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Not all businesses have the same needs when it comes to Accounts Payable or Receivable. 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 Accounts Payable or Receivable saves businesses time and money.
Modernize Your Business by Outsourcing Accounts Payable or Receivable
The rapid advance of online technologies is creating opportunities for Phoenix businesses. At the same time, it’s also forcing them to modernize their businesses’ systems to keep up with the competition. Accounting software (QuickBooks Online) is vital for most businesses, yet there is still room for improvement when it comes to streamlining Accounts Payable or Receivable.
Getting paid and paying the bills are the most important aspect of any business. So, it makes sense to focus on streamlining (modernizing) these processes as a priority. Phoenix businesses that get paid through mail or the phone are losing time. If time is money, what’s the alternative?
Best Alternative: Cloud-Based Accounts Payable or Receivable
Cloud-based technologies helps streamline 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 Accounts Payable or Receivable SaaS.
The good news is: this solution seamlessly integrates with the accounting software businesses are already using. With real-time automation transactions are entered into the accounting software, so no manual entry is necessary. This is one way that cloud-based Accounts Payable or Receivable 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
Paying and receiving are done with ACH and/or credit card payments through email. This, according to the testimonies in this video, makes Accounts Receivable processes about 3x faster and easier.
There’s also unlimited document storage (including for supporting materials) for a comprehensive audit trail. There are many 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 the next 7 days, and a total of all bills/invoices.
Outsourcing Combined With Innovative Technology
Bill.com is a great tool MOD Ventures uses to streamline our clients’ Accounts Payable or Receivable needs, either through our comprehensive accounting or consulting services. The centralization of all Accounts Payable or Receivable documentation and supporting materials makes our other services easier to facilitate as well. Businesses in Phoenix also have the exciting option to outsource their Accounts Payable or Receivable 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 Accounts Payable or Receivable processes.
MOD Ventures‘s Accounting Team, has the expertise, experience, and technological solutions, to help streamline businesses’ Accounts Payable or Receivable processes – saving them time, money, and improving their client relationships. We are certified in Bill.com and have over two decades of experience.
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 Phoenix business take advantage of them. Please contact us today for a free consultation or with any questions about Bill.com.