Is Outsourcing Bill Pay Right for You and Your Family?
Effectively managing finances and bills can seem impossible when juggling multiple homes and businesses while constantly on the go. Hiring someone to help manage these tedious tasks can be beneficial but costly. That is when a bill pay service can come into play. Discover what to look for in a bill pay service and how this and other financial management services, such as investment tracking, can help you and your family stay on top of your finances.
Is a bill pay service right for you?
Outsourcing your finances can be scary. It’s hard to know when you should consider it. Below are a few of the more common scenarios when families decide it makes sense.
- You have multiple locations and just don’t have the time. If you are constantly paying late fees, struggling to manage a mountain of bills on your desk, or concerned about your spouse’s ability to handle finances in your absence, outsourcing bill payments and financial management may be the solution for you and your family. Bill pay outsourcing is perfect for families and business owners who are constantly on the move and struggle to manage their bills across multiple locations. Additionally, with the right bill pay service, they can help you take proactive steps to streamline your finances and help you save money rather than always playing catch-up.
- Concerns over a surviving spouse. Another factor to consider is whether one person in your household manages all the finances. In such cases, the surviving spouse may not have the knowledge or understanding of where payments need to be made or how investment distributions are allocated. This can create added stress and uncertainty during an already difficult time.
A reliable bill pay service ensures payments are made on time, provides detailed reports on where your finances are going, and helps to identify saving opportunities that might have been overlooked. Now that you’ve decided bill pay outsourcing is right for you, let’s dive into what to look for in a company that provides this service.
Here are 5 considerations when evaluating an outsourcing option.
- Internal Controls Procedures: The number one thing to consider when looking for a bill pay service provider is what their internal control procedures look like. After all, this is your money; you want to work with a trustworthy provider to manage it accurately and safely.
- Liability Insurance: This is another vital component to consider when outsourcing bill pay and financial management tasks. Ensuring that you are covered if something goes wrong is essential.
- Technology: With advanced technology, the bill paying process can be done securely and seamlessly and ensure proper internal controls. This also provides electronic invoices and payment history records that you or your financial team can easily access. The right technology also allows synchronization with an accounting software to provide monthly reporting to help keep you on track.
- A Team: Having a team of professionals to help you manage your finances is essential. You do not want to rely on one person handling your bills. Not only does it ensure that your bills will be taken care of if your primary contact is out of the office, but you can also be assured that your bill pay team is working with your tax provider, attorney, financial advisors, bankers, and insurance providers to keep everyone up to date on your financial situation.
- Forward Thinking: Finally, you don’t want a team to simply pay your bills or transfer your money. You want someone who will strategize for you, think ahead, and be prepared for any situation. When you have a team proactively working for you, know that they have your best interest in mind.
Whether you’re a busy professional, family on the go, or a business owner or entrepreneur, outsourcing bill pay can help take the guesswork and burden out of managing your finances. If you are curious about bill pay services, contact Friedman + Huey. We can help guide you down the right path for you and your family.