Never leave a CFO alone with a cost summary associated with outdated billing practices. The missed opportunities for cost savings are hard to swallow. The price of postage alone will take his breath away.
There's nothing worse than when internal teams and customers can't access the same bills at the same time or at all. When Chronic Billing Disorder strikes, information becomes siloed, the process gets slowed and the customer relationship suffers — and everyone feels like they're flying blind.
Outdated billing practices can lead to a steady flow of customer questions and complaints. Without the right strategy and technology, bills can quickly become a source of customer frustration instead of a relationship builder.
Most customers demand flexibility in business and billing. And while some companies want to be accommodating, their boiler-plate billing processes won't allow it. When rigidity sets in customers react negatively, payments grind to a halt and cash flow becomes compromised.
Billing accuracy should be a given, but unless a company has the right practices in place you just never know. With Chronic Billing Disorder, a CFO always has that queasy feeling in the pit of their stomach that the bills didn't go out right. And that can quickly change to a punch in the gut when the negative bottom line impact is felt.
When billing is treated as an afterthought the problems mount up — inefficiency, inaccuracy, slow delivery times, excessive paper usage, high DSOs, reduced cash flows…the list goes on and on and the headaches become constant.