.

For many firms, the AP personnel tasks are not always as integrated into the business as another function such as operations, so it can be an attractive offering to outsource some of the paperwork. Of course, there are some downsides to using third-party accounts payable outsourcing services. If there are limited resources within your accounts payable (AP) department, it’s key to identify how the function can scale to better process invoices when volume increases.

Outsource Invoice Processing Services to Streamline Your Accounts Payable

This can help to reduce the amount of time that you spend on paperwork and administrative tasks, which is something that could be put towards more profitable pursuits. When you outsource your invoice processing to a reputable company, you can often get your invoices processed and paid much faster than if you process them in-house. Having to process invoices on your own can be a time-consuming and labor-intensive task. When you outsource this task to a qualified provider, you are essentially hiring someone else to take care of this task for you. This can free up a lot of your time and energy, as you will no longer have to worry about invoicing. Instead, you can focus on other areas of your business and potentially increase your profits in the process.

A roadmap for unpaid invoices is suddenly a lot faster and easier to implement. Then you will have the money in your account immediately and are insured against bankruptcy risks. To help you and your company along the way, we have gathered our six best tips to get billing on the agenda again, and maybe the tips will make the work feel easier and more fun? By entrusting invoice follow-up and debt collection to a professional partner, you can focus on your main tasks for which you are paid. We have tools and systems for your company to have a healthier economy and better liquidity. Axactor streamlines this work through a combination of automation and a good customer experience.

There’s no doubt that outsourcing is a good way to innovate your business. The following disclaimer applies to Shergroup Limited and its platform, shergroup.com. Please read this notice carefully before accessing or using any information provided on our platform. They may want to continue to trade with that customer and they don’t really want to have to get into the nuts and bolts of why the customer hasn’t paid. Marketing is changing rapidly, and this cube brings you 9 easy to see solutions to your digital marketing plan.

Invoice management deals with handling of financial and delivery transactions between your organization and your suppliers or vendors. It can be really tricky especially if you have different locations with various vendors. The main concerns about outsourcing e-invoicing to a partner boil down to trust in their experience and capabilities. To address these concerns, it’s wise to carefully review any potential partner’s client-list and seek out case studies and testimonials where possible.

When it comes to finances, not all businesses have the same level of resources available to them. By outsourcing complex tasks such as invoice processing, you can gain access to specialist expertise and resources that may be otherwise unavailable to you. This can help to ensure that your business remains competitive and that you can meet all of your required targets and objectives.