6 Ways Online Bill Payment Could Make Your Business Run Faster, Better
Running a business isn't all about bringing money in the door. It's also about paying the bills. Here's how an online bill payment solution, when coupled with CPA expertise, could make your business run faster, reduce costs and give you real-time access to financial information ahead of important decisions.
Running a business isn’t all about bringing money in the door. It’s also about paying the bills. Although this side of the gig, also known as accounts payable and receivable (AP/AR), can be overwhelming and tedious, there’s no way it can be ignored.
Thankfully, there’s a way to streamline your entire bill payment process: Move it to an online, cloud-based bill payment solution managed by your CPA. While paying bills online gives you added flexibility and security, involving your CPA gives you the support you need—and more.
Here are six ways this solution could make your business run faster and better:
Better document management.
With online bill payment, you can access your AP/AR data anytime, from anywhere. Wondering when a bill was paid? Simply open the online bill payment application on your smartphone or tablet. In other words, kiss shuffling papers goodbye.
When your CPA is in charge of overseeing your AP/AR, you can relax knowing qualified eyes have reviewed every incoming invoice and outgoing payment. What’s more, most cloud-based online payment systems can be synced with all major accounting software platforms, allowing for seamless data transfer.
Fewer opportunities for fraud.
When checks are written through an online bill payment system, your account number doesn’t show up at the bottom of each one. This can help to prevent instances of check washing. And because online bill pay requires security permissions and routes each invoice to a dedicated person within your organization for approval, there’s a lower risk of internal fraud, too.
Enhanced cash-flow management.
When paying bills manually, it can be difficult to time payments in a way that keeps your account balance in the black, especially if your business is seasonal. But when your AP/AR process is supported by CPA expertise, you can put this worry to bed. Your CPA can create and maintain a payment schedule that keeps your cash flow going strong.
Additional cost savings.
Online bill payment is solution that can scale with your business—there’s no need to hire additional accounting staff as your business grows. And with your CPA’s eyes scanning each bill, you can be sure you’re expensing things properly and taking advantage of tax savings.
More time for your business.
When you’re not worrying about fielding invoices and paying bills, you’re left with more time to run your business. And isn’t that what you set out to do in the first place?
Talk to your CPA today.
If paying bills is stressing you out, talk to your DS+B CPA. Using an online bill payment and invoice management solution called “+Pay,” we’ve helped many clients streamline their AP/AR. Give us a call—we’re happy to discuss how it could work for you.