Wednesday, 25 October 2017

Outsourced Accounts Payable Services

image for accounts payable services

AxiomBPM‘s accounts payable service is transformational, to say the least. Our top of the line automation system guarantees impeccable document management due to our constant hard work on updating and improving it.

Human errors such as duplications are a thing of the past. We also flawlessly handle transaction management, exception resolution, and disbursement related services.

Outsource-your-work

AxiomBPM offers extremely practical solutions in all aspects of outsourcing your accounts payable. Instead of having to hire your own staff and handling all their salaries and bonuses then training them. Not to mention the expensive software licensing and constant updating.

We use the latest techniques and practices including Sarbanes-Oxley compliance which results in a great reduction in discrepancies and a significant increase in the financial control. All that translates into improvements for your bottom line.

The Accounts payable services we offer:

We are up to date on all the needs and legalities required for our customers from the USA and UK.

Our End to End solutions include:

Data Capture: Receipt and management of all paper-based payable documents. This includes:

  • Sorting
  • Batch preparation
  • Scanning
  • Document indexing
  • Document storage and retrieval
  • Receiving and processing incoming mail
  • Audit and reconciliation of scanned invoices
  • 100% availability of scanned invoices

Data Processing – Exception Management/Resolution: we resolute and manage all exceptional transactions. This includes:

  • Approval and exception routing
  • Shortened month-end closing process
  • Documented audit trail

Suspect Duplicate Analysis: Audit and control mechanisms to eliminate the risk of duplicate payments and support recovery and reclamation through:

  • Manual and automated data entry
  • Three-way database matching
  • Electronic invoice processing

Disbursement Services: finalize all aspects of payments in the least amount of time possible to reduce customers’ floating costs.

  • Print and distribution of checks
  • Secured maintenance of check stock
  • Online check proofing
  • Return check handling
  • Electronic payment handling
  • Special invoice mail handling

Our accounts payable services are very inclusive, our services include utility bill management, accounts payable reports, processing of travel and expenses, tax reporting and supplier management.

Not to mention the grade A customer service and special projects report most of our clients have gone accustomed to during their interactions with us.

Our workflow is simple yet elegant:

Step 1 – Invoice Receipt: Customers’ hard copy and electronic invoices are received.

Step 2 – Image and Data Capture: All documents are stored as images and all invoice images are view able.

Step 3
– Process and Route: Invoice documents are processed according to previously agreed upon business rules with the customer. Invoices are routed to the relevant customer executives for approval and final resolution.

Step 4 – Disburse and Archive: An approved invoice is uploaded to customer’s A/P system for payment through standard interfaces on all accounting platforms. The invoices are then posted to the General Ledger as ’normal’. We also perform disbursements. The hardcopies are stored at our facility and the electronic images are searchable online.

Five reasons why you should outsource your Accounts payable Services:

  1. Your invoices will be paid well before its due date:
    This is thanks to our automation system that procures and processes all your bills and allocates their payment before their due time.
  2. We send you monthly, quarterly or annual reports depending on your needs:
    No need to search for a needle in a haystack. Each and every single month we’ll send you a clear and detailed report containing all bills processed and all the updates on your accounts.
  3. View co-relations between checks issued and invoices that were already paid:
    Another benefit to our automation system is that there is no room for human error such as duplication. Each bill is marked by a serial number, and once payment is issued for that bill, it cant be repaid again unless done with a manual command
  4. All your vendors will be ensured to compliance to SOX
  5. Instead of having to hire an entire staff and train them, you can fully utilize BRAND’s team and all their expertise and training of payable accounts

 

So why choose Axiom over anyone else to handle your Accounts payable?

  • Our workflow and automation system is highly effective and is up to date on the latest and most optimum practices in the industry.
  • We can guarantee you 24/7/365 of active online communication to help you with any question or inquiry you my have.
  • We can boost your relations with your vendors.
  • Significantly drop the number of invoice discrepancies and disputes.


source https://www.axiombpm.com/accounts-payable-services/

Tuesday, 17 October 2017

Outsourced Revenue Cycle Management Services

image for rcm services

Revenue cycle management (RCM) is the process of handling claims, or it could be defined in other means as it is also the process of processing payments and generating revenue in the healthcare industry.

Revenue cycle management starts once the patient books an appointment with a physician or a medical professional. Once they step in the facility the cycle starts and it continues until the balance on the account related to this patient goes to zero.

The process includes a lot of steps that vary from checking the eligibility of the patient’s insurance to verifying the coding claims. It is a complicated process that needs a lot of management and mistakes in it hurt a lot of groups involved in the process.  Mistakes in the process will hurt the patient and make them worry about their insurance coverage and at the same time it will make the medical facility worried and reduces the cash flow which will affect the hospitals or the medical facility’s day to day operations.

The RCM Services includes all the administrative and clinical functions that contribute to the management, capture and collection of the patient service revenue. As said before the revenue cycle is complicated and involves a lot of steps, here are some of them that outline its importance:

  • Rendering medical services into charges that are billable and capturing the charge.
  • Properly align the diagnoses and the procedures with the proper code to avoid any unnecessary mistakes.
  • Submitting the claims of the billable fees to insurance companies
  • Collecting payments from the patient’s and determining their balance
  • Before a patient arrives, some information collecting takes place to ensure the patient is covered by an insurance company.
  • Registration process then takes place to collect subsequent patient information during the registration to establish a medical record number and meet regulatory requirements
  • The remittance process then takes place to apply to reject payments.
  • Collecting payments from third part insurers then takes place
  • Utilization review then takes place.

 

These steps are necessary for every patient that comes through the doors because everything needs to be done properly and every patient needs to have his whole process and cycle go smoothly and done right, so you can imagine how hard it might be or how exhausting the process may be for every patient, especially for medical facilities or hospitals that cover thousands of citizens and patients in major cities.

With a proper management cycle, a well-designed system will be in place to track patient care and the collection cycles properly. It bridges and connects the gap between the business and clinical sides of healthcare. It reduces the time needed for receiving the payments.

This cycle enables organizations to check where the revenue process has the scope of improvement by arranging billing data properly and producing reports.

This is why a lot of organizations have started outsourcing their revenue cycles process to countries where it will be cheaper to get their revenue cycle management process done and it will also be done with a higher quality than hiring locals.

 

Why outsource it?

 

Revenue cycle management can be a very tough process and very time consuming. But still every organizations related to medical procedures need to have this kind of cycle for every patient they get.

It is necessary and unavoidable. It needs to be done correctly and efficiently to avoid any coding mistakes that may cost the organization money and cost the patient time and money and cause him or her a lot of inconvenience.

The steps in the cycle may be hard to manage especially the medical coding process. This is why organizations use services in countries like India that cost way less and still get the job done efficiently and right through professional coders and healthcare professionals.

Here are some of the benefits of why you should outsource your revenue cycle management processes:

Greater control

When you outsource your revenue cycle management you will have greater control. There is a common misconception that outsourcing will lead to lost control over the process and your money. But the fact is, outsourcing RCM gives doctors a better understanding of the revenue cycle because it delivers transparency and facilitates relations ships with experts.

 

Better security

We always hear about patients’ information being leaked and causing a lot of identity theft and a lot of inconveniences for the patients. All those leaks happen because of weak security systems that are easily breached. What patient or organization want to have their patients’ info not secure enough and easily accessible by thieves or hackers. That’s why you start outsourcing because it makes the whole process more safe and secure. Outsourcing companies spend a lot of their resources setting up better security systems and keeping up with the latest updates to ensure high security and keeping the organizations info in check and safe from any breaches or leaks. No one wants a patient who is worried about getting better also worried about their information getting in the wrong hands. Not to mention the lawsuits and legal trouble an organization will get in if they happen to have any security breaches.

Regulatory compliance

Outsourcing companies will always be up to date with the latest regulations and policies in your state or country. They perform everything according to your needs and your state’s policies. A good outsourcing partner will provide you with exactly what you need according to the conditions you reside in. They will help your practice keep up with the changing conditions and the vast world of healthcare regulations.

 

Stronger financial performance

 

Not only will the outsourcing companies like Axiom help you increase the cash flow and make sure the submissions are not rejected or there are any problems with the insurance.

They will also help you increase your revenue and improve your organizations financial operations. Outsourcing your revenue cycle management will help you decrease the need for office space and billing procedures or internal staff and office infrastructure. They will help you receive more of the payments your organization is entitled to get.

This will lead to less capital expenses and going through a tough hiring process that will cost you a lot of time. A good outsourcing partner like AxiomBPM will help you by reducing the time you need for processes like this and ensure that you can spend your time improving your bottom line and providing a better care for your patients making them happy, satisfied and more importantly cured.

What are you waiting for? Outsource your revenue cycle now. You don’t need to waste time and worry about insurance companies rejecting claims anymore.

We will make sure the rate of claims refused is reduced and increase your cash flow so you can live through your day to day operations, all that while costing you less and saving you time. What is there to not like?

Contact AxiomBPM now for an improved financial situation and a better management process for your medical practice.



source https://www.axiombpm.com/rcm-services/

Thursday, 20 July 2017

Order Taking Services

call center for order taking

Outsource Order Taking To Axiom BPM

The industry has arrived at the greatest development in past few years. After all, most businesses simply watch who sells their product through website, social media,radio, television or see the advertisement, and then make a call or click on the order button.

This fast process demands that business must have a round-the-clock process which allows callers or website visitors to place their orders successfully.

But more often than not, businesses who have not employed order taking services miss out on such important aspect at addressing their customers immediate needs. In the end, they loss profits and their competitors surge past them quickly.

In response to such difficult situation, AxiomBPM offers enhanced service by supplying quality experts to address such pressing need. We have the representatives who work 24 hours-a-day to ensure of perfect customer satisfaction.

At AxiomBPM, our service works together with real-time web system which is linked directly together with your company website or together with your email.

Our representatives convert your inbound calls directly into sales and go into the order within our real-time online system. You will see the process working as well using your own login, or we could send the data instantly to you through email.

 

Our Services Include:

 

  • Live order taking
  • Catalog order taking
  • Sales order entry

 

Why Delegate to Axiom?

We have that edge and give it to you when it comes to order taking services. At AxiomBPM, live order taking services has gone over automated systems such that the power to verify customer data on the phone is employed.

We know this is vital as this involves assortment of financial information which human interaction can well present.

We know so well that clients would always prefer to talk with an active representative and provide their order rather than talking to an automatic machine.

To hold on the equipment is much more frequently observed instead of hanging on the representative. Even when customer dangles up our representatives can give them a call back and then try to convince these phones buy our product or services.

Using our Services to supplement an in house staff or even while your only order taking strategy may have a significant effect on your cost and rise in profits figures.

Whenever your infomercial is released or perhaps a customer visits your site who would like to get your product, creating a call is frequently the customer’s first selection for getting in touch with you to be able to place or question your items the services you provide.

Our friendly reps will confer with your clients and satisfy all of them with their queries. This aspect is essential in case your product or services are complicated or even the customer wants more details or clarification concerning the product before they purchase them.

Moreover, our services are available to attend your calls 24/7/365 to ensure that you do not lose any of your sales or inbound call. Each and every call is going to be clarified in your account of the company.

Summary messages with particulars of every single message received around the particular day will be delivered to your email or it can also be e-mailed for you instantly.

Personalized call confirming. Enhanced routing features including automated menu selection and call overflow in position to facilitate cost-effective handling of huge call volume spikes.

Charge cards are approved and knowledge are transferred towards the client through guaranteed connection. Our inbound sales hype for order taking guarantees greatest area of conversions from inbound calls, clients details are maintained for future references even when a caller doesn’t make an order.

Later on, the same database can be used as outgoing calling and create the lead that will save overhead of selling later on.



source https://www.axiombpm.com/order-taking-services/

Answering Service

Phone answering service

As a company which excellent track record in answering services, AxiomBPM specializes in offering effective and accurate answering services that considerably saves the time and money of callers.

We have experienced professionals who are assigned to work on the deliverables for any new and old client. These employees have been continuously trained even with their accreditations to render answering services.

The AxiomBPM Process of Answering Service

Our qualified team of professionals takes the messages in behalf of your company and provides the information quickly. These employees are at work all hours of the day, seven days a week and all throughout the year, such that no call to your business remains unattended.

More so, each and every call is picked and necessary information from your customers are obtained by the AxiomBPM answering service workers.

The received calls are processed by live operators who obtain the callers name, address if necessary, phone number and a brief message.

Upon completion of the call, the operator then dispatches the message to where it is supposed to be. With the timely response and appropriate action, our clients need not worry about any single call!

 

Our Answering Services caters to the following needs:

 

 

Reach out to us if you are looking for live phone answering service.



source https://www.axiombpm.com/answering-service/

Wednesday, 19 July 2017

How To Grow Your Business By Outsourcing

While starting a business it is very important to always understand your limitations at all time. This is one important focal point if the growth has to be consistent.

When a business is in its nascent stage, you might be the lone ranger, but as the business grows and as the work expands, you will need more people to assist you in the different departments.

You are bound to feel stagnated if the business is not moving forward because of the ever increasing workload.

But then, it is very important to know and understand that business can never stop or slow down at any instance, and thus it is imperative that outsourcing is looked into.

It is but natural to be skeptical at the outset, because you are handing over the control of your business to someone else, but if the initial jitters are handled maturely, you will realize that is a must if the business does not want to be affected.

Outsourcing is not limited to big businesses these days, and with the advancement of technology many small businesses can now outsource their functions too.

There are plenty of high quality professionals available who can do the jobs without levying exorbitant costs and with great efficiency.

Digital Marketing functions like web designers, translators, social media executive etc., can be easily delegated to professionals in the market. These professionals who are freelancers come on board as part time subcontractors and do not levy any overhead charges which will ease the financial burden on the parent company.

Initial stages of outsourcing should not rushed into, and time should be taken to arrive at service providers.

Now businessmen realize that by delegating the jobs to professionals will not only save them the extra charges but will also allow them to build a better brand in the market as they will not bother about the things which they are not versed in. You can have access to the huge pool of human capital out in the market and this will combine with your business to make it a profitable venture.

 

Figuring out when to outsource

For every business set-up, the timings and the things to outsource are different. Figure out if the in-house department is carrying out all the jobs satisfactorily, that is they are not over worked, because this might then compromise the quality and efficiency of the work at hand.

This is when you know that it is time to outsource, and you should not approach it in lack luster manner. Learn to let go, for this will help you in doubling the revenue in the longer run.

Also, if the businessman has all the plans ready it might not be such a bad idea to outsource few jobs right at the outset. Make a list of the all jobs and functions that are being performed but which are wasting the time more, that is the return in investment is not that high. This list will then be the go to list as far as delegating jobs are concerned.

What to outsource?

Once you have figured out the reasons to outsource, it is now up to you to decide what exactly to outsource?

The list which you have chalked out earlier will once again help you. Observe the tasks that you have to do over and over again, tasks which are very time consuming and tasks which can easily be passed off. There are professionals out there who do these very jobs with far greater efficiency. It might seem as an extra cost at the initial stages, but when the profits come trickling in this decision will stand vindicated. This will also allow you to focus on important areas of growth and brand building, and you can then enjoy the benefits from both sides.

In the current day and age almost anything and everything can be outsourced because there are so many freelancers and contractors available for all domains. However, one should guard against being too outgoing, in the sense that just because you are not good at it does not mean you have to outsource it. Identify the strengths and weaknesses of your business and then decide accordingly. Make sure that you are not outsourcing anything which is related to the core philosophy of your business.

For instance, if you are a technology based company, there is absolutely no point in delegating something which is related to technology. However, other areas like bookkeeping, social media and the rest can be easily outsourced. This will allow you to focus solely on the technology aspects of the business. This will also allow you to build your brand and will help you grab the market share, and in the longer run you can be the best in the business in this particular domain.

Although it is difficult, we take a look at some of the typical areas which are outsourced:

Before we get into the different specific areas, there are three wide domains under which the specifics fall.

These are:

  1. Highly skilled tasks which need constant monitoring, for instance a job of a CFO
  2. Repetitive tasks, like back end operations which involve data entry etc.
  3. Needing specialized knowledge of a particular domain

 

Now getting into the specifics, here are few roles which can be easily delegated:

 

1. Virtual Assistance

One of the biggest help available in the market in the current day and age is that of a Virtual Assistant. These VAs can take up time consuming tasks like social media handling, video editing and/or maintaining blogs to keep the customers updated.

They can be contacted over the telephone, or over the Internet. So much time can be saved by delegating these small yet important things to the VAs, and time saved in revenue earned. There are a number of options easily available out in the space, which makes the task of roping in a Virtual Assistant an easy job.

Well VAs can also set up a dinner date if the case may be, this exemplifies the reach and worth of outsourcing, more so of the VAs.

 

2. SEO and marketing, more about tracking growth

Search engine optimization, or SEO has assumed a lot of prominence these days, especially if the business is like an online portal, or website based entity. Instead of hiring an in-house staff, delegating these activities to freelancers who just do this is a much better option.

This is more like connecting the business to the customers. Also, marketing a particular brand is the biggest domain these days. There are freshers, college graduates who come up with disruptive ideas to market a brand, and they should be snapped up by the businessmen.

The fact that these freelancers have no such obligation to fall in the line will make them think out of the box. Also, they have the ears close to the ground and this makes them an asset. They know how to find the audience to market the brand, why not go out and take advantage of their skills.

 

3. Customer Care

If there is a business, and there are customers there are bound to be problems, and a lot of questions which need to be resolved. Thus the help desk in any company is a very important department, but then does it have to be you who answers the call every time. Certainly no!

One can easily delegate this arduous and repetitive jobs to specialist BPO. Questions like refunds, order status, And despite the bad reputation of the call centre, they are reliable and they know how to get the job done with conviction. of the bad rap call centres get, the truth is that many outsourced help desk services are not only reliable but also intelligent, and customer friendly.

For this venture to be successful, the company needs to find a BPO which understands the business and the type of services to be provided.

 

4. Bookkeeping and Payroll function

Bookkeeping is a very important area for any company as it involves accounting and different financial connotations attached to it. Hiring full-time employees to perform the specialist tasks like bookkeeping operations is not the required solution.

In the ever-growing market space, and with the evolving laws and tax regulations, it is best advised to leave the job to the specialists. Also, hiring a full time employee in house will not serve the purpose as this will increase the overhead costs. Freelancers will only levy costs depending on the service provided, and this will ease the costs too.

The fact that finances and accounts need a lot of time as well as immaculate amount of planning more so when the financial year draws to a close, thus it has to be looked into by experts as this will save you from a lot of problems.

 

Conclusion

It is but natural to have mixed feelings about Outsourcing, but currently it has become quite a normal affair. It depends on how you want your business to grow and expand, and it also hinges on your strengths and weaknesses. There is help available out there, thus go out and expand your potential.

 



source https://www.axiombpm.com/grow-business-by-outsourcing/

Tuesday, 28 March 2017

Types of Bookkeeping Services and its Cost

In a world of innovation and customization, “one size fits all” solution is simply not an option. A small operation or business shouldn’t hire ten accountants to manage low volume sales.  Nor should a massive volume company rely on two accountants for the job.

 

With that being said, here at Axiom`s accounting services, we are implementing highly customizable systems. So in this article, we’re going to mention the different types of bookkeeping services we offer and their pricing scheme.

 

  1. Monthly Bookkeeping Services

This is straight up handling of books and all the tax filings. This is suitable for most businesses without too much of a hassle. It’s common that some would offer weekly, quarterly, and yearly detailed breakdowns of expenditures and profit. Such detailed analysis is incredibly useful in getting an overview of what’s happening to your money.

 

The monthly plan is such a collective service that it normally includes:

  • Monitoring of bank accounts for legitimate and fraudulent transactions.
  • Creation of essential financial documents.
  • Planning for and analysis of tax burdens.
  • Alerts for overdrawn accounts.
  • Alerts for suspicious transactions.
  • Creation and implementation of a budget.

 

 

  1. Tax Preparation Services

Tax preparing is a raging season of looking at complex files and trying to mind missing ones. Guessing which ones you can cross off as a business expense and which ones you have to pay a tax for. Our tax preparation service sorts through all your tax documents and receipts then prepare a proper and accurate tax return. Needless to say, we keep the new laws issued and updates on the current year’s tax laws to cultivate the best outcome possible. If you’re looking for someone to fill out short forms or allowing for multiple deductions, this kind of bookkeeping service is very common and vital to getting things done right.

 

  1. Payroll Bookkeeping services

Having a lot of people to take the load off your hands may sound like a “good idea at the time” but when that time of the month comes where you have to take out your checkbook and issue the payment, it’s not so fun now is it? It’s a seriously hard challenge to build and maintain a proper payroll. If our payroll is not correctly and most importantly, don’t on a time essential manner, you’re going to have some “not very happy” employees. There are many laws that protect employee’s payroll, and if you violate any of them, then you’re at fault for that. And there will be some heavy fines to pay for such actions.

 

  1. Financial Services

Financial statements are everything related to your money. From your income statements to your balance sheets, cash flow statements and the owners and shareholders equity. The reason you’d get such financial services, it’s a simple way to look at your numbers. All your business financials past, present, and future.

 

  1. Accounts Receivable & Accountants Payable

Even though large companies can afford a fully-fledged staff to manage their accounts instead of the need to outsource it. They tend not to; it always results in money left on the table. An outsourced staff is working for results, while an employed staff is working to show up day today to collect the paycheck.

It also helps in keeping track of the date of your funds. Like whom you may owe funds to and where is our money held up. While it’s tempting to have a team in-house so you can go scream at them and blame them for everything that goes wrong, this will inevitably damage your credit scores. In a worst case scenario, you forget to pay the IRS, or you miss paying them for a portion of your income. What it could result is massive penalties or even jail time in some cases.

 

  1. Bank Reconciliation

This is a fancy term for checkbook balancing. This is massively useful for business that witnesses a difference between bank statements and personal records. Having a proper bank reconciliation can help you make an informed decision on which statements are wrong.

 

Every business has two dreams, one is the success, and the other is automating legal and finance. They never want to hear about taxes or legal papers need to be filed. They simply want to do what they started the business for. And bookkeeping outsourcing is as close to automating your finance as it gets.

 

Offering all sorts of custom made plans for your business, axiom bpm has enough man power take over the finance of any business. From a small company generating 200k, all the way to an empire netting 20 million. And all our plans are customizable and can be made to suit your business. You can scale up or down your operation on an a



source https://www.axiombpm.com/types-of-bookkeeping-services-and-its-cost/