Nowadays most people are using the internet on their computers, smart phones and other devices to shop and make payments to merchants.
Paychecks have been direct deposited and employee withholdings have been remitted online for years. Yet still many organizations use paper checks for their accounts payable.
Most executives are unaware of the multitude of benefits available to them by embracing digital solutions. Besides the obvious cost savings on paper checks and office supplies, there are other less apparent factors to consider.
1. Time Savings – Time spent printing checks, stuffing and postmarking envelopes, obtaining signatures, and mailing payments is eliminated.
2. Reduced Costs – Lifting the burden of payment processing tasks results in reduced staffing or redirection of time to more valuable objectives. Digital payment solutions create organized workflows resulting in time savings of 50-75%.
3. Fraud Prevention – Restricted access and user audit trails increase security while permanently documenting authorizations. Not to mention, lack of check stock in the office eliminates the risk of stolen checks, lifting of account numbers, or fraudulent payments.
4. Access from Anywhere – 24/7 access to accounts payable allows payment from anywhere at any time.
5. Organization – Store vendor invoices indefinitely in a digital filing cabinet sorted by vendor name. Besides not having to file away paper, documents for taxes and audits are stored in one place
6. Integration – Seamless downloads into your accounting software.
CBM is a leading provider of outsourced accounting services for small businesses and not-for-profits. Our easy-to-use, convenient, online accounts payable system is proven to save time and money.
Contact me today to schedule your free consultation.