Thanks to the emergence of cloud technology in the accounting space, historically time-intensive financial tasks such as processing accounts payable or chasing invoices can now be automated to save you time and reduce errors.
Many business owners spend hours each week manually keying payee and payment information into their bank accounts, checking (and double checking) that details are correct, and reconciling these afterward. It’s estimated that the average business owner spends 3.6 hours a week on reconciliation alone! That’s time that could be much better spent elsewhere.
Using software to underpin your supplier and payroll payment process is a great way to save time and money while improving the accuracy and efficiency of your financial operations. A payment processing tool such as Telleroo will allow you to create batches of payments in minutes, schedule these to be sent whenever you want, and reconcile them in your accounting software in seconds, freeing you up to work on the business you love.
What are the benefits of automating your payment process?
- Save time and increase accuracy
- Reduce errors and tighten up your approval process
- Better reconciliation process
- Increase security and fraud prevention
Save time and increase accuracy
No more keying individual payments into online banking or reformatting files from Xero, Quickbooks, or Sage to get them to upload - you can use software such as Telleroo to sync payments from your accounting software and process a whole pay run in a few clicks. This de-risks the payment process, ensuring the right people get paid at the right time. Telleroo users save an average of 11 hours a month compared with manually processing payments.
Reduce errors and tighten up your approval process
Instead of emailing a list of payments to your colleague to be approved, payment processing software can help streamline your approval process by automating workflows and routing payment requests to the appropriate approvers. This helps to reduce delays and errors caused by manual approval processes.
Better reconciliation process
If you’re a Xero user, Telleroo allows you to configure your bank feed reconciliation settings to choose whether to reconcile batch by batch or payment by payment. This is called single-line or multi-line reconciliation and the only real difference between the two is time-saving. When using multi-line reconciliation, you are still able to see what this batch was made of in Xero by going to the bank statements tab and selecting the batch.
You also benefit from real-time tracking of payment status, giving you insight into exactly when payments are awaiting approval, scheduled, sent, and reconciled. This helps to ensure that payments are accurately recorded in your accounting software, giving you a robust audit trail and reducing the risk of errors or discrepancies.
Increase security and fraud prevention
A recent report by The Tungsten network stated that 54% of business owners feel that invoice fraud is the biggest threat currently facing their business. Integrating a payment processing platform into your accounting software can help flag new or updated payee details, support a dual approval process and even make it easier to reconcile payments, ultimately helping you to reduce the risk involved in making payments.
Free up time to focus on your business (or yourself!)
When it comes to automation, whether it’s payments, bookkeeping, or chasing invoice payments, the time you save can be used to focus on growing your business, enjoying quality time with family and friends or even just taking a break!
With Telleroo, you can automate your supplier and payroll payments with ease, and gain greater visibility and control over your financial data.
Check out Telleroo today and see how it can benefit your business.
This blog was provided as a guest article from Telleroo.
