Business process outsourcing helps thousands of businesses every year save time and money. At Integration, Inc, our business process outsourcing services include EDI services, check printing, third party billing, and rebate processing. Over 35% of small businesses have used some sort of business process outsourcing with a wide degree of success for at least one to two years. Some larger businesses will only work with a vendor if they have some type of business process outsourcing set up, such as electronic data interchange. Let’s look at how Integration, Inc. can help you save time and money with our BPO services.
Outsourcing Your Check Writing
Outsourcing your check writing can have several net benefits for your business. These include reduced check processing and clearing time, reducing the risk on check returns because of faster processing times, and even cost savings on check processing and mailing. Typically, once a check finally gets out the door because of the delays in your internal processing time, it can take 3 to 5 days for a check to move through the mail and another 24 to 48 hours for a processed check to clear an account. With an outsourcing solution, this entire process is greatly improved.
If you don’t have to print checks in-house, you’re likely looking at saving 10 to 15 hours of payroll a month at your business, depending upon your accounting and accounts payable processing.
Electronic Data Interchange
Electronic data interchange, simply put, can get rid of a lot of excess paper that your business must push. Paperwork like invoices, shipping manifests, and quotes can be processed with electronic data interchange. Instead of having to send a paper document or an email, communications between businesses and their customers or suppliers can all be conveyed electronically. Many businesses, like Walmart, have made it a requirement for their suppliers to use electronic data interchange.
Electronic data interchange can be awfully expensive for a business to set up in-house, but with a partner like Integration, Inc., you can outsource your electronic data interchange affordably. Your company does not need to purchase hardware or software or have any in-house EDI expertise. Integration, Inc. will handle everything and allow you to do business electronically with all of the industry giants.
Third-party billing lets you receive help from another company so they can streamline your billing process and eliminate any headaches. There are several different benefits to working with Integration, Inc. for our third-party billing services. These include:
- A consistent payment process from your customers to help ensure cash flow
- Ensuring a timely and accurate invoicing process
- Not having to worry about manually invoicing clients and sending bills or past due payment notices.
- Consistency for your business across the board when working with your business customers.
Rebate processing is a headache for many businesses. After goods and services have been purchased, customers will often come back to the business to process any rebates. Not only does outsourcing rebate processing save money, but it also improves the efficiency of your business, so you don’t have to worry about timely processing.
How Did the Pandemic Show Businesses That BPO Was the Way to Go?
Around 80% of businesses increased their use of a business process outsourcing service during the pandemic. With employees no longer come into the office, many in-house processes had to be put on hold. Without staff, businesses needed to figure out another way to get things done and outsourcing was the solution.
A simple re-direction of the data to Integration, Inc. allowed companies to still operate with efficiency and at a greater cost savings.
What Types of Business Functions Does It Make Sense to Outsource?
Businesses tend to outsource functions based upon the size and focus of their company. Smaller businesses tend to outsource more of their internal functions in comparison to larger businesses. The most common types of business outsourcing include financial activities, IT functions, legal services, business development, and HR activities. If you are looking to outsource your financial activities, mainly your business-to-business functions, Integration, Inc. can help. In 2022, it is forecasted that 23% of businesses will look to outsource some of their financial processes, such as invoicing, billing, and accounts receivable/payable.
How Much Time and Money Will BPO Save Your Business?
Business process outsourcing can save your business an immense amount of time and money, while resulting in improved efficiency for your company. It is estimated that BPO can save your business about 60% in terms of operational costs, depending upon the processes that you decide to outsource. There are several different ways that BPO can make your business leaner and more efficient:
- When you outsource, you only pay for the services that you need, which is much more affordable than hiring an employee.
- BPO sends your business functions to a company with expertise, meaning that you don’t have to build a team with skills in-house.
- Things like EDI and outsourcing your check writing will decrease processing times, which means your cash flow will be more consistent each month.
How Can Your Business Benefit from Working with Integration, Inc.?
Integration, Inc. has more than 30 years of experience working with businesses on a wide variety of fronts. Our electronic data interchange service can increase your business’s efficiency. If you work with Integration, Inc., you can outsource whichever processes you need help with, that will be our focus. Our goal is to make your business be more profitable by allowing you to focus on your core competencies and we will handle the rest.