Better Billings Bring Better Cash Flow

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Companies often drag their heels about upgrading and improving their billing process.

better billing
That is a bad business move. Bills create cash flow and without cash flow, companies can go right down the drain.

Here’s an idea. Sit down with your team and talk about how your company’s billing process could be improved. Here are a few things to talk about:

Do your bills fit every need?

Do you send different kinds of bills based on customer preference or only paper bills? Is this the best route, considering the large percentage of Americans that pay bills online? If you aren’t delivering bills to different customers in different ways, your company looks old and antiquated. Granted, there is a case for sending traditional bills by mail, especially in areas where Internet access is limited or unreliable. But the best businesses offer customers options.

Do your bills look professional?

Does your bill need a remodel or some sprucing up? Maybe even a teardown and rebuild? Many of our clients have ditched their postcard bills in favor of traditional bills. They are pleased with the results. The bills don’t get lost, are more informative and have ample space for important information like service messages.

Have you dissected the billing process?

Are there “pain points” or steps in the process that slow down billing or cause consistent problems? What are they? Could the process be changed so it is more efficient?

What would Warren Buffett do?

Suppose Warren Buffet walked into your office on billing day. Would the Oracle of Omaha approve of pulling staff from their day jobs to do billing? Probably not. Would he approve the purchase of specialized equipment and software to handle the task? Doubtful. Would he tell you it is time to quit wasting company resources and have a professional handle this task? Probably.

by:

John Young

Director of Business Development


January 4, 2016

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