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The benefits of using an online billing platform for your medium-sized business

[ 0 ] Posted by on June 7, 2018

online-billing

Managing the ins and outs of your business can be a challenge, particularly for those who rely on a small team to get by. However, as technology continues to develop, many medium-sized businesses are turning to online billing platforms to manage their invoices and subscriptions. Below, we’ve put together five of the main benefits of using such technology.

Automation can save time

If your business regularly invoices clients for products or services, then the chances are that you will have a dedicated sales and billing department within your organisation. Although a personal service is important for maintaining customer relations, switching to an automated billing system can take some of the pressure off of your existing workforce. This gives your employees time to focus on liaising with new potential clients and increasing your sales figures.

Saves money

In addition to saving time, automated billing can save your organisation money. Whether you cut down on your existing team’s hours or eliminate the need for a bookkeeper, automated technology bridges the gap between medium-sized and large businesses and allows you to benefit from the same professionalism and convenience without spending thousands of pounds developing your billing infrastructure.

Offers professionalism and competitiveness

Relying on automated technology is not only good for your bank balance, but it can demonstrate the professionalism of your company. Automated billing is good for your brand image, and it is now often preferred to paying using traditional methods. In the United Kingdom alone, online payments topped a whopping £110 billion in 2015, and this figure is expected to climb to £150 billion in the next three years. Tapping into this lucrative market is essential if you want to remain competitive – otherwise, your customers may opt for a provider that is more convenient to them.

Eliminates mistakes

Although manual invoicing is usually failsafe, switching to an automated billing method will allow you to eliminate mistakes within your organisation. Whether you’re overcharging or undercharging clients, you’re not providing a professional and consistent service, so automating such processes will allow for a more streamlined service where mistakes won’t happen.

Chases late payments for you

Figures released from the Asset Based Finance Association claim that small and medium-sized enterprises across the United Kingdom are owned $67 billion in unpaid invoices. Although you may take the time to chase late payments within your organisation, the chances of reclaiming them all in full are slim – especially if you are known to let payments slide.

By relying on an automated billing platform, your late payments will automatically be chased for you and will make your clients more accountable than ever. Many providers, such as BillingPlatform, even allow you to incorporate late fees into your invoicing to ensure your assets are recognised on time.

Taking advantage of automated billing will help lead your company to success. Consider the benefits of implementing such technology within your organisation, and you’ll soon see your profit margins increase and your workload plummet.

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About Jakk: Jakk Ogden is the founder of Technology Blogged. 25, with a love for good writing, you'll find Jakk playing 'Drag Racing' on his Nexus 5 and rocking a pair of Grado headphones. If you love technology, be sure to subscribe to his feed for unique editorials. View author profile.

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