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I automate my bill payments- I use online banking!

I Automate My Bill Payments- I Use Online Banking!

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.  

FeaturesExpex Banks
 Bill ApproversCash Manager 
Schedule and edit payment amounts and dates onlineXX
Automatically pay bills based on predefined cash management rulesX
Dashboard to manage payment of all approved billsX
All bills tagged to their proper general ledger account numberXX
QuickBooks integration for all bills including jobs, classes and itemsXX
Automatically approve bills based on predefined budgeting rulesX
Dashboard to manage the approval of all open billsX
Rule based delivery of bills to the designated approverX
Bills received electronically, eliminating data entryXX
Automated email notifications for all required user actionsXX
Record notes on all open billsXX
Reminder notepad to manage ongoing issuesXX
Indexed digital filing cabinet for all billsXX
Complete audit trail with detailed updates each time the bill is accessedXX
Customized queries for detailed reportingXX

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!

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