Accounts Payable often consists of one or a few hardworking, tedious employees dedicated to details, numbers and keeping the balance of your outgoing cashflow. It’s not an easy task: the job is filled with daunting procedures and, obviously, lots of numbers. In many cases, particularly in some smaller operations, many jobs may be rolled into the duties of a single or handful of people. At what point does it make more sense for you to look toward outsourcing your accounts payable? Also, in some cases, complete financial management toward a third-party company? As with all other major decisions pertaining to your business, this is a decision which takes considerable thought.
Let’s talk about some of the pros. Outsourcing to Catalyst Billing can lead to major financial savings for your business operations. Think about the cost of having employees versus the cost of hiring an outside company. In addition to the employee’s salary, you likely pay many other expenses in the form of benefits (health insurance, life insurance, retirement plans). When you consider PTO and vacation time, you pay again for coverage while the person is away. Outsourcing eliminates much of this cost, leaving quite a chunk in your budget for the year.
In addition to financial savings, you are putting your financial management into the hands of a dedicated team trained in the latest regulations and laws. Additionally being savvy to quicker, more efficient software than many companies use for in-house accounts payable or financial management. Worried about weekly reports or analytics? Don’t be; we’re on top of all aspects of the AP processes you’re used to and potentially some new ones you don’t currently use.
OK, so what about the cons? Like anything, outsourcing your AP and financial management operations comes along with a few cons – but in this case, we’ll call them concerns. Catalyst will work with you through any concerns, should they arise.
You may think that you’re losing a certain amount of control over your AP processes or other financial management operations. It’s understandable to feel this way and, in some small way, maybe you are. When something is no longer done in-house, you may worry about not being able to check into something as easily as before.
Another concern that comes along with the outsourcing territory is security. You’re now trusting a third party with extremely sensitive information and taking pause at this thought is valid. Rest assured: we take your company’s data security as seriously as you do!
Choose Catalyst Billing
Being a local company allows us to become closer with our clients and have a relationship – something that’s important for many medical professionals looking to take the leap into outsourcing. If you’ve been considering outsourcing your accounts payable or any part of your financial management, we’d love to speak with you and see if our services are right for you.