Billing was arduous in the earlier times when people had to line up in queues to pay just one bill! Companies depended on accountants for this process, and we can still see it happening in many businesses. However, these conventional ways of getting billing done are being discarded for good, and even small stores today are slowly trying to catch up with the trend.
Manual accounting incorporates the usage of traditional paper-source tools such as ledgers or journals to document financial transactions. Thanks to the evolution of advanced billing software systems, today, this is a totally different ball game. And here’s why you should not be handling your billing manually, as it comes with a multitude of handicaps.
Time and Cost-intensive:
When you manage the billing process manually, you have to recruit a team to administer returns or do it independently. As a business proprietor, you would have to focus on other significant aspects, such as sales and marketing, product evolution, etc., and not on billing management. Further, manual billing raises labor costs by almost 50% since you would have to pay the accountants to manage revenue. It does not just take up a whole lot of time but also incurs enormous costs.
In manual billing, consumers can place return requests without specifying a reason. Even if they actually do so, you might not have a sound system in place to collect information on what gets you the highest returns. With manual handling of bills and returns, you lose the bandwidth to customize relevant requests that earn returns, ultimately building a challenging situation between you and your customer. Also, it does not furnish vital analytics such as the revenue lost to returns, category-wise, and demography-wise income. If you think you can teach this to your employees to gather all this information, you go back to square one.
Challenging to Handle Subscription Billing:
It’s no surprise that subscription services are taking the service world by storm today. If not now, all businesses need to transform their transactions with the subscription weave at some point in the future. To be able to leverage this upturn, a robust subscription billing platform that also offers the perfect CRM, deep customer analytics and efficient partner management is a huge gift! And thus, a standard and conventional manual billing system will fade out in its eminence with time.
Subpar Customer Experience:
There is a natural relationship between manual billing and poor customer experience. Basically, today’s consumers always tend to seek self-interacting platforms. They anticipate returning a product or service within a few clicks without having to go through with the arduous process of sending subsequent emails or contacting customer care, for that matter. In such a scenario, manual bill handling aggravates the fragile situation leading to a bad customer experience, which is a dissatisfying trait.
Therefore, now is the right time to bid a good farewell to manual billing and automate your billing process with an end-to-end agnostic subscription billing solution such as Magnaquest Sure. Whatever your need, our product Sure can help you run, scale and grow your subscription business. Schedule a demo with us to learn more.