At Expex, we believe an educated client is a happy client. We have been hosting some Lunch & Learn seminars on accounting functionality, artificial intelligence and other topics and issues concerning small business owners. Last week, our Lunch & Learn topic was CASH FLOW: Using artificial intelligence to improve your financial performance.
When we asked if anyone uses an automated bill payment system, a member of the audience said, “I use online banking to pay bills.” Hmm. Is this the same as an automated system? Let’s discuss.
Online banking does indeed allow the user to pay bills via their bill payment portal or application. In few cases, the bills appear electronically in your online banking portal and you can view them and pay them. That’s automated bill payment, correct? Perhaps, but the process of receiving, reviewing, approving, and paying bills in a business requires more than simply making a payment to a vendor.
Check out the comparison below of Expex vs. Banks. We think this shows why so many businesses are starting to use apps like Expex to help automate their bill payment processes.
|Bill Approvers||Cash Manager|
|Schedule and edit payment amounts and dates online||X||X|
|Automatically pay bills based on predefined cash management rules||X|
|Dashboard to manage payment of all approved bills||X|
|All bills tagged to their proper general ledger account number||X||X|
|QuickBooks integration for all bills including jobs, classes and items||X||X|
|Automatically approve bills based on predefined budgeting rules||X|
|Dashboard to manage the approval of all open bills||X|
|Rule based delivery of bills to the designated approver||X|
|Bills received electronically, eliminating data entry||X||X|
|Automated email notifications for all required user actions||X||X|
|Record notes on all open bills||X||X|
|Reminder notepad to manage ongoing issues||X||X|
|Indexed digital filing cabinet for all bills||X||X|
|Complete audit trail with detailed updates each time the bill is accessed||X||X|
|Customized queries for detailed reporting||X||X|
Feel like looking a little closer? Great! Contact us and we can demo Expex for you and see how easy and automated bill payments can be!