Six Ways to Transform Your Business with Digital Payments
Accounts payable and receivable are essential functions of running a successful business. While the ability to make and accept online payments for business has revolutionized the way many companies do business, all too often companies are still relying on paper checks for their accounts payable process and manual procedures for their accounts receivable management.
Paper checks and traditional methods make the accounts payable and receivable processes both inefficient and costly. Paying a single bill in a paper-based system involves submitting the bill and obtaining approval from one department before transmitting it for payment to another department, which requires printing a check, stuffing an envelope, applying postage, and ultimately getting the check in the mail. Multiply those steps by the number of paper checks you send out in a given month, and you’re looking at hours of lost productivity and mounting costs for postage and supplies, not to mention the possibilities for delays and missed payments.
Thankfully, there’s another option. Switching to digital business payments like an ACH or EFT transfer will transform your back-office operations, saving you both time and money, helping you pay and get paid faster, and making it easier to manage your cash flow. This infographic illustrates the six ways digital business payments will transform your business.
Bill.com has helped 3 million network members successfully make the switch to digital business payments. That’s 42 million bills handled, $60 billion moved, and 47 million documents stored digitally every year. In fact, Bill.com handled the equivalent of 11,000 feet of invoices in 2018 – which is the length of 30 football fields.
It’s time to see how digital business payments with Bill.com can transform your business. Sign up for a 30-day risk-free trial today.
Next in our series, we’ll explain how AP automation can change the way you do business and enhance your digital business payments.