Accountants know the pain of writing countless checks 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.
Does making your payments make you feel like this?
If you feel like you are wasting time or 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 making your payments is a breeze instead of a bother.
Automatically import your receipts, invoices, and bills into your accounting software
Keeping track of all of the invoices and documents is one of the most challenging aspects of managing payments to different vendors and suppliers. 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. Automating your financial document collection is one of the first things you must do to manage your payments. Using innovative new technologies like Hubdoc or ReceiptBank, you can upload pictures of paper bills and invoices, link your accounts, and forward invoices from your email inbox. The information in these documents automatically syncs with your accounting software. That’s right – with automation, you no longer need to enter your bills manually 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 check payment steps that you can automate. It is also worth noting that alternative payment types remove the paper altogether, streamlining the process.
How to Automate your Check Payments
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. While this is very convenient, it 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, the ability to automatically print the filled-out checks right from your office will make the process much easier.
How to Automate Payments with an Online Payment System
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 one 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. 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: