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 Do you feel the need to rid your business of outdated financial processes and make it easy on yourself with a proven solution?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