One of the most time consuming and frustrating tasks that SMB owners need to manage is paying bills. It is also the place where fraud can rear its ugly head in small businesses. While most consumers have started using online bill payment systems offered by their banks, SMB’s are still processing payments using paper-based systems. The reason for this is that most businesses still receive paper bills, and each bill needs to be booked to the proper expense category.
But it doesn’t have to be that way! There are systems that are available for SMB’s that can turn this exasperating process into a secure, simple, and easy to use system.
If you’re like most SMB’s you receive bills either in the mail or through email and either you, or an outsourced bookkeeping service reviews, approves, pays, and files these bills. No matter how efficient this system may seem, it’s still time consuming and inefficient. Technology is our friend and today there are systems that enable you to receive, review, approve and pay bills completely electronically. They even integrate with accounting systems like QuickBooks and offer separation of duties and secure payments so that fraud can be all but eliminated.
Unfortunately, it’s because business owners have a hard time implementing change. They may be using a bookkeeper who they’ve worked with for years or have an internal office manager who doesn’t like new things. While some businesses are slower than others to change, eventually, they won’t have a choice. To stay competitive, SMB’s will adopt this as a standard and harvest the benefits that come with automating their bill payments.
At Expex, our bill payment function is part and parcel to our bookkeeping application. And while our bill payment app is a great tool, we see it as just a part of a total solution to automate the entire bookkeeping process.
Come check out what we’re doing at www.expexinc.com and meet Carly, the last bookkeeper you will ever hire! Learn more about how we’re helping SMB’s become more profitable and run healthier businesses. You will feel better, we promise!
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