A receivable management service is a service that is used by businesses of any size to help monitor and control accounts receivable. It can encompass everything from invoice creation, credit extension, setting up payment plans, applying payments, and collections. From beginning to end, accounts receivable is an important business process. However, it can also take a lot of time. That’s why many businesses opt to partner with a receivable management service.
Often, though, there is a single objection that actually encompasses several fears by business owners who may be interested in a receivable management service. Why outsource something that they can do themselves and save that money? It’s a good question, and we’re happy to answer it.
Partnering with a Receivable Management Service Is an Investment
While it may be true for some business owners that they certainly have the skills necessary to handle their own accounts receivable, the crucial component is whether they actually have the time. The time that business owners spend handling even crucial business issues means they have less time to spend with their clients or to look for new clients.
A new way to think about receivable management services is to see it as an investment in your time and in your ability to create a bigger profit. Even if you’re well versed in handling invoicing and payments, you may not be comfortable with collections. You can outsource part or all of your accounts receivable process to Clients ARM. Doing so gives your business more than 30 years of experience in accounts receivable while freeing you up to work with more clients.
Cost / Benefit Analysis
If you’re still not sure that partnering with a receivable management service is an investment that is right for your business, run a quick cost / benefit analysis. There are two specific ways to do this. If you are considering hiring a full time or part time employee, consider the costs associated with that along with the benefit that you’re going to receive. If you’ve never hired an employee, you must consider your overhead, equipment, training, worker’s compensation insurance, health insurance, pay (and taxes), and the cost of the other benefits you plan to offer. Keep in mind that if you hire a full time employee, you should have enough work to keep that person busy for their entire shift. Consider, too, the benefits that you’ll receive from hiring this person. Think in terms of what it frees you from doing and how you can redirect that time to continue to develop your business.
Now, this second cost / benefit analysis should be done even if you’re considering an employee. First, schedule your free consultation with Clients ARM so that you can learn how a custom plan can help your business and the associated cost of the receivable management service. Next, compare that cost to the cost of hiring an employee. Working with Clients ARM saves you on tax, overhead, equipment, and more when compared directly to hiring an employee. You also get the added benefit of decades of experience.
Now, consider the benefit you get by partnering with Clients ARM. You have fewer concerns since you’ve partnered with an industry leader and you’ll have more time to work with existing clients or to continue to grow your business.
Ready to schedule your free consultation to learn how Clients ARM receivable management service can help your business? Contact us now!