Outsourcing Bill Pay
We intentionally over-emphasize processes here at PILLAR3. We are fans of scalable systems that transform what are traditionally manual tasks to a defined workflow leveraged by technology. As one example, we’ve been able to introduce billPay and Accounts Payable management to our service offerings to our clients. Not only does this take a tedious task off your plate (as business owner, manager, etc), it streamlines the overall accounting process and keeps transactions in sync and current with your financial reporting…leading to timelier decision making and more efficient operations.
One of our billPay software partners, Bill.com, has a Top 10 list of reasons to outsource your Accounts Payable…and we thought it was worth sharing (in abbreviated form):
1. Scrap the Paper – No need to keep a filing cabinet of old bills when they could be uploaded and stored digitally, and linked to each payment transaction in your accounting software. Free up the clutter by going online. Not to mention what you’ll save on buying envelopes, check stock, and everything else that comes along with a manual AP process!
2. Pay Quicker – In many cases, electronic payments can be set up for recurring vendors. This not only gets your vendors paid faster, the direct deposit saves them a trip to the bank! Happy vendors are a good thing, especially the next time you need something.
3. Reduce Overhead – By leveraging technology to handle a lot of the heavy lifting, the role of an AP Clerk can be merged in with other duties to gain efficiencies and free up time and money to other parts of the business.
4. Save Time – Just think about the many ways time can be better spent over printing checks, stuffing envelopes, and slapping stamps on payments before taking to the mailbox. This chunk of time can be invested in areas of the business needing more attention or resulting in higher returns.
5. Prevent Fraud – Yes, we said the F word. The risk of fraud and theft can be reduced by moving to an online system with approval workflows and virtual check processing….no more blank checks laying around the office.
6. Go Mobile – People don’t stay in one place these days, and your A/P shouldnt require that of you either. Pay and approve bills on the go from computers, tablets, and phones; and have access to the info whenever or wherever you need it.
7. Be Prepared – Whether its a vendor inquiry or an IRS audit, be ready to reference source documents with a few clicks to pull up backup details for any use. No more scrambling to find things when folks are asking for it.
8. Maintain Business Continuity – With your data being stored securely in the cloud, be ready for any disaster. As long as you have an internet connection, you can keep processes running smoothly.
9. Reduce Technology Costs – Work in your business, not the business of managing technology, hardware, printers, etc. Cloud-based solutions offer scalability and reduced IT maintenance and expenses.
10. Gain Insight – Having the info available at your fingertips allows for real time analysis and transparency into your business. Project payables due dates and resolve any cash flow issues before they happen, as you are able to look ahead rather than always looking behind.
As you can see, there’s a lot to gain by adopting a new process for your payables! Contact us for more info on adding this service to your workflows.