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.
Streamlining the bills
Handling a swarm of bills probably won’t be a major threat to a business’s success, but it certainly eats away at your 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 by combining 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.
Benefits of single-source billing
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.
Single-source billing can also save money directly by drastically reducing the chance of a business missing a bill and being hit with a late charge by a vendor.
Centralizing with Equips
At Equips, single-source billing isn’t a special feature we need to offer—it’s part of the great equipment management we do every day. 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, reducing 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.
Equips is revolutionizing how Banks and Credit Unions manage, maintain, and protect critical branch equipment. Leveraging a network of 500+ vendors, experts at Equips help Financial Institutions respond to equipment problems quickly in one place: Equips.com. Active management allows Financial Institutions of all sizes to improve operational efficiency, cut costs, and streamline equipment inventory and vendor management. Our groundbreaking solution provides clients across 45 states with better insight and transparency into their critical equipment and enables employees to do their best work. To learn more visit equips.com.