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How Can Bill.Com Reduce Your Processing Time?

How Can Bill.Com Reduce Your Processing Time?

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 Do you feel the need to rid your business of outdated financial processes and make it easy on yourself with a proven solution?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.

 Bill.com Invoice Protea Financial Accounting Software

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.

Accounting Software: Control Your Finances With Confidence and Ease

Accounting Software: Control Your Finances With Confidence and Ease

An accounting software system is a valuable tool for any business. It allows for more accurate record keeping, which in turn means less work and lower risk of mistakes. It enables you to automate labor-intensive accounting tasks and accelerates tax preparation. There are many benefits to using an accounting system, so it is important to explore them before making the decision on what type of software will best suit your needs. In this post we will review some popular features offered by accounting software systems and the costs associated with each one. We hope that after reading this you will have a better idea of how an accounting system can help you grow your business!

 

What is an accounting software system?

An accounting software system enables a company to keep track of all the various transactions that happen in a business. Transactions vary depending on the company and the industry, but most likely include sales, invoicing, accounts receivable, purchases, accounts payable, taxes, and payroll. All these transactions can be summarized, which provides valuable data for creating charts and predicting future performance.

There are three main types of accounting software systems. First, open-source accounting software is free and can be customized to the needs of the business. The downside is that open-source software may have hidden costs such as compatibility issues, support costs, training, and setup costs.

Second, canned accounting software (or desktop software) runs on your laptop or desktop. The data is also stored on the machine it is installed on. This is a great solution if you live in a rural community with a slow internet connection. It is also easy to use, costs less than other systems, and secure when you are not connected to the internet.

Last, cloud accounting software is stored online. With everyone being hacked these days you may wonder whether your data will truly be safe. The good news is you will not have to lie awake at night wondering if you many years of hard work will one day come crashing down. You are protected—many cloud-based solutions use bank-level encryption, so your finances are as secure as the money in your bank. In addition to security, no installation is required, no updates, backups are automatic, and you can access your data from multiple devices.

 

What are the benefits?

Using an accounting software system will save your company time and prevent avoidable human errors. Instead of tracking everything in a spreadsheet or a paper system, you have all your transactions in one place. It is easy to see what was spent or how much cash is coming into the business. You always know exactly where to find this information.

Accounting software automates some of the most boring accounting tasks, which dramatically increases the accuracy of your data. For example, you can set up so when a sale is made an invoice is sent to the customer set up on credit. The longer you wait, the harder it is to collect. By automating the process, you increase the likelihood of collecting. Furthermore, you can track your unpaid invoices and offer discounts for early payments.

Another benefit of an accounting system is the ability to track cash flow. Just like you can automate your accounts receivable, you can also automate other areas of accounting such as cash flow analysis. By connecting the accounting software to your bank accounts, you can easily reconcile your bank balance to your book balance in real time. No more waiting until the end of the month to find out where you stand financially.

One commonly overlooked area that is a huge win for businesses using accounting software is staying in compliance with taxes. Without good software, it can be difficult and keep track of taxes owed. A good software will calculate the sales tax and prepare the form for you.

If you opt for a cloud-based system (which I highly recommend), you have access to your accounting software system anytime you want. Literally, access to your business is at your fingertips. You can login anywhere you have a connection. So can your accountant, which makes it easy on everyone. Especially at tax time. Your accountant has everything he or she needs to file a complete and accurate return on your behalf.

 

Leveraging an Accounting System

New technologies continue to disrupt the role that accountants play in the marketplace. This is good news because accountants are well-positioned to provide the highest value to their clients. Because accountants are trained to see the big picture, they can further develop an accounting system to tailor to the needs of their clients. As a result, your accountant can be an invaluable source of analytics, insights, and best practices.

Gone are the days of the one-size-fits-all approach. Online accounting systems are compatible with hundreds of third-party applications that extend the usability of their platforms. Take QuickBooks Online, for example. There is a reason why QuickBooks has an 80 percent market share. Not only do they offer one of the most affordable accounting software packages, but they also have one of the most versatile accounting software systems. At the time this article was written, QuickBooks simple plan is $25, their Essentials plan is $40, their Plus plan is $70, and their Advanced plan is $150. All plans include QuickBooks mobile apps, support, and app integration.

What sets QuickBooks apart from their competitors is the software integrates well with third-party services, which make your financial management easier. As your business grows, you can add apps for spend management, billing and invoicing, eCommerce, time tracking, analytics, and inventory management. With over 650 apps to choose from, you are bound to find one that addresses any problems your business needs solved.

There are many advantages to using accounting software for your business. With QuickBooks Online you can use an online solution that is tailored specifically to you and your company’s needs. The benefits of a system like this will outweigh any potential risks associated with not having one in place. There are some great opportunities when choosing between different types of systems as well. We know how difficult it can be to choose which type of software works best for you, so please feel free to contact us if you have any questions.

 

 

QuickBooks Beginner Mistakes You Must Avoid

QuickBooks Beginner Mistakes You Must Avoid

If you’re familiar with QuickBooks Online, you know how spectacular it is in maintaining financial records for small and medium businesses. Whether you’re a business owner or an individual looking for reliable bookmaking software, QuickBooks is a great option.

However, there are some common mistakes beginners tend to make in QuickBooks Online. In this post, we are going to look at the most common mistakes in QuickBooks and how to avoid them.

If you’ve already made these mistakes, it’s your time to correct them. And if it’s your first time using QuickBooks, you’re in luck because you rectify can your mistakes without even making them!

 

Forgetting to Update the Records

This is by far the most common mistake QuickBooks users make. If you’re guilty of the same crime, it’s a good thing you’re not alone. With the fast-paced nature of today’s business world and the stress of managing everything, it’s fairly normal to miss a few transactions here and there.

However, these mistakes might become costly if not fixed immediately. When your QuickBooks records don’t match up with your bank statements, it means you are not on top of your organization’s finances.

To avoid such a rookie mistake, build up the habit of recording transactions when they happen. If it’s too much to ask, at least update the records at the end of the day.

 

Double Charge

Believe it or not, double entries are also very common among beginners. If you’re the conscious kind, you are more prone to making this mistake. Let’s look at an example.

Suppose, you went on a business trip at the beginning of the month and you spent from

quickbooks transaction

 your credit cards only due to a short in company accounts. Being a good businessman, you logged everything in your expenses tab as a business trip.

However, at the end of the month, when you are paying the credit card bills, you are also considering the ‘business trip’ from before. So, there are effectively two entries for the same expense.

It can cause you a lot of headaches. So, it’s always better to be careful when making entries. Label them clearly so they don’t create confusion for yourself.

 

Write Checks for Payrolls

If you’ve been using QuickBooks as a business owner, there is a good chance you use it for employee payroll as well. So, how do you pay the payroll taxes? If you’ve been using the Write Checks window, you’ve been doing it wrong!

When you use the Payroll function in QuickBooks, the payroll taxes are automatically filed in the Payroll Liabilities window. When you pay them through the Write Checks, the tracking gets all messed up.

So, only use the Payroll Liabilities to pay off those taxes!

 

Deleting Transactions

It’s another huge mistake made by rookie QuickBooks users. As QuickBooks does the job of central bookkeeping for your business, all of the transactions are interconnected across different accounts.

So, when you delete a transaction from one account, it affects the whole ledger. And at the end of the month when you finally sit down to make sense of things, the deleted transaction will cause you a lot of headaches!

So, if you absolutely have to delete any transactions, look for other entries that it might affect. For example, if you delete a transaction in one account, it will effect another account. So keep this in mind before deleting transactions.

 

Making Too Many Accounts

The sub-accounts feature is quite handy in QuickBooks to further organize the books. However, some users take the concept too far and open up accounts and sub-accounts for each of their expenses. If you can keep track, it’s all good.

The problem arises when you can’t. Introducing too many variables is a surefire way to confuse things. For example, do you really need sub-accounts like electricity, gas, etc. under the bills account?

It brings extra stress on your organizing skills. So, what you can do is chalk out a plan for your accounts before you make them. Make a list of the information that you actually need to know and start accounts from there.

So, delete any unnecessary accounts you may have now to tidy up your QuickBooks account.

Tax Preparation Enablement

We provide your organization a true end to end solution to all of your tax needs. Tax season is year round to Protea – if you aren’t preparing daily, it’s too easy to get behind. We are always working with your organization to streamline your businesses tax management.