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Ten Reasons to Upgrade and Simplify Business Payments



Between the rigors of growing your customer base, managing employees, creating partnerships, and planning for the company’s future, business owners often have a very limited pool of time at their disposal. In order to ensure the success of your business, you must concentrate every iota of your time (and your employees’ time) on high-value activities to support the company’s growth. That means more strategy, sales, and customer services, and less filing or running to the bank.
While mandatory for a financially viable operation, bookkeeping – specifically accounts payable (A/P) and accounts receivable (A/R) – can be a drain on resources due to the amount of labor and time it devours. After all, accurately tracking and processing purchases, sales, invoices, receipts, payments and receivables require a lot of attention. This is especially true if your company is paper-based. Now is the time to streamline you’re A/P and A/R business payment processes and adopt Bill.com.

Below are 10 reasons why you should adopt Bill.com:

1) Scrap the paper. Paper-based processes are notorious for eating up large volumes of time related to tracking down documents, filing, following up on invoicing and noting payments. By migrating to Bill.com, you can upload your bills and paperwork to a centralized, cloud-based repository of information that includes due dates, tracking of approvals and bill payment based on your schedule. It also means you can store contracts with bills for easy access – no more digging through files. All this information is available at your fingertips.

2) Reduce overhead. Eliminate the expenses associated with the salary, insurance, training, payroll taxes, and retirement accounts of in-house bookkeepers handling bill payment. This saves you a substantial amount of money that can be redirected back into the company.

3) Collect your money more quickly. Migrating payments online – an option offered by Bill.com – gives your customers more payment options, including credit card, PayPal or online directly from a bank. You can quickly see when a customer has reviewed an invoice or scheduled a payment, and you can set automatic reminders as due dates approach. Most important, these process enhancements allow you to collect your receivables two to three times faster than paper-based processes.

4) Save time. Using Bill.com for your business payments means you can take the time previously spent on laborious tasks and concentrate it on high-yielding activities. Time-heavy processes such as data entry, bank and check runs and following up on payment statuses are taken off your plate so you can focus on business priorities.

5) Prevent fraud. Avoid the potential of being defrauded by employees or advisors who may have unsupervised access to critical financial processes and information. Bill.com allows you to adopt automated workflows, restrict access and benefit from built-in alerts that can prevent potential fraud.

6) Go mobile. These days, business owners are not strapped to their desks. You have to go where the business is. Instead of having to be in the office to approve payments or review a contract, you can access that information from any mobile device including laptops, tablets or the palm of your hand via a smartphone.

7) Always be prepared for your taxes and audits. With Bill.com, you no longer have to scramble come tax time. All of your financial activity is archived, audited, and can easily be reported. If given permission, auditors can even access your Bill.com account to review activities and information. This makes preparation for tax time a continual practice that is automatically built into your process – as opposed to a scramble for information when Uncle Sam visits.

8) Trim technology costs. Moving bookkeeping to the cloud means that you do not have to buy additional hardware, software, and updates to support the financial side of your business. Since the technology is cloud-based, the burden of adding technology assets to stay current is eliminated.

9) Gain greater insight into your business. Gain the strategic insight you need around your financial performance to successfully run a business. You can eliminate bulky spreadsheets in favor of a cloud-based reporting platform that is always up to date. This information allows you to project receivables and payables, reveal potential problems in advance, and helps you rapidly plan for alternatives.

10) Sum of All Numbers recommends them!

Ready to Upgrade and Simplify Your A/P and A/R Processes?
Please speak with your accounting adviser to set-up your Bill.com account today.

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