How to Outsource Invoicing to Your Virtual or Personal Assistant

First and perhaps most importantly, outsourcing invoicing and statement management can cut costs. You can either avoid hiring accounting staff members or cut back the team to save on salaries and benefits, both significant business expenses. Companies cut salary accounts expenses costs by tapping into developing countries’ equally skilled but lower-cost labor markets. Doing so gives them further savings on equipment and training costs, as the business process outsourcing (BPO) firms that provide outsourced employees often shoulder these.

Track, analyze, and make the best use of your financial data with our quick, efficient, and accurate accounting services. Invoicing experts—be it freelancers or from outsourcing companies—are trained to produce accurate invoices and paperwork. Companies that provide outsourcing services often have a high standard when it comes to producing outputs on time. Since outsourcing companies provide the workforce and the physical environment, amongst other things, employers can cut off these expenses—allowing them to save up resources.

Faster, Accurate and Straight Through Processing with Streamlined Invoicing Procedure

QX helps businesses optimise the invoicing procedure, implement customised automation solutions and design an accurate, agile and efficient invoicing/billing process. With QX’s dedicated team working on your process in India, your onshore staff can focus on higher end activities, with the assurance of quality invoice processing. QX helps businesses optimize the invoicing procedure, implement customized automation solutions and design a precise and efficient invoicing/billing process. With QX’s dedicated team working on your process in India, your onshore staff can focus on higher-end activities with the assurance of quality invoice processing. When you outsource invoicing to a well-equipped team, the process will be faster and more efficient than doing it in-house.

By definition, streamlining is the act of simplifying processes and procedures to eliminate unnecessary workloads. Speaking of team managers, most (if not all) of them can be hands-on with their team. This means that with proper guidance and best practices, errors can be avoided.

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These factors will help you in choosing the right company and making the right decision. The processing of invoices is one of the most important aspects of running a small business. Any small business that relies on fast cash flow is doomed if they don’t do this properly.

Many physicians and practice managers agree that they must upgrade their billing, collections, and payment processing systems. Fill out the form below to download our checklist to see if outsourcing would benefit your practice. The HKWJ Group is a one-stop holistic service provider and advisor to help your business grow.

Why should you outsource your invoicing?

Processing services have the automation software to ensure there are no mistakes in invoicing. You can also rest assured knowing that employees being out on vacation or sick won’t slow down invoicing. Invoicing services also protect you from not being able to bill from a disaster such as a fire, flooding from a storm, or roads made impassable from snowstorms.

• Through The Remote Group, businesses can gain access to a diverse pool of talents well-versed in billing and collections.
• Invoicing is a commonly outsourced function because there are so many small tasks within accounts payable that take up a lot of time.
• Direct, indirect, and hidden costs are the three main costs incurred while processing invoices.
• You should handle these disputes or problems professionally and respectfully, and try to resolve them as soon as possible.

For instance, if you outsource invoicing services such as accounts payable to a freelancer who’s paid by the hour, wages can go as low as $5 USD. You can delegate tasks to an external business processes outsourcing company or to an independent third party. The Accounts Receivable Outsourcing Service Market report is meticulously produced, adhering to commitments and deadlines, in order to deliver the finest market insights.

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Since this document is time-stamped and goes back and forth from the sender to the receiver, it’s safe to say that invoices are time-sensitive as well. Once your business has decided to start outsourcing non-revenue generating activities such as the Accounts Payable function… Based on this information the accountant will then provide you with a customized proposal that is unique to your individual situation. A business that needs to offer a discount or a refund to a customer, or that needs to correct an error that was made on a previous invoice, will issue what is known as a credit invoice. In addition, it means that you don’t have to invest in the latest tech, training and software, while your finances are taken care of with high professionalism. An online invoice tool designed specifically for that purpose can also allow easy access to your invoices without compromising security.

When you outsource your billing needs to a team that is well-equipped, the process will be both quicker and more efficient than when it is done in-house. Invoices that are past due include all of the service and payment information that is listed on the final invoice, as well as any late fees or interest charges that may have been incurred. We strive to help our clients grow their business, help consumers resolve their obligation realistically, promptly, and with dignity, all in a uplifting, professional working environment. Another factor favoring outsourcing billing and collections is the assurance that BPOs almost always comply with various industry standards (e.g., HIPAA, PCI). It is of vital importance to understand the cost of both in-house and outsourced accounting to make the best decision as a leader.

You should also have a backup plan in case of technical glitches or human errors. That being said, when employers (the clients) opt to outsource invoicing services, they still need to invest money into outsourcing companies and their services. When you outsource invoicing services, it’s hard to pinpoint or even estimate the cost since every outsourcing company is different.