With most businesses wanting more productivity out of a smaller staff, it’s important to key in on where streamlining can take place. There is a core set of strengths that your administrative team boasts – a set of strengths where you can confidently say are unique to your business and its operations. But there are disciplines that you’d definitely leave to experts: legal, tax specialists, IT, compliance, etc.
- A mistake in one of these areas can be costly – more so than the up-front cost to outsource.
- The training/expertise you’d need to invest for your staff to operate at the level of a specialist outweighs the ROI.
- The time your staff spends in these areas pulls them away from customer service and their other primary responsibilities.
- Asking your staff to handle specialized/delicate tasks in the midst of their already busy day results in lower all-around productivity.
Now, look at those talking points through the lens of A/R management. It may seem less expensive to keep your pursuit of slow-pay accounts in-house, but what are the real rewards?
- Are your staff members well versed in the ever-changing collection laws?
- Have they been trained to handle outgoing collections calls to your customers, and do you know what they are saying to get that money back?
- Are they comfortable playing a dual role of service provider while also pursuing outstanding income?
- Are they spending a good portion of their day in A/R management mode, when they could be focused on your business?
A/R management is a specialty. Asking a staff member to multitask your A/R management is like asking them to act as your legal counsel. You’d be surprised at how affordable third party A/R management can be – and your staff will definitely thank you for it.
TekCollect provides the most advanced accounts receivable, collections, and client retention services available. To learn more about us, visit our website and follow us on Facebook and Twitter.