Payment processing technology has come a long way, but the efficiencies we need remain the same. When we receive a bill, we want to get payment to a vendor quickly and for the correct amount, with the right codes. And when a customer makes a purchase, we want to issue accurate bills that are paid promptly. It’s really that simple.
It’s hard for many of us to fathom, but in 2016, some companies still use systems that hold up payment submission until an approver has signed each bill. These signatures are still required in ink, on a physical copy of the invoice.
Why is this out-of-date practice ineffective? Considering the prevalence of the mobile workforce, chasing down an employee with paper and pen can seem a futile pursuit. Paper checks take too long to process, and may often get lost in the offices of digital-centric workers. Double entry when tracking invoices in Accounts Payable and Accounts Receivable becomes more difficult using manual methods.
How to Process Payments with Ease
If your company is already using Intacct, we recommend checking out integrated payment software called Bill.com. Since the data in Bill.com syncs with Intacct, streamlined processes mean users can make payments and receive payments in one place, eliminating the risk of errors.
Bill.com lets you scan and email (or even fax, if you haven’t yet phased out the facsimile machine) invoices to them or have vendors submit bills directly, and they will enter the transactions for you. Your bills will then show up in your Bill.com inbox.
Once you code them and assign an approver, the system routes the invoices to the designated person who may then approve payment from a mobile device. The appropriate user can then select which bills to pay and on which dates. Bill.com will print and mail the checks or pay the vendor electronically.
As for Accounts Receivable, once you enter invoices in Bill.com the bills will be sent via email or mail. Your customers log into their secure payment gateway to view invoices, and process payments online so the money goes straight to your bank. They can also set up automatic transfers, and you can schedule overdue notices and recurring invoices.
Using Bill.com with Intacct
Your financial statements reflect all the transactions tracked in Bill.com when you use it with Intacct. The integrated systems make for smooth data sync.
Contact MicroAccounting for more information on how Intacct and Bill.com can make your billing processes more efficient.