Competing Against Larger Rivals
To fight against your larger rivals, you have to be strategic. Big companies can hire large accounting firms. They can also develop massive departments and pay for outsourced call centers to help follow up on invoices.
SMBs are different. You need to use what you have that is unique to your company. You can leverage SaaS (Software as a Service) solutions to take care of most of the heavy hitting. Scheduling software, reporting tools, and help desk software are a good start, but they are only the beginning.
Small businesses can also outsource almost everything. You can hire the expertise you need for bookkeeping, sales, marketing, or even invoicing, - and you can do it for less than the cost of hiring someone with the same qualifications and experience for each of those roles.
Back Office as a Competitive Advantage
The back-office is a perfect place for your small company to gain a competitive advantage. You are likely outsourcing your payroll already. Using back-office solutions is a natural extension, especially for accounting. Finance requires specialized knowledge and expertise, that you may not have and it is expensive to hire. It also requires time. You'll have to manage very repetitive tasks, like preparing invoices and sending out payment reminders - but none of that is necessary.
Back office tech solutions can handle these tasks for you and improve your cash flow by letting you get back to growing your company.
Some back-office payment solutions let you manage your accounts receivable more efficiently. Others, like BAMFi, let you leverage your customer invoices to get paid fast.
“By reaching further into the process, we find more opportunities for automation,” BAMFi CEO, Todd Ehrlich, explains. “We can automate invoicing, for instance, using signals like automated proof of delivery.”
We treat your customers the way you would while helping you collect on invoices more quickly and easily than ever before. We generate and send invoices on your behalf. Then, we collect your payments electronically. Once approved, you can access your payments in less than 24 hours.
Contact BAMFi today to see how we can help your small business succeed.