HOW IT WORKS - Billing and Collections»

Billing and Collections 

Prioritizing client billing is paramount. SecureCFO diligently ensures your invoices are dispatched and paid promptly with our adept outsourced billing and accounts receivable services. Choose between allowing us to invoice your customers or sending your own invoices. Our comprehensive billing service encompasses making deposits, monitoring payables, managing collections, report preparation and review, recording daily sales, and POS system reconciliation.  

Our methodical process involves: 

1. Extracting data from your billing system. 
2. Drafting the invoice. 
3. Collaborating with you for review, if desired. 
4. Dispatching invoices and statements to clients. 
5. Recovering outstanding balances. 

Leverage our lockbox services to direct cash straight into the bank. Utilizing a prominent money center bank, we scan checks to expedite fund availability, ensuring a smoother financial flow for your business. 

How it works – Billing 

Companies are transitioning from a conventional 13-step process to SecureCFO’s simplified four-step bill payment system. Featuring a minimum of two layers of role-based permissions for both approval and payment workflows, our clients typically log into their portal on a weekly basis to review pending bills for payment. Each bill comes with a clickable link to related documents for additional context. Upon selecting a bill for payment, the information automatically synchronizes with QuickBooks and the respective bank account, eliminating the necessity for duplicate entries and mitigating human error risk. 

Here’s a streamlined breakdown of the process: 

1. Bills directly arrive in the inbox. 
2. A SecureCFO dedicated team member enters and codes the item. 
3. The information is subsequently routed for review and approval. 
4. Upon approval, the designated user makes the online bill payment. 

Advantages of Utilizing the SecureCFO Online Bill Payment Portal 

Saves on Time Efficiency 

Besides offering convenient access anytime and anywhere, our streamlined accounts payable workflow ensures that your bills are entered a single time, thereby avoiding the necessity for double entry and minimizing the risk of human error. Upon payment, pertinent details such as the vendor, bill, payment, check number, and funds transfer amounts are synchronized between your QuickBooks file and bank account. SecureCFO also introduces further efficiencies, including mandating all vendors to provide electronic invoicing and requiring every contract worker to submit a W-9 form prior to receiving their first payment. 

Saves Money 

A completely paperless procedure not only reduces paper expenses but also eradicates the necessity for physical document storage, enabling you to grow your business without the need to upgrade to a more extensive system or acquire larger space. 

Lowers the Risk of Fraud 

Experience enhanced protection through our committed support call center, confined role-based permissions, scanned pictures for every transaction, plus procurement and accounts receivable audits – without the use of paper checks.