Organizations receive a wide variety of bills each month from a number of different service providers. It's important for businesses to not only pay on time, but to also actively monitor their available resources accurately. Bill payment solutions have emerged as a possible answer to these issues. Let's take a quick look at the pros and cons of bill payment solutions:
Pro: Automation reduces stress
A monthly bill that doesn't change much, such as the price of voice services, could be easily managed through automation features. Leaders can set certain bills to be automatically paid, ensuring that late fees are avoided and reducing overall stress, Dave Ramsey wrote. Penalties for missed payments can add up over time and place considerable pressure on business managers. With automated drafts, the bill will get paid from your account without needing to send a check or push a button. These features are often easy to set up and edit as needed.
Bill automation can relieve payment stress.
Con: There's no safeguard
If you just use automation, you don't get to approve expenses and won't feel the pain associated with paying for services. However, this can also give a false sense of financial security if bills aren't monitored closely. Some services might rise suddenly, or there might be an error that goes unnoticed. Having a pair of eyes scanning the bill will detect these issues and help fix them. There's no safeguard in place to prevent overdrafts on your account, leading to bounced checks and additional fees. Procedures and tools must be in place to track bills down to the provider and detect unusual behaviors.
"Expenses will get paid without any time required."
Pro: It saves significant time
Businesses might write 20 checks every month to pay bills. This takes a lot of time to sit down, find the appropriate paperwork and send them out. WiseBread noted that with bill payment solutions, expenses will get paid without any time required. Leaders will be able to focus on other work tasks without staying up late at night worried about their bills.
Are bill payment solutions right for you?
Bill payment solutions are particularly beneficial for their automation capabilities and time savings. However, there might not be a safeguard to prevent overdrafts or ensure that your bills are correct. Telecom expense management solutions prevent these problems by carefully monitoring bills from each provider down to individual employee usage. These programs find any mistakes within your bills or services that aren't valuable anymore and will make suggestions to lower overall costs. Many bill payment systems also have alert systems to let you know when a bill is due or when your balance is running low.
Organization leaders have a lot to think about when adopting new technology like bill payment systems, but with the right guidance, they will be able to use it to their advantage. For more information about staying on top of bill payments and expenses, contact Valicom today.
About the Author: Chantel Soumis
Chantel Soumis brings over a decade of knowledge in workflow enhancement through the use of technology. Chantel studied marketing communications and business administration at Franklin University and proceeded to work in a fast, ambitious environment, assuring client delight in the healthcare and pharmaceutical industries. Passionate about project productivity and streamlining workflows through the use of technology, Chantel strives to inform organizations of Valicom’s advanced telecom expense management software and services by mastering communications and messaging while delivering helpful information and supporting resources.