Bill payment is costing your team more than just money.
Bill payment for telecom, technology or other monthly-recurring invoices is a time-consuming process. Time consuming for your finance team and for the departments approving the individual expenses (but more about that part later…). Today is all about bill payment, more specifically how your team can outsource the check cutting for the individual invoices that show up in your mailbox every month.
The scary part is that payment for these invoices is sometimes handled wrong, and it can end up costing your organization more than just a headache. Our experience is that inaccurate and untimely bill payment is costing organizations more time and money than they realize.
Here’s an example: If you were to misapply a payment, or miss the deadline – you will be slammed with late fees and potentially interest charges. Avoid these costs (both the time and resources) with streamlined bill pay, one of the ways we’re helping organizations ease up their expense management processes.
With Valicom’s Bill Pay Service invoice data is loaded into the Clearview TEM software, an audit is performed and the expenses approved by the responsible managers / departments. Once approved, the bills are paid and a data feed sent back to the accounting system. Each and every invoice is paid as an individual payment, eliminating a common problem where lump payments are all applied to one invoice, leaving others unpaid to incur late fees and penalties.
What’s more is that Bill Pay Service set up is quick and easy. Once the invoices are in the system and the payment process is defined, you wont have to worry about inaccurate or late payments every again. Problem, solved.
Bill Pay Service is just one aspect to our approach to eliminating time sinks for the Finance department.
About the Author: Nancy Peckham
Nancy began her career in telecommunications in 1983 as an account executive with Republic Telcom, a regional long distance carrier. She was named district sales manager for the Wisconsin region in 1987 when Republic Telcom was acquired by Mid American Communications. She recognized a need for independent, objective telecommunications consulting which led her founding Valicom. Since its launch in 1991, Valicom has been a leader in providing telecom expense management solutions and serves enterprise and mid-market clients in a variety of industries and verticals across the U.S. Nancy earned a bachelor’s degree in psychology from the University of Wisconsin-Madison, founded and served as president of the Telecommunications Professionals of Wisconsin (TPW) from 1989-1992, and was executive vice president on the board of directors of the Society of Telecommunications Consultants (STC). Nancy is also a founding member and executive council chair of the Independent Telecommunications Expense Management Association (i-TEM).