Warmer weather is finally in the air. Spring cleaning has set in and people are cleaning out their closets and clearing away the mess left behind after that last pile of snow has melted (ok there maybe a few SMALL piles of snow left in Winnipeg). Spring cleaning season is also tax season, which provides an opportunity to cleanup your business. These three spring-cleaning steps for streamlining your payments process can help ensure you are setting yourself up for a successful business year.
Batch payments for easy and clean bank reconciliation
If you are able to batch your payroll and bill payments runs on the same day, your payment batching will make for easy and clean bank reconciliation at month end. Payment batches are consolidated to one clean reconciliation line. When you process 15 payroll deposits and 10 invoices, you no longer have 25 lines to reconcile; it is simplified to a single line.
Offer electronic payment options for your clients
Every business wants to get paid as quickly as possible, and this involves catering to your customer’s needs and offering multiple payment options. After you have experienced the ease of electronic payments, why not offer it as a payment option for your clients? Electronic payment options eliminate trips to the mailbox and the bank for collecting and depositing cheques while creating a convenient way for your clients to pay their invoice. They also offer a more efficient way to track income details and eliminate the headache and hunting down details later. Your customers will enjoy the increased payment flexibility while you can enjoy a more predictable and easy to track income for tax time.
Approve payments remotely and enjoy the spring weather
The sun is shining and the snow is melting but, there is just one problem: You are watching all the beautiful weather changes through your office window. Spring fever might be the perfect reason to give Telpay’s remote authorization a try! Remote authorization is a secure method for signing officers to approve payments remotely from their phone. Bookkeepers and accountants are able to complete the entire payroll and payables process even when the signing officer isn’t in the office. So, as the spring weather starts warming up, spend time on your favorite spring activities instead of driving around town collecting signatures.
Taking even one of these steps this spring will help clean up your businesses’ efficiency and create a path for a profitable year.