How can you ensure successful invoice processing with a third-party provider?

1 Assess your needs

Before you decide to outsource your invoice processing, you need to assess your current situation and identify your pain points, goals, and expectations. For example, you may want to consider how many invoices you process per month, how much time and money you spend on it, how often you encounter errors or delays, and how satisfied you are with your current system. You also need to determine what kind of invoice processing solution you need, such as paper-based, electronic, or cloud-based, and what features and functions you require, such as automation, integration, validation, or reporting.

2 Research potential providers

Once you have a clear idea of your needs, you can start researching potential providers that can meet them. You can look for online reviews, testimonials, case studies, or referrals from other businesses in your industry or network. You can also compare different providers based on their pricing, service level agreements, security, compliance, scalability, and customer support. You should look for a provider that has experience and expertise in your field, that can offer a customized and flexible solution, and that can guarantee high-quality and timely results.

3 Communicate your requirements

After you narrow down your choices, you need to communicate your requirements to your preferred provider and make sure they understand and agree to them. You should discuss the scope, timeline, budget, and expectations of the project, as well as the roles and responsibilities of each party. You should also establish clear and consistent communication channels and methods, such as email, phone, or online platforms, and set regular meetings or updates to monitor the progress and performance of the provider. You should also provide feedback and suggestions to help them improve their service.

4 Implement the solution

When you are ready to implement the solution, you need to ensure a smooth and seamless transition from your current system to the new one. You should work closely with the provider to plan and execute the implementation process, which may include data migration, software installation, system integration, user training, and testing. You should also prepare your staff and stakeholders for the change and address any issues or concerns they may have. You should also review and document the policies and procedures related to invoice processing and make sure they are aligned with the provider's standards and best practices.

5 Evaluate the outcomes

Once the solution is up and running, you need to evaluate the outcomes and measure the impact of outsourcing your invoice processing. You should use key performance indicators (KPIs) and metrics to assess the efficiency, accuracy, speed, and cost-effectiveness of the provider's service. You should also solicit feedback from your staff, suppliers, and customers to gauge their satisfaction and experience with the new system. You should also compare the results with your initial goals and expectations and identify any gaps or areas for improvement.

6 Maintain the relationship

Finally, you need to maintain a positive and productive relationship with your provider and ensure a long-term partnership. You should communicate regularly and openly with them and address any issues or challenges that may arise. You should also acknowledge and appreciate their efforts and achievements and reward them accordingly. You should also review and update the contract and the service level agreement periodically and make sure they reflect your changing needs and expectations. You should also explore new opportunities and innovations that can enhance your invoice processing solution and add value to your business.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?