7 reasons why you need to outsource invoicing services

The various invoice formats are then forwarded to the outsourcing company which will take charge of document conversion and will standardize all the formats. It’s not as simple as it sounds, au contraire, managing multiple invoices in different formats from different vendors and suppliers can be a formidable task. Additionally, it can get even more complicated when one has to manage invoices for an organization with multiple locations, with a different set of vendors for each location.

This, in turn, enables you to identify areas of waste/delay and optimize your purchase orders accordingly. There is nothing to stop businesses providing additional information on their invoices to that described above. If you’re just looking to solve some of the common issues organizations have with accounts payable—the ones we listed in the first section—we urge you to look at AP Automation.

Consider AP automation as an alternative to outsourcing

Choosing a reputable third-party processor is an essential step in reaping the benefits of outsourcing your AP tasks. Outsourcing allows you to focus on core operations while freeing up resources for other business functions. If your team can create value elsewhere in the business by moving Key Reasons Why Your Business Should Outsource Invoicing to an outsourced AP model, outsourcing might make sense. We have nearly twenty years of experience in the printing and mailing industry and are very familiar with what is required. Besides reducing the office workload, invoice outsourcing also clears the office of a lot of clutter.

• Our invoice management platform also enables users to upload invoices directly just by logging into the platform.
• No matter the circumstance, when a vendor is missing a payment, it’s always your fault.
• In today’s competitive business world, first impressions are important.
• Axactor streamlines this work through a combination of automation and a good customer experience.
• This means that with proper guidance and best practices, errors can be avoided.
• You can get access to this expertise and capabilities by working with the best invoice outsourcing company.
• Always remember that outsourcing is a business model that can pose a solution for certain issues.

Flexibility – If you’ve worked in AP long, you know that things don’t always go perfectly. All companies have exceptions processing, but depending on the contract with your AP vendor, they may not. Since their business model is built on low processing costs for invoices, they may kick exceptions processing back over to you or your team. Administrative, tracking & reporting – Since you’ll be paying this vendor a fee to manage your AP, they’ll often provide reporting among other administrative functions. Managed AP services can offer reporting on cost per invoice and time to payment among others, and routines such as analysis, month and year-end close, reconciliation, and AP document management.

Choose the good provider for your invoices processing

If you are dealing with a large customer base, you know the difficulty in getting invoicing out every month then outsourcing your invoicing makes sense. You may still be leery of using an invoicing service from past experience. In the digital age, there is no reason to fear invoicing services, in fact, larger companies should be embracing them. Issues in invoice processing service may cause late payments, which can hurt the company’s reputation and can also be financially costly in the form of penalties.

• Scale quickly, reduce churn, optimize cash flow, and ensure seamless compliance with our invoice processing services.
• You want a provider that has experience, expertise, and reputation in invoicing, as well as a clear and transparent pricing structure, a user-friendly platform, and a responsive customer service.
• You should collect and analyze data and feedback from your provider, your customers, and your own systems, and identify any issues, gaps, or opportunities for improvement.
• Track, analyze, and make the best use of your financial data with our quick, efficient, and accurate accounting services.
• Over the past 19 years, we provide global organizations with customized invoice solutions for the automatic handling and processing of credit notes, supplier invoices, and accounts payable information.
• How complex are your invoices, and do they require special features, such as taxes, discounts, or currency conversions?
• In the digital age, there is no reason to fear invoicing services, in fact, larger companies should be embracing them.
• There is nothing to stop businesses providing additional information on their invoices to that described above.

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. Access innovative tools to automate financial processes and accelerate success with our accounting and finance software solutions. Don’t rush, give yourself enough time to evaluate every possible invoice processing company before committing. When choosing an invoice processing company, it’s important not only to assess your company’s current condition but also how you envision the company to grow in the short and long term.

Invoice processing services types based on distance

Information collection, data centralization, provider selection, and implementation all require time and effort. When considering outsourcing, answer the following questions to get a better idea of your needs and what’s possible. Since you are not physically present to supervise tasks, mistakes may not receive due attention. You may not even notice serious errors — such as duplication of invoice processing and exception processing — until it’s too late.

When outsourcing e-invoicing to an expert partner, the business actually retains control. It is the risk and challenge of keeping up with the pace of new formats and integration that is outsourced. A professional e-invoicing partner will provide a Service Level Agreement (SLA) to ensure invoicing requirements are met and the solution is a success. Factoring services are services where your outstanding invoices are transferred to a factoring company. They take over the risk of defaults and administration costs against payment.

So if you want to avoid errors and delays, invoice processing outsourcing is the way to go. Third-party AP service providers offer professional teams and the latest software to do the job. When you outsource AP tasks to them, you gain access to excellent tools such as computer systems complete with customized invoicing, expense management, and other accounting software.

As we mentioned, there are pros and cons of outsourcing your AP tasks. Always be specific with your requirements, and avoid using vague terms. If possible, also ask the tools/solutions they’ll use, especially if for tools used for communications with your internal team and third parties. Hiring and training employees to meet the requirements of your invoice volume and complexities can be difficult, time-consuming, and expensive. Outsource Accelerator is the leading Business Process Outsourcing (BPO) marketplace globally. We are the trusted, independent resource for businesses of all sizes to explore, initiate, and embed outsourcing into their operations.