Archive for the ‘Accounting Matters’ Category

Our Procedures To Follow Up on Unpaid Invoices

November 16th, 2020 by admin

Invoices for insurance premiums are generated by your account manager throughout the month as policies are bound and issued. They are generally emailed to the main contact, often the general manager or insurance contact, unless you instruct us differently.

Most of the time, these invoices are paid on time. But what happens if they are not paid by the due date? We have often found that this happens because the invoice was not received or was not sent to the accounting contact person.

Our goal is to make sure you are informed about the status of your account and any past due invoices. To do that, your account manager will contact you once an invoice is over 30 days old to ensure it was received and determine if there are any issues that need to be resolved. After 60 days old, accounting and possibly your account executive will contact you about payment. At the point your account becomes over 90 days old, you may receive a call from someone in management.

The best way to avoid all of this is to make sure we have updated contact information for invoicing. Feel free to contact your account manager or Kyra (kne@telcominsgrp.com) in accounting if you have any questions or concerns.

Advantages of Electronic Bill Pay

February 12th, 2020 by admin

You have options when it comes to paying your invoices from Telcom Insurance Group. We do not take credit cards, and we’ve always had the vast majority of our policyholders pay us with a check. This year we have seen a couple of companies requesting to pay their invoices electronically. In the past, paying a bill online was not always a trusted practice, but now it is a more common form of payment than the traditional paper check.

There are several advantages to paying your Telcom invoice electronically, such as time management, security and conservation.

Time management: In most cases, it takes less time to submit a digital payment through your bank than it does to print a paper check. This allows you to focus your attention on other tasks. The payment will also reach the destination much faster than with snail mail.

Security: Making an online payment reduces the chances that a payment will be intercepted by a third party, as most financial institutions use complex security protocols to protect your information. Security risks do exist online, but online payment is more secure than mailing your payment.

Conservation: By decreasing the number of paper checks that need to be created to pay bills via mail, you will also reduce the energy and fuel used to print, process and transport the checks, thus reducing your carbon footprint. In addition, you will be spending less money on checks, envelopes and stamps.

Of course, we will always take a check. But if you are interested in paying your Telcom invoices electronically, please contact Kyra Eatmon, accounting and finance assistant, at kne@telcominsgrp.com for more information.