Staying ahead of the times in a constantly evolving world is not always easy. For both small businesses and major companies, processing times are crucial for their long-term success.
The general rule of thumb is that the faster your processing is, the more efficient your entire business or company will be. Plus, this can improve your customer service and increase the revenue of your business. Let the financial professionals here at Protea Financial explain how bill.com can reduce your processing times exponentially.
The Importance of Speed Processing
Speed is imperative to your business because your efficiency relies on it. Do you feel the need to rid your business of outdated financial processes and make it easy on yourself with a proven solution? Automation is the way to go! By using Bill.com, you can benefit from more efficient domestic and international bills and payments. This can save you around 36 business days annually.
Keeping up with the times requires updated solutions like using integrated platforms which connect your business to your suppliers and clients. Your business can also take advantage of popular accounting software titles.
What you should look for to help your business includes:
- Cloud-based invoices
- Built-in contracts
- Flexible and editable business documents
- Full list of vendors
- Easy-to-use dashboard that covers your expenses
- A chart of your accounts that you can click on easily
You want to be able to access them quickly and easily through the platform or any device of your choosing—only by authorized users, of course. These goals will help make it easier for you to conduct business and keep on top of your finances.
The Goal is a Simple Process
Having a single payment processor for both domestic and international payments is simple, gives you more visibility, control, and is cost-effective. Bill.com uses four simple steps that guide you so you can easily send and receive intelligent business payments:
- Capture – Enter the bill (aka Invoice).
- Approve – Review and approve the entered details.
- Pay – You can pay it quickly and easily in any currency.
- Reconcile – Bill.com reconciles everything with your bank and syncs with your accounting software automatically.
Your business can have all payments in one place. Plus, it also saves you over 50% for international wire transfer fees.
You Also Deserve Transparency
One of the most important things your business requires is transparency. All the necessary information must be available to you on a single custom dashboard. The information should provide your business with clear vision and control of what goes on in your daily operations. These allow you to manage cash flows intelligently while saving money and gaining insight.
Reducing Processing Times Increases Conversion Rates
As a business owner, it can be overwhelming to see that your clients are not satisfied with the amount of time it takes you to process their payment. If this happens often, your conversion rate can decline.
There are many ways you can improve the conversion rate of your company. Some of the most effective options include:
- Using the right systems and strategies that work for you
- Following action plans
- Being more goal-oriented
You may be doing all these things and still struggling. It takes effort to reduce the times your payments take in some instances. What you want is to provide your clients with peace of mind while also allowing your business to avoid unnecessary costs and lost revenue. That is what we do when we come in.
Manual Payment Process Become Obsolete
Manual checks are slow and they take you away from operating your winery effectively. The platform you choose needs to make manual transaction processing obsolete by transforming the way you manage your cash inflows and outflows. Through this process, you will be able to create efficiencies, freeing you to run your business more effectively.
A recent study done by CorpMagazine showed that 82% percent of all companies are still dependant on paper checks and other manual processes. This slows productivity and decreases profits.
Long approval cycles and missing information on invoices are the leading cause of payment delays. Any of these can result in lost clients. Here are some of the benefits Bill.com can offer to help improve the efficiency of how your winery works:
- Reduce time spent on payment processing
- Increase how efficiently you work
- Reduce operating costs for the winery as a whole
- Streamline the workflow of your finances
- Make generating and processing invoices easier
- Expedite approvals of payments made
- Send and receive payments to and from your vendors
- Sync with vendor accounting systems
- More easily manage your cash
Why Should You Use Bill.Com?
How do you know if Bill.com is right for your business? Well, do not just take us on our word. Over 80% of the top 100 U.S. accounting firms agree, and they move over $100 billion yearly.
By partnering with leading U.S. financial institutions, Bill.com ensures they follow strict KPIs (Key Performance Indicators) and maintain a high standard. Their platform also harnesses smart technology, like machine learning and artificial intelligence, to reduce busywork and increase accuracy. Plus, they are a top-rated company.
Reach Out to Protea Financial for Help with Bill.com Today
The reduction in time it takes to process payments and expenses is vastly beneficial and absolutely worth it. Bill.com strives to help you enhance your business and increase your conversion rate.
Choosing the right accounting software is the first step to improving the financial stability of your company. Speeding up your processing is the key.
If you want a better understanding on how Bill.com works, help with setting it up, or assistance using it, reach out to us here at ProteaFinancial and let us know how we can help. We will work alongside you to help make your winery prosper.
FAQ Section: Bill.com for Accounting Bookkeeping Service
1. How does Bill.com improve processing times for businesses?
Bill.com significantly enhances processing times by automating the payment processes, which can save businesses up to 36 days annually. By streamlining tasks such as invoice capture, approval, and payment, Bill.com eliminates manual entry and reduces errors. This automation not only speeds up transactions but also increases overall efficiency and customer satisfaction.
2. Why is speed important in financial processing?
Speed is crucial in financial processing because it directly impacts a business’s efficiency and customer satisfaction. Faster processing times mean quicker payments and improved cash flow, allowing businesses to operate smoothly and make timely financial decisions. This efficiency can lead to better customer service and higher revenue.
3. What features should I look for in an accounting bookkeeping service?
When choosing an accounting bookkeeping service, look for features such as cloud-based invoicing, built-in contracts, flexible document editing, and an easy-to-use dashboard. These features help streamline financial management, making it easier to track expenses, manage vendors, and maintain accurate records from any device.
4. How does Bill.com simplify international payments?
Bill.com simplifies international payments by offering a unified platform for both domestic and international transactions. It allows businesses to pay in multiple currencies, reduces wire transfer fees by over 50%, and integrates seamlessly with accounting software. This ensures that international payments are processed quickly and cost-effectively.
5. Why is transparency essential in financial management?
Transparency in financial management is vital as it provides clear visibility into a company’s financial health. With tools like Bill.com’s custom dashboard, businesses can monitor cash flows, manage expenses, and make informed decisions. This transparency helps in maintaining control over finances and gaining insights into operational efficiencies.
6. How can reducing processing times improve conversion rates?
Reducing processing times can significantly enhance conversion rates by ensuring that clients receive timely and accurate payments. Quick and efficient processing reduces the likelihood of payment delays, enhancing client trust and satisfaction, which in turn can lead to higher retention rates and increased business conversions.
7. What are the disadvantages of manual payment processing?
Manual payment processing is time-consuming and prone to errors, leading to delays and inefficiencies. It often involves lengthy approval cycles and missing invoice information, which can result in lost clients and reduced productivity. Automating these processes with a platform like Bill.com can mitigate these issues and improve overall operational efficiency.
8. How does Bill.com help in managing cash flow?
Bill.com helps manage cash flow by providing a comprehensive view of all payments and receivables in one place. The platform’s automated processes and real-time updates ensure that businesses can track their cash inflows and outflows accurately. This enables better cash management and financial planning.
9. What benefits does Bill.com offer for financial accuracy?
Bill.com enhances financial accuracy by automating data entry and reconciliation processes. It integrates with major accounting software, ensuring that all financial records are up-to-date and error-free. This automation reduces the risk of human error and ensures that financial statements reflect true business performance.
10. Why should businesses choose Bill.com for their payment processing needs?
Businesses should choose Bill.com for its efficiency, cost-effectiveness, and ability to streamline financial processes. Over 80% of the top 100 U.S. accounting firms use Bill.com, moving over $100 billion yearly. The platform leverages smart technology like AI and machine learning to reduce busywork, increase accuracy, and ensure compliance with financial standards.
