Yet how you manage the documentation of your business can have a great impact on how successful your business ultimately is. For example, deposit and invoice processing is a time-consuming and exacting job for many businesses. You may be spending valuable time collecting payments, preparing deposits and going to the bank, when you could be spending time building your business. If you would like to have the use of your receivables more quickly, with less effort on your part, consider lockbox services that automate deposit and invoice processing. With lockbox services, payments made by customers to your business are mailed directly to a central location and given dedicated processing.
Mail arriving at the central location is collected several times a day, including weekends.
The process reduces mail-processing delays, typically the largest component of lost time in the collection process. The institution handling the processing captures and delivers invoice information for automatic receivables update or credit review. The more integrated your cash management systems, the more efficient your business operations will be. By having the lockbox service imbedded in a central asset account, customers' payments can be processed and deposited directly into your account, where the assets will immediately begin earning money. You owe it to your business to consider any services that can cut down on the time and money you spend on administrative tasks.