Most entrepreneurs go into business because they love their work, their goods and their services, and they want to get those products out to as many people as possible. However, even though small business owners love what they do, more likely than not, they don’t want to do their work for free all the time. Bottom lines must be met, rent must be paid and employees need their salaries.
You have earned the money your business gets paid for your hard work, and processing billing statements shouldn’t mean more stress for you. Statement processing should be an efficient and effective process to ensure every dollar is where it’s supposed to be when it’s supposed to be there.
A solid system for statement processing not only means fewer headaches for you and your co-workers, it can mean more time for you to spend with the people that matter most. We’ve put together a list of our top five tips to get you started on making a statement processing system that gets results.
1. Outsource Your Statement Processing to a Reputable Company.
Ask around. Chances are other small business owners in your area outsource statement processing to a company they trust. Contact a company that your colleagues, friends or other members of the Mid-Missouri business community like and trust to find a great fit for your budget and your business. Along those lines, ask other small business owners what companies to avoid. You could dodge a costly bullet and those headaches you don’t need in the first place. The right company will lead you every step of the way and offer solutions that fit your wants and need, and, most importantly, deliver.
2. Get a Guaranteed Turnaround in Writing.
Once you’ve found the perfect company to handle your statement processing, that company has to make good on its word. A company with integrity will write down what you can expect, when you can expect it to happen, and keep its promises. You don’t have the time or money to deal with wishy-washy statement processors with tenuous deadlines, and it’s not too much to ask for a company to do what it says it’ll do, when it says it will do it.
3. Create a Clear, Concise, Simple Statement Design.
After you find the right company and establish what it will do for you, it’s time to iron out the details. If you don’t understand the statements you’ll send, the recipients won’t either. A complex, hard-to-read document will only confuse and frustrate the reader. They should be easy to follow so every dollar and cent ends up in the right hands. While an invoice or statement may seem like just another business document, design details matter and can lower the barrier between the statement you send and getting the payments you need.
4. Use a Statement Processor that helps save you postage dollars.
The right statement processor will save you postage dollars in several ways. First, they’ll use address management software that helps keep your customer addresses current. Your statements will be mailed to the correct address the first time! Less return-to-sender mail saves you outbound postage dollars. Then, they’ll add a delivery address barcode to your statements and sort your mail to qualify for discounted postage rates. Barcoded and presorted mail is delivered quickly and accurately, giving your customers the opportunity to pay you in a timely fashion.
5. Develop a Solid Plan for Disaster Recovery.
With everything in place, how will you know your information will be accessible no matter what? For example, Missouri is in the middle of Tornado Alley. We get violent storms that, unfortunately sometimes take out entire city blocks. It can snow hard in the winter and down power lines for days or even weeks. While nobody can predict the future, everybody should prepare for the worst. Your valuable data should be secure, and it should be ready for business when you are. Check with your outsourced statement processing company and learn about backup disaster recovery options. The peace of mind alone is priceless.
The Right Statement Processing System in Place Can Make or Break Your Invoicing Process.
When your statement processing system is on point, everything your business does happens more smoothly, with far fewer blips and obstacles. Funds are properly exchanged and well documented in an accurate, timely manner. Everyone is happier – including your customers – helping you maintain those critical customer relationships for a long time to come.
Find the Right Statement Processing Company for You.
Direct Impaqt is the ultimate source for invoicing and statement processing services in mid-Missouri. We will guide you every step of the way through statement processing so you know all you need to know to be at your best, and help you determine which solutions make the most sense for you and your business. Contact us here or call 573-642-8988.