On the other side of every single invoice that the B2B Accounts Receivables Department sends out, is the process of receiving payments. When in the context of B2B payments, this means that accounts payable staff members have to process the invoices before any payment may be made. Simplifying and expediting these processes is becoming ever-more important in today’s increasingly digital world. It couldn’t be more important for companies that are competing on a worldwide scale. The days when ARM teams manually input invoices into AP systems are rapidly becoming outdated, and the need for integrated e-invoicing solutions is now being recognized as companies realize they need to save more time over manual processing inefficiencies.
Why Is Integration So Important?
Customers are changing their preferences when it comes to making payments. And, this, in turn, has had a knock-on effect on the payment processing industry. Any company that wishes to be successful, whether in a B2B or B2C sector, now needs to offer its customers the opportunity to make payments in several different ways. This means offering the facility to pay by credit or debit card, ACH payment, or mobile payments is not just advisable but necessary.
Before the technology was available to integrate payment processes, merchants had to manually enter every transaction into the accounts system. This reliance on data entry by humans meant that errors were more likely and could affect account reconciliation and financial reporting. However, today, integration allows data from all kinds of sales channels to flow seamlessly into accounting software, so labor is greatly reduced, and one-time manual tasks are now automated and accurate. The upshot is the integration of payment processing systems with existing software packages allows the operation to run more smoothly and cash flow to be managed more effectively across the board.
Time Saving Via Integration
Of the many advantages businesses receive from integrated payment systems, perhaps the best is the time that is saved by individuals who no longer have to enter payment details manually into accounts software. Staff members can focus on other business-critical tasks without having to deal with manual processes that are so time-consuming and stressful.
Error Reduction Through Automation
When humans are added to the mix, it is increasingly likely that processing payment transactions will contain errors and mistakes. Manual transactions often end up with duplicated entries, incorrectly entered data or charges being applied to incorrect accounts. The result of this is that work time will be lost in locating the source of the errors, and customers will be frustrated because of overbilling or incorrect invoicing. This could, in turn, damage a company’s reputation. Integrated systems mean that human error is a thing of the past and accuracy is standard.
Better Cash Flow
When cash flow is predictable and constant, businesses can stay on top of their finances and have sufficient money in the system to pay employees, vendors, operating costs, and taxes. Rather than having to wait for paper invoices to be printed, mailed, received, and paid, the B2B Accounts Receivables Department can now process electronic payments with an integrated processing solution that supplies current reliable reports on the company’s cash flow.
For virtually all businesses, integrated payment solutions are an essential step to take when ensuring their companies will be successful in today’s competitive digital environment. BillingTree’s innovative, high-quality commercial payment processing solutions are an ideal choice for any business’ B2B accounts receivables department. By integrating seamlessly with all the most popular software systems, BillingTree’s solutions offer a convenient and smooth approach to handling payments via a number of methods, including credit and debit cards and ACH payments.