3 min read • October 27, 2017
Does making your payments make you feel like this?
Businesses that make payments to different vendors each month know the pain of writing countless checks or wires for different amounts to different recipients all too well. The painstaking work of manually filling out all of the payment information and reconciling the books requires more patience and attention to detail than the average person has. It also requires hours and hours of work – time that could be better spent on other activities.
If feel like you are wasting time or constantly on the verge of losing control over the different payments you make each month, read on. We’ve compiled tips and tricks to help you streamline your process so that your payments are a breeze instead of a bother.
One of the biggest issues with managing payments to different vendors and suppliers is keeping track of all of the invoices and documents. If you are human, you have likely lost track of an invoice or bill at some point and been dinged with a late payment charge or angry phone call from a supplier. One of the first things you must do to manage your payments is automate the financial document collection aspect of the process. Using innovative new technologies like Hubdoc, you can upload pictures of paper bills and invoices, link your accounts, and forward invoices from your email inbox. This information automatically syncs with your accounting software. That’s right – with automation, you no longer need to manually enter your bills or worry about lost receipts.
While other areas of business have advanced leaps and bounds when it comes to automation, payments have not. Most businesses are still writing and mailing checks, and there are only a few ways that a paper-based process can be automated. However, there are a few aspects of paying by check that you can automate. There are also alternative payment types that remove the paper and streamline the process.
Order printable checks from your local printer or a nearby Staples. With printable checks, you can use the information in your accounting software to automatically print filled-out checks for each recipient. This is where the automation ends. You will still need to stuff envelopes, send the check through the post, and reconcile your accounting software once the payment is complete. There are some costs associated with printing and mailing checks as well. However, printing the filled-out checks from your office will make the process much easier.
Some online payment providers give you much more flexibility to automate your payments. When evaluating these types of payment providers, look for an option that helps you automatically create the payment from existing invoices and bills, and that reconciles payments with your accounting software. With online payments, the payment recipient can accept the payment through email, which eliminates the need to gather addresses and stuff envelopes with checks. Digital payment processing takes away the manual data entry and information gathering that makes sending one-off payments so tedious.
With these tips and tricks, making your payments will soon feel like this: