Today's post is by guest writer Tiffany Marshall. Ms. Marshall is a freelance writer who resides in Texas. She writes on topics like Quickbooks, Dallas and home décor.
As Thanksgiving approaches, Facebook is full of status updates depicting what people are thankful for: family, shelter, employment or the right to vote. Businesses can take cue and look for things for which they can be grateful, too: Dallas Quickbooks assistance, expansion, loyal customers or technology. In the spirit of the season, here are five reasons for businesses to be thankful for automated billing.
Thankful for the time it saves
Efficiency experts often proclaim the benefit of the one-touch principle. The idea behind the principle is that the most efficient use of time when it comes to paperwork is to only touch each item or form once before completing the task it requires. For example, after picking up the mail from the mailbox, many people will open bills that need to be paid or credit cards that need to be activated and set them aside to do later. Doing so means they will have to find the documents later, open them again and complete the task. This process almost doubles the time it takes to accomplish the same thing. The one touch principle encourages you to finish the task at the first touch.
Automated billing takes the one touch principle to the next level. By setting up billing for each customer only once, you save countless amounts of time that otherwise would have been spent performing the same task over and over each month. That time can instead be spent tending to other business tasks that promote the expansion of the business.
Thankful for the money it saves
Because of the time saved using automated billing, overhead costs are also saved. In smaller businesses, automated billing can save the cost of a full-time employee who expects benefits like insurance and paid time off. Automated billing can either take the place of an employee, or that employee can perform other tasks that require more skill instead. Either way, spending less money to accomplish the same tasks serves to increase your profit margin. If you add to the equation savings on paper supplies and postage, you quickly become thankful for the savings.
Thankful for the “paper trail”
Every year businesses lose money because debtors never make good on their payments. Companies who wisely choose to implement a debt collection process know the importance of keeping good records. Automated billing keeps track of what is owed, when the due dates are and what efforts have been made to collect the debt over the months. Automation also alerts you to past due accounts sooner so that the debt collection process can begin sooner. Studies indicate that debt recovery is more likely to happen when debt collection starts soon after the due date has expired.
Thankful for consistent organization
The beauty of automation is that software remains consistent where people are forgetful, erroneous and sometimes absent. When bills are sent consistently at the same time every month, it communicates professionalism to your clients and keeps business moving at a steady pace. Organization promotes efficiency, and efficiency promotes productivity.