How Do Financial Statement Processing Services Allow You to Save Time and Resources?
Financial statement printing is a process that demands the use of advanced technology to ensure accuracy, security, and efficiency. It involves many key components, like mail processing, security measures, inserting, presorting, postage optimization, and piece-level tracking.
Too many steps, right?
Fortunately, it is possible to utilize financial statement processing services to handle the print and mail of statements on your behalf. As companies typically release such documents at least four times a year, outsourcing can be a valuable solution to save both time and money.
The statement processing companies allow you to keep up with all security standards and enhance quality! They assist you from the start to the end of the process, lifting off your workload and letting you focus more on your business.
Let us read more about how outsourcing tasks to statement processing services can help you expand your functions!
What Is Financial Statement Printing and Mailing?
Almost every company drafts financial statements, like balance sheets, cash flow documents, and income statements. They highlight their monetary standing, helping them curate policies and share details with stakeholders.
Financial statements can vary from industry to industry, but their primary purpose remains the same. They let individuals and companies record transactions, revenue, and other details to draft in-depth reports.
Statement print and mail refers to creating error-free documents and printing them via expert printers to ship to clients. A financial statement printing company combines its knowledge, skills, and technology to help you automate your activities and get better results!
Also, mailing monthly statements with these companies lets you avail yourself of numerous benefits, like tracking, quality assurance, bulk mailing, and more!
For instance, PostGrid’s direct mail API can help your company prepare and send statements with only a few clicks. You can integrate our API into your CRM and place orders from your system. No long-term commitments, hefty investments, or manual inputs!
Why Should Organizations Use Financial Statement Processing Services?
In-house statement printing and mailing are possible, but they can be time-consuming. You also need high-end printers and perishables to complete the task. Some companies outsource their tasks to save money, time, and manual effort.
Let us go through the processes and timeline to give you an idea!
- Statement design and creation- One day (If you create and send statements regularly, it is a daily task for your admin staff).
- Quality control- Between one day and a week (Quality control officers assist you in mailing monthly statements after ensuring they match your branding and offer all the details).
- Technology adaptation- From adding Intelligent Mail Barcodes (IMBs) to SOC-2 certification audits, you must employ numerous features to secure your documents.
- Preparation- This step includes data processing, NCOA, CASS certification, and more, which takes one to three weeks—based on your mail volume. Contrarily, financial statement mailing services complete these tasks instantly.
- Fulfilment: Folding, inserting, affixing stamps, labelling, and sealing can take three to seven business days, depending on quantity.
- Distribution: Your staff must take the mailers to the Post Office and pay for postage, which can take one business day. Though it is less time-consuming than other steps when mailing monthly statements, it can affect internal productivity.
An automated financial statement printing company allows you to complete these activities on your device at the click of a button! PostGrid also offers a 2-business day SLA, ensuring your statements are ready to mail quickly.
Below are more reasons to select statement processing companies over in-house efforts:
Better Quality and Accuracy
It is puzzling to ensure your statements are 100% accurate! However, outsourcing print and mail enables you to guarantee you only prepare error-free documents.
PostGrid’s direct mail API helps you fetch your data within the CRM and prepare statements using the information with our template editor. There is better efficiency, quality, and correctness with zero manual intervention.
Statement Design
Employing financial statement mailing services lets you bid goodbye to your old-school, plain white statements! Most solutions like ours offer free templates with an easy-to-use editor, helping you customize them according to your needs and preferences.
For example, imagine your logo is blue and white. You may add a pinch of blue shades to your statements, allowing people to recognize your company whenever they see your documents!
High-Resolution Printing
One of the primary reasons to use financial statement processing services is to ensure high-quality printing. Since most people judge businesses by the looks of their website, branding, or mailer quality, sending high-resolution printing with crisp graphics is critical!
The statement processing companies let you choose between B&W or colour printing. You can also select the paper quality, weight, and finishing options.
Save Internal Resources
In-house print and mail demand excessive time, equipment, and investment.
For example, you need a high-end printer, folding, and sorting machine. Also, you may buy perishables, like stamps, labels, envelopes, ink cartridges, and other items.
Outsourcing to financial statement mailing services allows you to free up internal resources, office space, and budget. It also helps your staff complete other tasks that require their skills!
Cost elimination plays a significant role in improving your ROI. You can save up to 75% of costs by mailing monthly statements online via PostGrid.
Also Read: The Best Financial Advisor Marketing Plan
Benefits of Using Financial Statement Processing Services
Apart from saving time and resources, you can benefit from using statement processing services in many ways. Below, we discuss these advantages to help you make informed decisions:
Data Management
PostGrid’s direct mail services help you verify your mailing lists, autocomplete addresses, and reformat them! They let you manage and update your databases frequently, allowing you to access valuable information at your fingertips.
A financial statement printing company ensures you send your documents to the correct people, preventing data breaches. With 1,802 data leaks in 2022, it is best to take the time to cross-check where you ship your statements. And outsourcing helps you achieve this goal!
Presorting Mail
Presorted mailers help Canada Post workers process your deliveries faster. The presorting equipment categorizes all statements based on the destination ZIP codes and street addresses. The Post Office spends less time sorting these items, helping them to finish deliveries more accurately.
The financial statement mailing services make presorting a breeze, which is otherwise daunting and costly!
Mailing Inserts
You may add marketing inserts to your envelopes, including postcards, personalized letters, and flyers. It helps you promote your business during transactional correspondence. Outsourcing your tasks to statement processing companies lets you prepare and include these inserts into your mail items without additional effort.
Transpromotional Statements
Transpromo printing helps you communicate your marketing messages using financial statements, invoices, and bills. Instead of adding promotional inserts, you may print your logo, tagline, and offer directly on these documents.
Online financial statement processing services help you accomplish branding and boost visibility!
Enhanced Security
Adhering to data safety and confidentiality laws is critical to statement mailing. All companies preparing and shipping these documents must take the necessary steps to keep their client data away from breaches.
These steps include adding watermarks to prevent identity thefts and sending mailers in sturdy envelopes. PostGrid direct mail solutions can help you benefit from financial statement mailing services and send your documents online. Our API lets you comply with HIPAA, SOC-1, SOC-2, PIPEDA, and other regulations to prioritize data safety.
We also use SERP certification and NCOA files to validate your delivery addresses. With a 99.99% deliverability rate, our statement processing services help you ship your mail pieces to the addressed recipients without delay.
Targeted Audience Engagement
Companies can use their financial mailers to engage clients and generate repeat business. But it is only possible when they strategize their print and mail activities!
They can employ several tactics, like adding custom QR codes, envelope teasers, social media links, and other elements. A financial statement printing company empowers you to include such aspects and get higher campaign responses.
Better Control Over Details
Making last-minute changes can be hectic after you submit your final files to the printers. However, with PostGrid, you can make any number of edits, making your job flexible and quick.
When you opt for mailing monthly statements via outsourcing, you can place orders whenever required and control the timeframe.
Scalability
A financial statement printing company helps you send one or a million items. It lets you plan your campaigns or automate on-demand mailings. Hence, you can scale your functions without hassles or spending a fortune.
Maximum Postal Discounts
PostGrid’s direct mailing solutions allow you to prepare and ship mailers via Canada Post at the most affordable prices. It helps you presort your mailers, add unique barcodes, verify addresses, and use other methods to attract lower prices.
Outsourcing to financial statement processing services is always beneficial to your budgets because companies like ours work with several commercial printers. Hence, there are better chances of you getting discounted rates, improving your ROI!
Cross-Marketing Efforts
You can link your statements with custom landing pages, social media accounts, or other web pages to promote omnichannel marketing. PostGrid can assist you in creating and printing pURLs to track respondents, expand your exposure, and sync your transactional communications to advertising! Our statement processing services ensure you achieve your desired results and improve your brand reputation.
More Details On PostGrid’s Direct Mail Automation Services
You can send compliance, transactional, and other statements with our API integrations or automation software. PostGrid allows you to integrate with Hubspot, Salesforce, Quickbooks, Zapier, and other popular platforms!
One of our clients in the banking sector wanted to use statement processing services to send account statements to customers. They contacted PostGrid and integrated our API into their CRM to fetch details and use variable data printing.
The challenge: The organization required a bulk mailing solution to ship at least 4,000 statements monthly. Moreover, they wanted to customize the statements with an offer, motivating recipients to open a fixed deposit account with them.
The solution: The financial statement processing services let companies streamline their activities and save time. PostGrid allowed the client to avail of this feature online via API integrations.
- Design statements faster: PostGrid’s pre-built templates helped the client prepare professional and elegant mail items within minutes. They also saved these templates for future use to maintain consistency.
- Track mail items: The firm tracked all the statements in real time to stay updated regarding the delivery status and follow up with clients on time.
- Metadata tagging: Our advanced capabilities helped their team categorize orders, maintain accurate reports, and download per-campaign analytics.
- Print and mail fulfilment: PostGrid allowed the company to automate all tasks using the dashboard. Hence, their staff had adequate time to focus on other business aspects instead of worrying about printing and logistics.
Conclusion
Companies can outsource their print and mail tasks to fulfil statement processing services to accomplish several objectives in one go. For example, they can market their business, boost brand awareness, get more leads, and generate repeat business. Also, these firms can maintain high quality and accuracy to prevent data leaks and comply with the law.
PostGrid’s direct mail API assists organizations in preparing and sending their financial statements. Our high-tech features, like standardization, security, and API integrations, allow companies to streamline print and mail processes easily.
Request a demo now to learn more about how we helped many online financial statement processing services scale their business!
