Across practically every industry today, one thing continues to threaten efficiency and customer satisfaction: billing. From inaccurate invoices to out-of-date protocols, there are several key factors that leave companies lacking well-defined billing standards. At the end of the day, it all comes down to manual billing compared to cloud-based (or hosted) billing.
The reason for some of today’s biggest billing blunders (i.e. late invoices, duplicated bills, lost claims) is because billing tasks and/or workflows are still being manually overseen by error-prone employees. A hosted billing solution eliminates siloes associated with manual labor by automating daily billing processes. The result: increased efficiency, productivity, and cost savings.
Finding the perfect hosted billing solution will depend on a list of criteria specific to your organization. If the platform offers these three fundamental capabilities, however, you’re on the right track:
- Flexible Payment Options: Does the solution enable you to specify automatic top-ups for prepaid accounts? Configure spending limits for postpaid accounts? Automatically send preemptive credit card expiry notifications, or apply penalty calculations for overdue amounts? These are all critical capabilities within the right hosted billing platform.
- Comprehensive Reporting: You should be able to easily view customer data records, manage aged receivables, and deposit handling and interest calculation with advanced reporting capabilities. Revenue and reconciliation reporting are a must, as well as the ability to automatically adjust deposits if necessary.
- A Robust Tax Module: Tax reporting is one of the most important, yet challenging, aspects of billing. Look for a solution that offers complete end-user taxation; the ability to view billing modules; easily add customer tax exemptions; and access a third-party tax expert if necessary to assist with mapping and consultation.
If you’re a telephony company providing class 4 or 5 service (including hosted PBXs), chances are you can benefit from our specialized billing system. Best yet: get a two-month free trial on us. Check out more here.
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