Reasons to Outsource Invoice Processing for Small Businesses

Upload the invoices and the agency will scrutinize them to verify their accuracy. These will be uploaded in your system through highly secured transfer protocol. Monitoring of the dates and ensuring timely payments and receipts will be done by them. The Daida Accounts Payable automation solutions can be deployed on-site, off-site, or securely in the CLOUD. Our AP invoice processing platform is custom-tailored, and we believe that “one size fits one.” Our scanning and workflow components are scalable and flexible, ready to meet the most demanding environment. Outsourcing requires several changes to your in-house AP processes.

While mistakes are inevitable with any manual process, duplicate payments cost businesses money; a lot of money in fact. In an earlier blog post, we explained that manually processing a single invoice can cost as much as $30. Accounts payable outsourcing is the business practice of using a third-party vendor to administer invoice or bill related processes.

Why Should You Choose the Services Offered by Our Invoice Processing Company?

You cannot control how they handle your accounts or run back-office processes. AP outsourcing solutions put efficient systems in place that allow you to pay vendor invoices on time (or even early) to enhance supplier relationships. A satisfied supplier may offer discounts due to early payments, thus increasing your profitability. The best third-party teams manage your company’s basic AP functions. This frees your in-house AP department to focus on higher-level tasks and attend to the core business processes that enhance your company’s performance and improve service levels.

This enhances the value of your services, resulting in repeat business. In addition, they will also be able to standardize all of your invoices into one uniform format, making it easier for you to keep track of everything. An online invoice tool designed specifically for that purpose can also allow easy access to your invoices without compromising security. Especially when using a virtual assistant, who might work from an environment your company cannot secure, make sure that you keep an eye on network traffic for any malicious traffic, including viruses. Outsourced invoicing doesn’t have to feel disconnected and impersonal.

YOUR ADVANTAGES USING OUR SERVICES FOR INVOICES PROCESSING

Furthermore, determine how well the service or software integrates with other tools like accounting and payment platforms. Moreover, assess the automation features such as sending reminders and tracking payments. Lastly, evaluate the security measures in place to protect your data and privacy as well as whether it fits your budget and needs. If your current accounts payable process has considerable cash leaks or issues, moving to outsourced AP may improve budget optimization even after the cost of service fees.

• Following the rationale that time is money, businesses use outsourcing to make the most of internal employee time.
• An alternative to outsourcing your AP function is implementing AP automation.
• Experts you are entrusting your invoicing to know the laws more intimately than a regular accounts payable employee at your company does.
• Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.
• For example in the USA, the official definition of small businesses is normally fixed by the Small Business Administration (SBA) which fixes the norms for determining small business parameters.
• This can free up a lot of your time and energy, as you will no longer have to worry about invoicing.

Our team’s certifications are always up to date, and we pride ourselves on innovation and adaptability for our clients. How we helped a financial institute to minimize cost and improve productivity by taking care of their F&A back-office functions. Once we decide that the relationship is a good fit, we’ll have an initial meeting. In this initial conversation, we Key Reasons Why Your Business Should Outsource Invoicing begin to learn about your business and how you are currently handling your bookkeeping and accounting. We also gather your materials, such as bills and reports and take note of your current accounting systems. In addition, the standardization and centralization of all your invoicing data make it easy for you to analyze the trends in expenditure and payments.