Today is all about bill payment, more specifically how your team can outsource the check cutting for the individual invoices that show up in your mailbox every month. If you choose not to outsource your bill payment for telecom, it can cost you time and money. The risks of in-house bill payment are not worth the headache. Three risks to look out for when doing it yourself:
Mistakes
In-house bill payment results in a lot of mistakes that could otherwise be avoided. Most companies don’t hire someone for the job of paying telecom bills alone. So, what we see is that employees who have other jobs to do are taking the time out of their day to make sure checks are cut and invoices are paid for. When juggling their normal daily tasks with bill pay, mistakes can be made causing unwanted problems and frustrations.
Late Fees
On top of avoiding mistakes, it’s also crucial that bills are paid on time to avoid late fees and interest charges. If bills remain unpaid, your vendors can choose to disconnect services with your company. When it can be so hard to pay bills on time, companies are also missing out on discounts created from early payment. Accidently not paying for invoices is more common than you would think. No one needs to deal with the hassle and money loss caused by paying bills late.
Time
Without an easy to use software that many telecom expense management companies offer, paying bills can be timely. On average it takes 8.8 days to process invoices. You want your employees to be focused on their main responsibilities. Taking 8.8 or more days away from those main responsibilities can put the company behind and who wants that? Avoid taking time away from what really matters and outsource bill pay.
Choosing to Outsource
With bill pay services, your invoices are uploaded to a software system and audited to assure accuracy. You are only required to cut one check a month and then the rest is not your problem. With bill pay services you can be guaranteed error free, on time payments. Each and every invoice is paid as an individual payment, eliminating a common problem where lump payments are all applied to one invoice, leaving others unpaid to incur late fees and penalties.
When you choose to outsource bill pay, you can expect a quick and easy set up. Once the invoices are in the system and the payment process is defined, you won’t have to worry about inaccurate or late payments ever again. Problem, solved.
