Online bill pay is one of those cases in which what works for your personal life can work even more effectively for your business. We explore why online bill pay is best for small businesses and a couple of our favorite options.
Chicken or egg? How did you begin your relationship with online bill pay? Was it personal bills or small business bills? Either way, it’s pretty safe to presume that you pay at least some of your bills online or via mobile. A study released in early 2013 showed that almost 50% of bills are paid online. That number is on the rise, as is the frequency of those using mobile devices (apps) to handle online bill pay.
The benefits of online bill pay touch most of your organization. Compared to traditional paper-based payments, online bill pay is more efficient (no more stuffing envelopes or buying stamps), safe (no more mailboxes or transport delays) and eco-friendly. The method also enables you to use credit cards (hello, miles!), and to consolidate and organize bills clearly and quickly. Add to it, you can add approval processes and process payments in a single streamlined, transparent function.
Two of the online bill pay resources the AcuityComplete team recommends are Bill.com and Intuit’s QuickBooks Online Bill Pay. In case you’re not yet paying your bills online, or if you’re not yet using a structured program, here are a few reasons why these programs are worth a look.
- You can scan, fax or email your paperwork – because it’s paperless, information is recorded, tracked and preserved. Bill.com notes payment due dates, revises cash flow projections, tracks approvals and pays the bills on a schedule you set.
- Discounts and due dates are provided to keep your payments on track.
- The approval status of every bill is visible and reminders are sent to the right people at the right time.
- Any bill with an associated contact will retain that necessary reference information so you have it accessible anytime you need to pay the bill.
- You can automate payments, and you receive an email when payments clear.
- If you’re already using accounting software like QuickBooks Online, the program will sync to include all pertinent information with a simple, straightforward set up process.
QuickBooks Online Bill Pay
- You can aggregate multiple outstanding invoices or bills from a vendor into a single payment.
- Bills are scheduled, paid, recorded and sent online to the payee.
- Electronic payments are recorded in a register and sent securely with a unique password through a secure Internet connection and SSL encryption technology.
- Because all payments are recorded in the register, there is no data entry needed to maintain a record of transactions.
- You can aggregate multiple outstanding invoices or bills from a vendor into one payment, include memo details, and make payments from up to 10 different accounts.
- The system will create a stored payee list to eliminate redundant data entry.
Bottom line, online bill pay is safer and simpler, often less expensive, and always useful for giving you time to focus on your business.
Do you use online bill pay? What benefit does online bill pay provide to you?