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Scaling Made Easy: How Automated Billing Enables Business Expansion

Every business wants growth, but many find themselves unable to handle it, especially when it comes to managing billing and invoicing. In fact, over 30 percent of companies admitted that they couldn’t handle a sudden increase in invoices.  

Thankfully, automated billing systems can address these problems easily.  

Take the fictional MSP Walk & Talk Mobile as an example. They’re an MSP that’s experienced much growth and set its sights on new markets. Before their expansion, Walk & Talk Mobile Communications (WTMC) upgraded to an automated billing system. And they’re finding it an invaluable asset to their growth. Here’s why:  

It simplified complicated processes  

The average business processes over 1,000 invoices a month. And WTMC is no exception. They spent 10 or more hours a week sifting through a sea of paperwork. Every invoice had to be carefully validated, often leading to delays and occasional errors.   

But with automated billing, the system streamlined everything. It pulled all the necessary data from their products and services, organized it into the proper invoice templates, double-checked them for accuracy, and flagged any discrepancies instantly.  

With this clear and organized workflow, WTMC could eliminate its paper stacks and make invoicing faster, smoother, and much less stressful for all involved.   

It increased operational efficiency and productivity  

What used to take them 15-25 days (about 2 weeks) to process manually now takes them a matter of minutes. Thanks to Symphony’s built-in workflows, invoices are automatically generated, sent for online approval, and passed along to customers with just the click of a button.  

According to a recent Salesforce report, these kinds of automation can save desk workers over 3 hours per week, totaling 156 hours (about 6 and a half days) a year. With all that extra time on their hands, the WTMC team can focus their time and energy on other things, like:  

  • Developing new marketing strategies  
  • Brainstorming product innovations  
  • Improving other internal processes  

Whatever their decision, the WTMC team will spend less time on manual processes and more time investing in the company. And you could, too.  

It improved cash flow by reducing late payments  

Late payments are a blight on most businesses. Recent research indicates that 87 percent of companies are typically paid late, resulting in:  

  • A shortage of funds to cover salaries, bills, inventory purchases, etc.  
  • Tension between the business and its suppliers, employees, and lenders  
  • Stunted innovation, expansion, and sales opportunities.  

But with automated billing from Symphony, WTMC can stop chasing down much-needed payments. Now, they can send timely reminders to clients on a consistent schedule, ensuring prompt payments and healthier cash flow. Because they have more reliable revenue, they can keep their business running and plan for future growth without worrying about finances.  

Reducing Late Payments is Critical for Company Expansion. In a study by Quickbooks, almost 90 percent of companies surveyed reported that late payments hindered their plans for long-term growth.  

It minimized the number of billing errors  

Processing bills manually—in whole or in part—leaves companies open to human error and fraudulent activities. These can lead to discrepancies in billing statements, financial disputes, profit loss, and even a loss of reputation. None of these experiences help a business grow. But an automated billing system can change all that, and other professionals agree. Ninety-eight percent of respondents in the State of Service Report said that using automation reduced the number of errors.  

Let’s look at WTMC. When WTMC adopted an automated billing system, it eliminated costly billing errors, allowing it to maintain a high level of trust and transparency with its customers. Now, it enjoys more accurate invoices, fewer financial disputes, and a more loyal customer base, all of which make it easier for it to experience carefree growth.   

It increased their customer satisfaction levels  

Customer satisfaction is the bread and butter of any company, especially those focused on growth. McKinsey found that 80 percent of the value created by the world’s most successful growing companies comes from current customers. How? By giving them excellent experiences.  

Automated billing systems, especially ones with self-service capabilities, play a part in that! Over 60 percent of customers prefer to manage and pay their bills on their own without having to get a rep involved. Platforms like Symphony, with their self-service options and timely notifications, help companies like WTMC give their clients the power and transparency they crave when it comes to billing.  

When they automated their billing, WTMC saw happier customers who were willing to stick around for the long haul, providing them with the profits they needed to finance their growth. And continue offering stellar service from start to finish.  

It simplified compliance and fortified data security  

With more regulations being added each day, compliance with tax laws and data security standards is non-negotiable for businesses. Especially with the meteoric rise of cybercrimes in the last few years.   

As a telecom MSP, WTMC had to comply with quite a few industry regulations. As they looked to expand into different states, the list of regulations only got longer. Plus, they knew that if they grew, they’d be dealing with even more sensitive data than before.  

Thankfully, automated billing platforms like Symphony offer built-in features that simplify compliance and improve data security. Features like:  

  • Automatic tax compliance calculations based on customer location and transaction type  
  • Consistent industry regulation and tax law updates  
  • Customizable compliance rules  
  • Comprehensive audit trails and reporting   
  • Advanced encryption and security protocols  
  • Role-based access controls and more!  

Now, WTMC can grow without fear of data breaches or costly fines and penalties—and you can, too, if you choose to use Symphony.  

Experience Fearless Growth with Symphony – Your Comprehensive Automated Billing System  

Though WTMC was imaginary, the benefits of Symphony’s automated billing platform are all too real! Our comprehensive billing system makes it easier than ever to automatically generate and send invoices, establish secure self-service platforms, and even provision new services! Ready to streamline your billing and make expansion that much easier? Schedule your free trial today to see how Symphony can help you do it!