How to Improve Accuracy
I recently had a client ask me how to best to decrease billing errors. We know that financial...
2 min read
Bill payments can be overwhelming with all their steps and processes. As a CFO, I am always looking for ways to improve processes and save time. If I can do this while improving internal controls, then this is a Win-Win. I've found the best way to do just this with bill payments!
Common Bill Payment Questions and Concerns
Do you ever ask yourself these questions?:
- How can I save time with processing and approving my bill payments?
- How can I have better controls when making payments? I don’t want one person approving and paying everything.
- How can I use less paper, checks, invoices, and file cabinets?
- Is there a better system to notify vendors of payment and pay them electronically without having to deal with bank software?
- Is there a quick and flexible bill payment system that syncs with my financial software?
I've found the best accounting application that can help you do all these things. The amazing app is called Bill.com. I've implemented it multiple times and highly recommend.
What are the benefits of Bill.com?
Bill.com will do all of the following to improve your Accounts Payable process:
- One easy inbox for all vendor invoices to go to.
- Easy coding and syncing to financial software like QuickBooks.
- Different people can approve before payment is made.
- Electronic filing that saves time and paper.
- Easy payment process through ACH or check.
- Approval for payment can be made on the computer or phone application.
- Vendor notification when payment is going to be paid and deposited into their account.
- Reporting tools for cash flow and when future payments are scheduled to be paid.
These features are amazing because they streamline the bill payment process and steps. In one place, you can do everything you need for your business with ease.
Time is Money
There is a cost to get the app, but it is very small in the long run. The recommended package is the Corporate ($69 user/month). However, this app will save you money because of the time you don't spend doing bill payments. Remember, time is money!
Instead of bill payments taking up your time, you can focus on more important business tasks like business development, marketing, strategy, and team development — tasks and projects that will make you money instead of make you loose money.
Look at your hourly rate and you'll realize that if you can save a few hours a week or even a month from tasks such as bill payments, it adds up and is worth the investment.
Another benefit is that it can be easily outsourced to a bookkeeping firm. I have one that I have used for 4 years that can implement and maintain Bill.com.
Curious about other ways your business or agency can save money? Bender CFO Services can help you gain command over your finances. Contact us today to learn more.