Category: Outsourcing

Handling invoices from hundreds of vendors and customers is a cumbersome process.  Just maintaining excel sheets and updating them regularly may not be enough to keep organized as your business continues to grow.  Process-Smart allows you to outsource these types of tasks by taking advantage of our Invoice Processing Services.

Tasks such as tallying internal invoices to ensure they match receipts, tracking due dates of clients upcoming bill payments, and sending reminders to clients who have outstanding invoices with a decided payment cycle can all be handled by the Process-Smart team.  Through technological advancements, our professionals are able to provide data tracking and invoice compilation, monitor pending invoices, and work as your accounts receivable department.  By relying on Process-Smart for these time consuming tasks, you can focus the energy of your internal staff on higher-value responsibilities throughout your company.

Utilizing Process-Smart for Accounts Receivable

Process-Smart works directly with many landscaping companies to handle their invoice compilations and payment tracking.  Our team is fluent in Aspire software, allowing us to integrate fully with your current system.  Below is an overview of our Accounts Receivable process:

• After a job is completed in the field, a work ticket is generated. Aspire software is used to estimate the costs associated with the services that were completed.
• A Process-Smart invoicing assistant sends a recommendation to the client detailing the invoice that will be sent to the customer and provides the time frame of the payment cycle.
• Once the client approves of the invoice, the customization is completed and the invoice is sent to the customer for payment.
• After the client receives payment, the invoicing assistant makes sure that it matches the amount of the invoice.
• After the verification, these receipts are recorded as deposits to the bank.

By following the above steps, the Process-Smart team ensures that all accounts receivable are cleared by their due date for our clients.  

Typical Difficulties with Invoice Processing

Many businesses face challenges with regard to invoice compilation and payment receipt tracking.  Some of the most common are:

• Keeping track of different payment due dates with corresponding customers or vendors 
• Sending a second or third reminder to customers or vendors when an invoice isn’t paid on-time
• Miscalculation such as double data entry when handling invoice payments from multiple payment gateways
• Delayed payments from customers due to time constraints in compiling all invoice transactions 

These problems have a simple solution – Process-Smart. Our team of professionals are available to help you process invoices efficiently in order to reduce payment delays. 

Efficient Invoice Processing with Process-Smart 

Let’s look at the top three ways invoicing via Process-Smart benefits your business:

1- No Manual Invoicing

Our job is to make invoice compilation and time tracking seamless for you. We can help you simplify these tasks so that there is no room for mistakes. With our streamlined invoicing process, you do not have to cross-check multiple times. This is because each invoice can have a corresponding cheque or receipt, making it very easy to maintain your records.

2- Increased Visibility of All Invoices

One of the most difficult aspects of invoice processing when it is done manually is the number of receivables and payment receipts which are difficult to keep track of simultaneously. We can help you streamline all invoices in such a way that you get a bird’s eye view of all your transactions. 

3- Quick and Easy Reconciliation

Invoice processing services can assist you by reconciling invoices with purchase orders, memos with delivery receipts and more, like identifying duplicate orders and discrepancies. 

Invoice Processing tracks each account from its invoicing to the payment stage to ensure there are no backlogs, delays in payments, or fraudulent transactions. This can help the business to reconcile all their bank statements and transactions efficiently without any inconsistency.

Systematic Invoice Processing with Process-Smart

With Process-Smart invoice processing services, we can bundle and send bulk invoices, send auto-reminders of due or past-due payments, provide instant updates of paid invoices, and overall manage all accounts receivables easily. We can make your accounts receivable efforts efficient and straight-forward; contact us today for information on how Process-Smart can work for you.

Over the past five years, a wide variety of operational challenges, ranging from market volatility to technological advancement have caused many financial industries to consider, or in some cases reconsider, outsourcing.  Credit unions in particular are finding that the range and quality of services provided by outsourcing companies meet or exceed their in-house capabilities while driving efficiency and lower overhead cost.  

An article in Credit Union Times titled Is Operational Outsourcing Worth a Second Look? lists the following five ways outsourcing companies are helping credit unions succeed in today’s new landscape of financial services.

1. Business Process Outsourcing (or BPO) can provide immediate and long-term staffing solutions.

2. BPO can deliver technical expertise that is expensive or in short supply in the U.S.

3. BPO can maintain data security and privacy standards more securely than most remote work environments.

4. BPO can help to streamline key operational processes.

5. BPO can enable greater focus on customer service, such as member engagement and loyalty. 

At Process-Smart we can help you build an outsourcing strategy that works for your company.  Please reach out to us by phone or email to discuss a free pilot to help you recognize the benefits of partnering with us.

At Process-Smart, our team focuses on providing valuable support to our clients through high-level quality analysis of loss control insurance inspections.  After receiving a request for an inspection, we assign an inspector to complete a thorough assessment of the facility.  Our QA team then completes a full review of the results, delivering a complete survey back to our client generally within 24 hours.  By doing so, Process-Smart is able to drive efficiency while simplifying the loss control inspection process for your business.

Who Are Our Clients?

Process-Smart collaborates with multiple businesses, offering insurance inspection services to both commercial and personal lines.  Our VIITA (Virtual Insurance Inspection Training Academy) certification has allowed our team to become experts in helping clients to avoid the probability of loss by using our backend support.  The completed survey you receive to provide to your insurance underwriter is detailed and systematic, allowing for a comprehensive analysis.

The Process-Smart Process

When a client reaches out through email to order a loss control or physical loss control inspection, we log the request in our system.  Our team is fully trained in LC360 (Loss Control 360), which is used to create orders that include all details requested using PDF documentation sent by our clients.

Additionally, we are well-versed in RAKEIO, AmTrust and SKYWARD.  These programs allow us to review the inspection details at the time of order creation, as well as upload finished reports after quality assurance is completed.

Once an order is logged into our system, an inspector is assigned to complete the loss control survey.  The order creation date and due date are clearly noted on the script for the inspector to view.

During a loss control survey, the inspector is required to:

• Meet with a knowledgeable individual (e.g. a manager or risk manager) who is required to be present for the inspection
• Walk through all buildings, including manufacturing facilities, storage areas, etc. when necessary
• Provide images of the interior and exterior of the facility
• Answer questions regarding safety measures and the scope of any construction or extraction activities.

Once the survey results are returned, the Process-Smart team will verify the inspector’s report and complete a Quality Analysis (QA).  The QA comprises the company guidelines related to the inspection, the call requirements along with the opinion of risk, and transparent feedback on potential hazards with recommendations for modifications to prevent significant loss and/or claims.

After the QA process is complete, the results are sent to the underwriter to evaluate the report and the risks involved.  The underwriter then grants the insurance, rejects it, or grants it with modifications.

What are Common Challenges Faced by the Insurance Underwriting Industry?

Insurance underwriters are being challenged to reevaluate their present strategy and operating models due to evolving market trends and consumer behavior, digital disruption, regulatory uncertainty, and a competitive market.

Some of the common challenges for insurance underwriters involve the following:

• Advances in Technology – Enhancing operational efficiency and lowering risk exposures require investing in digital platforms and solutions.
• Infrastructure with Outdated Technology – Insurance underwriting companies have the opportunity to optimize developments in technology as they relate to key operations by outsourcing to companies like Process-Smart.
• Increasing Operations Costs – The rising cost of operations continues to negatively impact the insurance sector.
• Competitive Analysis – Proper management of data can provide a competitive advantage.
• Customer Interactions – Reevaluate business strategy with a stronger focus on the customer experience and a tailored value proposition driven by an ever-evolving digital world.

How Process-Smart Can Help Your Business?

At Process-Smart, we are extremely aware of the importance of aiding underwriting in determining policyholder exposures and risk acceptability.  To reduce the likelihood of mishaps, injuries, and property loss, we collaborate with experts in the insurance field to ensure all needs are met.

Our extensive knowledge helps clients gain important insight into incidents that can cause claims as well as necessary recommendations for preventing them.  Loss Control Services can customize reports to support corporate loss by working with the carrier or policyholder.

Process-Smart works by restructuring processes to allow for maximum output and efficiency of insurance loss control inspections.  By providing daily reports to our clients, we can ensure that our team of professionals with market-specific experience provide high-quality reporting and QA services without discrepancy, all while adhering to industry policies and procedures.  We will help to increase your profit growth by collaborating with your business to build out best practices in a streamlined process.  Reach out to us today to learn more about how we can help drive your expansion and growth.

Business Process Outsourcing, or BPO, is rapidly growing as a solution for organizations to improve the effectiveness and efficiency of their daily tasks by contracting with a third-party service provider.  In most cases, non-core activities are transferred to specialized talent to drive down cost and improve quality.

Core services such as payroll management, customer service, and general back office support are some of the most popular tasks that organizations choose to outsource.  However, there are also lesser thought of processes where BPO services can be utilized – marketing, social media management, lead generation for sales or recruiting, and technical support are just a few.

The benefits of business process outsourcing are plentiful, driving efficiency and cost reduction in companies who choose to take advantage of the opportunity.  An article by Day.io lists the following as the top four advantages to business process outsourcing:

• Reduced Operating Costs
• Improved Efficiency and Margins
• Increased Agility/Adaptability
• Enhanced Customer Service/Experience

At Process-Smart, we believe that businesses of every size can use outsourcing to grow and expand while controlling operational costs and driving efficiency.  We are excited to offer a free pilot program to help you experience the advantages of outsourcing with us.  Please contact us at the below email and phone number to discuss a solution tailored to your business.

Business process outsourcing, or BPO, is the act of hiring an external provider to handle a set of business functions necessary to run your company.  BPO can address both front-office and back-office tasks depending on the need your company faces.

Once you have determined the business functions that you will most benefit from outsourcing, you can then work with a company such as Process-Smart to draw up an agreement that tailors to your specific business needs.  

While outsourcing does sometimes hold an adverse stigma, there are many benefits that generally outweigh the negative.  Operational flexibility, access to innovative technologies, and lower overhead costs are some of the most common benefits that companies report after choosing to outsource business functions.  Outsourcing also allows for specialized risk management from skilled individuals who are experts in their field.  Together, the benefits of outsourcing can provide companies with a greater competitive edge in the market.

At Process-Smart, we believe that working together to tailor a program that fits your specific business needs can be the answer to an efficiency within your company.  Let us help you develop your competitive edge in today’s market.  Contact us today – we will work with you to determine where BPO can be most advantageous to your business.

By now, you are aware that there are numerous benefits to outsourcing certain business processes within your company.  At Process-Smart, our goal is to help our customers drive operational efficiency through cost-effective business solutions.  According to an article published by Jon Guess at Above the Fray, here are the most vital reasons why you should consider outsourcing in 2022.

• Your Staff is Overloaded – with your team working at max capacity, and the labor shortage contributing to hiring difficulties, outsourcing is a cost-effective solution to continue to grow your business while avoiding burnout.
• You have a New Project – perhaps you have created a new business element, but don’t have employees with a skillset to match.  Outsourcing allows for the quick implementation of highly trained individuals to handle your new venture.
• The Labor Shortage has Affected Hiring – the current condition of the labor market has made it increasingly difficult to find qualified employees at an affordable rate.  Outsourcing allows you to hire talented individuals who are ready to go to work for you.
• You have Expanded to Different Countries or Time Zones – providing customer support during normal business hours in different countries and time zones is imperative to growth.  Outsourcing allows you to accomplish this without additional stress on your current work force; asking staff to adjust hours or work overnight may not always be feasible.
• You are in Danger of Missing a Deadline – outsourcing some or all of the labor when a project is falling behind can help you to stay on task, mitigating the risk to your company’s reputation.
• You have Staffing Needs that Change – maybe your company is seasonal, or your needs fluctuate for a different reason.  Outsourcing allows you to utilize labor during your busy season without keeping employees on the payroll during slower times.
• You Require a Special Skill Set – it’s possible that you don’t have staff that includes someone with a highly trained skill set necessary for certain projects or business functions, whether those skills are technical or otherwise.  Outsourcing gives you immediate access to individuals that possess these skillsets and can help to implement them for projects on an as-needed basis.

If you are considering outsourcing a set of business processes, please reach out to us at Process-Smart.  We are excited to offer a free pilot program to help you experience the benefits we can provide to your company.  We are available to discuss a tailored experience specific to your needs at the below email and phone number.  We hope to hear from you soon.

Recently, a client approached us with a business need regarding automation of sending contracts out and receiving payments back from their customers.  We immediately went to work to create a process to address these tasks.

We started by creating an interactive form that detailed the agreement the customer had requested, but also provided the ability to include additional available services before signing.  A link to the contract is sent through email with the option to e-sign, eliminating paper contracts.

Our team also created an interactive payment form.  The link to this form is sent along with the contract, and customers are asked to provide credit card details for payment.  Once the information is logged by the customer through the provided link, the information is immediately sent back to our client to process.

This is just a quick example of how the Process-Smart team can help to simplify everyday business processes – allowing you to save time, money, and frustration.  Please contact us today to discuss how Process-Smart can help find a similar solution for your daily tasks.

Many companies overlook the amount of time and money spent on back-office support tasks as these administrative duties don’t always seem like much to handle.  However, as your small business grows in scale, your employees are forced to allocate more and more time to admin work instead of activities that add value to your business.  It’s estimated that Fortune 500 companies waste approximately $480 billion on back-office tasks completed by employees.

Often back-office processes become inefficient as companies scale.  These inefficiencies take up important time that should be spent focused on strategic aspects of business like sales and marketing.  While specific back-office needs differ between companies, outsourcing can be the answer regardless of the industry.  No matter the size of your company, there are many advantages to outsourcing back-office support functions.

An article titled The Advantages of Outsourcing Your Back Office Support Needs lists the following benefits:

• Cutting Costs – factor in costs like labor, employee turnover, investment in new technology, training – all these items yield a very high cost.  By choosing to outsource, you can utilize an existing, well-trained infrastructure of professionals at a much lower labor cost.
• Reinvest in your Business – outsourcing allows you to reinvest not only the money saved from a lower cost of labor, but also your time into value-added strategic priorities.
• Gain Quality Talent Dedicated to Your Company – especially when considering the current shortages in the U.S. labor market, finding skilled, experienced potential employees can be tough.  Outsourcing provides administrative experts highly trained in the latest technology, tools and best practices to streamline your administrative needs.
• Concentrate on Core Competencies – focus on the growth of your business as opposed to time consuming back-office tasks.  By placing these crucial but secondary processes with trusted, trained, outsourced professionals, your team can focus on what they do best (creating a happier group of employees as a bonus!).

At Process-Smart, back-office support is provided through data entry and management, online research, virtual assistance, bookkeeping/accounting, website development, IT support, HR/recruiting assistance, and more.  We are excited to offer a free pilot program to help you experience the advantages of outsourcing with us.  Please contact us at the below email and phone number to discuss a solution tailored to your business.

Outsourcing has become an accepted, practical approach to cost reduction, risk mitigation, and operation efficiency.  By taking advantage of lower operating costs, greater flexibility, and reduced risk of error, companies can benefit from the positive impacts outsourcing offers.

Outsourcing can allow your organization to accomplish work at a low cost with higher efficiency.  Tasks such as call centers, book keeping and accounting, software development and more can result in cost saving opportunities of 50-70% or more.

Mitigating risk is accomplished when outsourcing firms are able to streamline a process (for example, bookkeeping and accounting) where human input can cause mistakes.  By reducing manual data entry, mistakes become extremely rare.

According to a blog post by SIAPartners, while cost reduction and mitigating risk are two key benefits when considering outsourcing there are other advantages you should consider as well:

• flexibility in adaptation of new organization structures, technologies and business focuses
• reduced training cost
• potential for reduced employee benefit costs
• ability to add investment to potential growth
• greater flexibility to pursue mergers or acquisitions
• improved performance and focus on primary responsibilities
• less risk of human error compared to traditional contractors

At Process-Smart, we can help you build an offshoring strategy that works for your company.  Please reach out to us by phone or email to discuss a free pilot to help you recognize the benefits of partnering with us.