If the payment system used by the office has become outdated, time-consuming, or obsolete, now is the perfect time for an update. Not sure if it's worth the time and investment? Consider some signs the payment process may benefit from an update:
Nothing alerts you to the obsolescence of an old system more than the growing amount of time it is taking. Online, cloud-based programs for accounting and payroll have come a long way in automating many routine financial management tasks while also improving the overall accuracy and efficiency. When paying bills, reconciling accounts, recording invoices, tracking expenses, and running payroll are taking more time out of your schedule than they used to, it may be time to research and adopt some time-saving automating tools that free up more hours in your week.
Everyone makes mistakes from time to time, and small businesses are no more immune to error than large companies. When you begin to notice an accumulation of mistakes, however small, it may be time to reevaluate the payment system you are using. Is there enough standardization in how payments are issued and recorded? Does everyone know and follow the right set of protocols? Are there security checks and approval requirements in place before payments go out? Are there too many people involved in the financial management, and not enough transparency and accountability? When the errors in bookkeeping start to lead to late payments, overdue fees, or threats of canceled services, it is time to take a closer look at the account management system and consider options for an upgrade.
Manually entering data for each and every transaction is not the most efficient way to keep and update records—especially today, with the wide array of online automating tools that are available to businesses of all sizes. You don’t need to run a large company in order to afford automating accounting and payroll tools. If your in-house bookkeeping and payment process rests on tedious data entry and manual recording and reconciling of every transaction, it may be time to look into automating tools that save everyone time and greatly enhance efficiency.
While having people to whom you can delegate back-office work can save you a lot of your own time and energy, accountability and controlled availability to certain features are also important for ensuring security and accessibility. When business grows to the point that financial management tasks are taken over by multiple people, it may be helpful to consider online tools that everyone can access simultaneously, with updates made in real time, as well as programs that track individual user access so that business owners can trace payments to the users who authorized them.
While attention to your budget and your realistic expenses is important, it is not difficult to lose track of spending, especially if the bookkeeping has been a bit neglected or if you are not automating financial management. Before losing track of your spending, disrupting your cash flow, and having to contract a professional to straighten out the records, consider some less expensive—and less disruptive—ways to update your payment process so that you can keep real-time access to your records, revenue, and spending. Many automating tools for financial management can keep payments and invoices on track, while providing universal, up-to-the-moment access to payment records.
Checkeeper online check printing and mailing services offer enhanced efficiency, security, and accuracy to the payment process, and they save everyone time and money. Print customized, professional business checks on demand, right from your office printer; print as many as needed in a given month—from as many linked checking accounts as required—for one fixed price. All created checks are stored in an online registry that can be searched, printed, downloaded, or shared whenever needed to prepare taxes, research payments, settle a dispute, track spending, and reconcile accounts. Online check printing and mailing can also be used to assist with payroll for those employees who are paid with paper check. Checkeeper offers unparalleled support and service for online check printing, and it is compatible with many other widely-used automating financial tools for businesses.