One of the best ways to use technology in your small business is to outsource bill payments. The time and expense savings that most can achieve puts this high on our list of recommended technologies. The simple fact is that a bill pay expert can do this more simply, reliably and at lower cost than you can do it yourself. More than a million small businesses already use some type of outsourced payment processing service. I would estimate that this service generally cuts costs of paying the business bills in half and saves managers additional time in reviewing and approving payments.
Look for these 15 features in your outsources bill payment system to ensure success:
- Uses proven security technology
- Has an easy-to-use and logical screen layout
- Includes a mobile app for fast work on the go
- Integrates/syncs with your bank
- Integrates/syncs with your accounting software
- Sends email status reports (most use daily summary reports)
- Notifies approvers
- Notifies vendors
- Notifies clerk and accountant
- Offers fast electronic deposit as well as mailed checks
- Includes all mailing services
- Includes live support
- Supervised by an expert
- No long term contract
- Saves you time and big $!
We welcome any small business to a no obligation planning conversation on outsourcing your payables processing. As with most business technology adaptation, the success is embedded in the project planning. Let our experience work for you to help maximize the savings.