Although they’re certainly unique, banks and credit unions face many of the same business issues as other companies. One of these challenges, of course, is dealing with the paperwork of vendors, providers and contractors. Even without needing to stock or sell physical products, banks and credit unions tend to need the same number of vendors as most businesses. On average, Equips has found that financial institutions have about eight different vendors just for branch equipment maintenance. While needing different vendors isn’t a problem in itself (we work with hundreds of them), it does tend to create a lot of separate contracts and a steady stream of invoices. In this article we will be discussing some single source billing benefits and how Equips can help centralize that process.
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Streamlining the bills
Handling swarms of bills probably won’t ruin your business’s success, but it certainly eats away at your valuable time. Needless paperwork can kill productivity and simply doesn’t produce anything of value.
Single-source billing is a professional service that streamlines a business’s paperwork. This process combines all monthly vendor bills into a single invoice from the service management company. It’s similar to how people use a credit card to make payments easier and consolidate all their purchases onto one monthly bill.
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Single-source billing benefits
The benefits of single-source billing include:
- time savings
- fewer processing errors
- no duplicate payments
- easier organization
- a single point of contact to review or dispute pricing
These efficiencies are particularly useful for managers that regularly find themselves processing invoices and dealing with repeated reviews when an accounting mistake occurs.
Another benefit of single-source billing is that it can also save money directly. Streamlining reduces the chance of a business missing a bill and being hit with a late charge by a vendor.
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Centralizing with Equips
Single-source billing isn’t a special feature we need to offer—it’s just part of the great equipment management at Equips. Since we already process and handle our client’s maintenance needs, we eliminate the hassle of trying to communicate with multiple vendors and track their bills. You only need to talk to us.
Equips takes single-source billing to a new level. Prior to sending our single bill, we perform a formal review of all vendor invoices to ensure that the work was completed and that the charges are reasonable for the service provided. Clients can have confidence that their billing is accurate and fair. This then reduces delays in getting the invoice processed and the payment completed.
Contact Equips today to find out how we can help you manage your equipment while saving you time, money, and paperwork.
Getting Started with Equips
Interested in learning more about the Equips web application, and its multitude of features that simplify the equipment management process? Be sure to schedule a 30-minute demo with a member of our solutions team today. We look forward to meeting you!