While many businesses pour time and money into marketing, finding new customers, and improving their products and services, most fail to realize that they can also increase profits and improve their bottom line simply by improving their billing, invoicing and statement processes. These improvements can take minimal effort to set up, though the benefits can last for years.
From making sure your invoices and statements are clear to spending less on supplies, here are our top tips to save money on billing:
- Ditch using color. Having a splash of color on your billing statements may look great, but the additional printing costs simply aren’t worth it. Instead, you can make your invoices & statements look great while keeping costs down by using simple black and white text along with grayscale images and logos.
- Keep your content simple and descriptive. If a customer has to call your customer service line to discuss their invoice or statement, or if a customer doesn’t pay correctly because they are confused, you lose money. By making your invoices & statements as simple and straightforward as possible, you are maximizing the chance that your customer will pay quickly and without error. Don’t use strange fonts, long sentences, or industry jargon. And strive for a simple, intuitive layout.
- Buy in bulk. Buying your mailing supplies in bulk can shave dollars off of your invoice and statement costs – for instance, you can purchase larger quantities of paper and envelopes. However, keep in mind that if you buy these items in bulk, you need a place to store them before you use them.
- Run reports. Do you have software and technology that is able to run reports during each billing cycle? A report regarding the number of documents in each run can help ensure that all of your statements go out to the right people at the right time, while a report on bad addresses can help you correct errors and collect checks faster.
- Don’t have your talent licking envelopes. Far too many small businesses decide to keep the entire billing process in-house, which inevitably leads to having experienced, enthusiastic workers stuck printing and assembling your letters by hand and licking stamps. This is not only bad for morale, it is also a waste of time and money.
- Outsource your printing, processing, and mailing. Towne Mailer’s motto is “Do What You Do Best – Outsource The Rest.” We might be biased, but at Towne Mailer, we believe that one of the best ways to save money on your invoice and statement process is to outsource the task to a specialized team that is already perfectly equipped to do it more economically and efficiently. Outsourcing the printing, processing, and mailing of your invoices and statements can significantly cut your costs, allow your workers to focus on other tasks, and make certain that your statements have great layout and design.
Remember: the key to saving money on billing is simplicity and efficiency. Making your invoices and statements clear and mailing them quickly not only helps your customers, but also your business.
Are you interested in learning more about improving your billing process – or outsourcing your process to Towne Mailer? Call us today at (877) 882-6245 to discuss your needs and get a quote. Find out how much time, money, and effort you can save.