Top Six Reasons Why Enterprises Just Love Paying Their Own TEM Bills
Today, we’re talking about the finer things in life. This goes out to the activities that everyone simply adores. You know, like going to the dentist or spending hours in line at the DMV.
And, for most companies, in this echelon of paying taxes and having wet socks is paying IT and telecom bills. The world of technology expense management (TEM) is simply marvelous.
What is it about paying TEM bills do businesses just adore? These are the top six reasons why it’s the bee’s knees.
1) Enterprises love logging into dozens of portals for thousands of monthly payments that are separately entered.
Some people just love long walks on the beach or quality time with loved ones. Boring. Wouldn’t you rather spend that time on TEM bills instead, laboriously logging into dozens of separate portals? We thought so.
With a Managed Pay service, clients don’t have to log into separate portals every month to pay and process every single invoice. Time saved? What a drag. Who wants that?
2) Enterprises love spending money on each and every single check and invoice that goes out to telco and IT vendors.
As Mother always said, money does grow on trees. So why not just spend wildly on invoice payment and processing?
Businesses can save over $30 an invoice - more than $1.5 million a year - just by using a managed service for TEM bills and other recurring expenses, but since when do companies need to be fiscally responsible anyway?
3) Enterprises absolutely adore having staff on payroll whose only job is paying and managing bills.
You know what’s almost as fun as getting bitten by a mosquito or getting called for jury duty? Paying someone a salary plus benefits just to manage TEM cost allocations and payments. We did say almost.
Sure, you could hire an outside expert to expertly manage all of this for you, but wouldn’t you rather have Bob and his rotting tuna fish lunches around to keep messing up on payments every month? That’s definitely a lovelier option.
4) Misapplied payments are simply the best.
Vendors are notorious for taking your perfectly printed check, addressed to the correct remit address, referencing the correct account number – and applying it somewhere completely different. I mean, who doesn’t love the hassle of trying to track down where your payment was applied when an account that you have record of being paid is all of the sudden overdue?
After all, the very best conversations arise when your vendor is threatening to shut off services even though Bob from accounting swears he sent in the bill already. It’s like a thrilling whodunit, except a lot more expensive and stressful.
5) Life is full of fun surprises, like when critical services get turned off because of late or non-payment.
You know when you pick up the phone or go to log in to a critical system, but then you get an error message saying service has been turned off? What a gas!
Time to talk to Sally in Accounts Payable because Bob sent the invoice over with the proper approvals and allocations, so what gives? Oh, they lost that approval in the system? Or better yet, they’re just backed up? Interesting. What kinds of businesses pay their bills on time anyway?
6) Sometimes a little mystery spices things up, which is why clients love vague invoices.
Some activities are better in the dark - like writing a novel or cutting an onion. That’s why clients just hate it when their bills reveal TMI. Invoices that just ask for payment for “services” or - even more mysteriously - “support” or unexplained surcharges are the very best. Bob doesn’t have time to check all of these charges if he’s to get the billing allocated, approved, and to AP on time for the payment cutoff! What to do?
Let’s be real for a moment. If you actually love misapplied payments, vague invoices, logging into lots of systems and overall just spending a lot of time and money on your TEM bills, then by all means keep going with the status quo. But if you’re ready to save some serious moola and avoid hours of hassle and headache, then Managed Pay for your TEM invoices is something you’ll actually love.