Not all businesses have the same needs when it comes to AP/AR, yet all have the opportunity to streamline these processes to save time and money. Innovative cloud technology is giving businesses (of all sizes) the ability to simplify these processes; outsourcing professional accounting services optimizes these technologies, making them work for each unique business. In this regard, let’s examine how outsourcing AP/AR saves businesses time and money.
Modernization of Business Systems
The rapid advance of online technologies is creating opportunities for businesses, yet it’s also forcing them to modernize their businesses’ systems to keep up with the competition. Accounting software (QuickBooks, Netsuite, etc.) are vital for most businesses, yet there is still room for improvement when it comes to streamlining AP/AR.
The bottom line is: getting paid and paying the bills are the most important aspect to any business. So, it makes sense to focus on streamlining (modernizing) these processes as a priority. For example, if a business is still getting paid and paying bills the “old fashion” way (through the mail, phone, etc.), then they’re losing time – and time is money. So, what’s the alternative?
Best Alternative: Cloud Based AP/AR
There are good reasons why cloud based technologies are rapidly being adopted by businesses, especially when it comes to streamlining these important processes. The main word that comes to mind, when describing the benefits, is simplification. For example, MOD Ventures uses Bill.com, which is a cloud based AP/AR SaaS.
The good news is: this solution seamlessly integrates with the accounting software businesses are already using (QuickBooks, NetSuite,Xero, and Intacct). With real-time automation transactions are entered into the accounting software, so no manually entry is necessary. This is one way that cloud based AP/AR software simplifies these processes, but there’s much more.
The main benefits are how simple and easy Bill.com facilitates getting paid and making payments; through ACH or credit cards, transactions no longer involve the mail or phone. Instead, the process is as simple as these steps:
- Email or Upload Bills (into Bill.com inbox)
- Code (invoice number, amount, auto-populates previous entries)
- Get Approval (assign and route to approvers, add notes)
- Pay Bills (choose amounts, time, method)
- Create and Send Invoices through Email
- Clients Click Secure Link to Make Payment (entering ACH or credit card info only once)
- Payment is Made 3x Faster
Basically, paying and receiving are done with ACH and/or credit card payments through email, instead of snail mail or over the phone. This, according to the testimonies in this video, makes AP/AR processes about 3x faster and easier.
There’s also unlimited document storage (including for supporting materials) for a comprehensive audit trail, and the benefits of 24/7 access to real-time information on the simple to understand dashboard interface. On this dashboard interface, businesses can see an overview, including: overdue, due today, due in next 7 days, and total of all bills/invoices.
Outsourcing Combined With Innovative Technology
Bill.com is a great tool MOD Ventures uses to streamline our clients’ AP/AR needs, either through our comprehensive accounting or consulting services. The centralization of all AP/AR documentation and supporting materials makes our other services easier to facilitate as well. Businesses also have the exciting option to outsource their AP/AR all-together, which further streamlines these processes.
Combining industry expertise with innovative cloud based software solutions (which integrate with existing accounting software), is a powerful combination; the time saved from outsourcing the management of Bill.com, basically, puts the accounting department on permanent leave. This means startups, professional services, and SMBs, will have more time to focus on their products and services – rather than AP/AR processes.
MOD Ventures‘s AP/AR clerk: Cindy Wilson, has the expertise, experience, and technological solutions, to help streamline businesses’ AP/AR processes – saving them time, money, and improving their client relationships. Cindy is certified in Bill.com and has over two decades of experience in the financial industry.
There really are some exciting technological solutions for businesses today (making a real difference in streamlining their day-to-day workflow processes), and we’d like to help your business take advantage of them. Please contact us today for a free consultation or with any questions about Bill.com.