When did online banking first start?
In the early 1980’s the four major banks in New York implemented online banking and from there others followed suit and customers could view their accounts and pay bills online. This process is commonplace among consumers today and most have not ventured to a brick and mortar bank in months or years.
However, businesses have been slower to migrate to a true online and automated bill payment system.
What’s the difference between online banking and automated bill payments using a SaaS solution?
Consumers are aware of or are using an online banking portal as provided by our banking institution. We can see our accounts, pay our bills, and transfer funds. So why have businesses not been so fast to adopt this technology?
Businesses operate differently than individuals. Businesses run out of financial applications (like QuickBooks) to manage their finances. Expenses must be booked to the proper general ledger account. And if you have more than one person responsible for reviewing and paying bills, you need a process to enable this.
Online bank enables users to simply move money (pay bills), without any of the process requirements that businesses need to properly enable bill payments.
That said, there are now SaaS applications that integrate with financial accounting systems that provide businesses with numerous advantages over the traditional, paper-based method for paying bills. Businesses have been slower to capitalize on automation and the intelligence and ease built into these applications. We built Expex for small to mid-sized businesses to facilitate the bill pay and bookkeeping process.
Expex is a SaaS application that is integrated with QuickBooks and 11,000 financial institutions. The app consists of services that are designed to automate accounting tasks, improve cash flow, and reduce the time required to review and act on financial reports. Smart alerts that notify users of critical issues are delivered via text, desktop app or email.
Expex takes online financial services to the next level.
When you use Expex, Carly comes with it.
Carly’s that person you always wish you could hire but can’t seem to find. Carly’s smart, efficient and always a step ahead. She’s can remind you of things you need to do, suggest better ways manage cash, and improve your business performance
Change is challenging but so often needed.
Change is the catalyst to growth. Growth equates to a stronger and healthier business. Spend 15 minutes with us and see how Expex and Carly can streamline your bookkeeping and financial tasks enabling you to spend valuable time growing your business.