If your company had these options, wouldn’t it be nice if a task that takes hours could be completed in a matter of seconds?
Maybe we’re not quite there yet, but that doesn’t mean you can’t use contemporary methods to increase your accounts receivable (AR). A few technology-driven strategies with a real and significant return on investment include automation, ACH transfers, and recurring invoicing and payments.
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ROI Payments is a NYC-based tech consultancy that implements cutting-edge payment solutions for demanding, growing and global businesses.
Nov 15, 2022 — It’s all possible with ROI’s interactive phone-order-taking service, appointment setting, and bill payment services.
The ROI of Accounts Payable
The National Clearing House Association (NACHA) estimates that checks account for about half of all business payments. Checks, whether they are written by hand or printed on a computer, are the enemy of effectiveness and value. They demand more time, effort, and money to support. Don’t believe us? Let’s look at the numbers.
What if you could reduce the cost of paying your bills by 95%?
Putting it into perspective, you need three employees to assist you in paying 500 bills each month. This is what the cost looks like:.
Now, if you stop using paper checks and switch to automating processes through Bill com, your numbers would change significantly.
But why the sharp decline in price? Using Bill com, you replace paper with digital processes. You’re implementing electronic document management, online business payments, and automated workflows, all of which reduce the expense and time involved in paying bills and handling payables.
BUT I already pay my bills electronically!
You’re already a part of the digital bill payment revolution, which is great news to start with. But how exactly are you paying electronically? Perhaps through the systems of various vendors, or perhaps through online banking? While these options accept digital payments, they might not be suitable for businesses. You might discover that taking extra steps still costs time and money.
If your bill payment process isn’t fully digital, “paper leaks” can result in higher costs and labor. For instance, when you make payments via these methods, is that information syncing with your accounting solution, or do you have to manually enter information? Worse yet, print and file associated information for documentation.
The ROI of Accounts Receivable
But what about invoicing? How expensive are paper invoices?
Let’s take the model above and apply it to invoicing. Your company sends 500 paper invoices per month, and you need three employees to help with the process. Costs similar to those mentioned above—and possibly even higher costs—would apply.
However, when you invoice with Bill.com, the process changes remarkably.
Paper is completely eliminated. Invoices are pre-populated with the correct remittance information. Before sending the invoices, you can review them, or you can have them sent electronically. Even better, Bill. com can collect payment automatically when it sends the invoice.
Lets take a second to consider that.
The invoice cycle in an AR process that uses paper might resemble this:
With Bill.com, the process would look like this:
Customers can review the invoice online and collaborate with you through a secure portal as an added bonus. In the end, the Bill. The com AR process gets rid of the need for a lot of labor, extra money, and wait times. Believe us, your cash flow will thank you.
It’s time to see the ROI of AP & AR.
You can learn more from our customers here.