Crossing Borders Shouldn’t Make You Cross

Often what is good for the business, like expanding markets and shopping for the best price anywhere in the world, can create nightmares for the accounting team. It’s complex enough just figuring out shipping and logistics across international borders, but add to that the complexity of regulatory compliance and transacting in foreign currencies (think cross border payment solutions) and you begin to understand why accountants generally want you to stay close to home – for both payables and receivables. They might even resort to begging. This opinion puts many accountants in the unfortunate position of being adverse to overarching business needs (and the rest of the company focused on driving sales) as they are overwhelmed by the effort required in managing everything.

Covid made it clear to organizations that were already wrestling with aspects of their business built around manual check deposits, wire transfers with complex forms and trips to the bank, and manual bill payments both domestic and international, that something had to change.

We have good news for companies and the accountants who keep them moving forward. At least when it comes to global payments, it doesn’t have to be complicated – for either the sender or the receiver of the funds. Digital solutions are available and affordable and can eliminate not only the hassle of transmitting the funds but also eliminate the inquiries resulting from invisibility once a transaction is initiated.

Here’s how to find global cross border payment solutions that can turn those cross-eyed accountants into business advocates.

  1. Mass(bulk) Pay. Look for options to make multiple payments at once. This feature should be available without limits on either the number of transactions or the total amount of the batch.
  2. Integration with Accounting Software. Your solution should offer full integration with your accounting application including incoming and outgoing payments (without requiring a monthly subscription to do so.)
  3. Recurring Payments. By automating repetitive global payments, your systems will reduce the possibility of errors and you control the cash.
  4. Workflow. Seek a solution that supports the internal controls you need in your business, rather than bypassing them for global payments.  Look for different levels of approval.
  5. Support. Look for a technology provider that provides timely, live expert support for your global and domestic digital payments.
  6. Affordable. Look for global and domestic payment solutions that don’t take a big chunk out of your funds on a per transaction basis and then add a monthly fee for the pleasure.  While you will still have exchange rate differences, you shouldn’t have to deal with bank fees on each side of the transaction and per transaction fees.
  7. Transparency.  The right solution will eliminate the guessing game that goes on between the sender and receiver of global payments.  You need to know at the point of origination what you will be sending or receiving in your own currency.

With the right payment solution in place, accountants can become champions for more global business and can spend their time proactively managing those expanded forecasts they never had time to create. They can become advocates in the organization’s growth and evolution without having to take on additional low value work, respond to inquiries about the status of payments, or spend time reconciling different payments in different places.

An all-in-one solution like Veem makes it pain free to manage global payments while helping the company keep more of that important cash flow while doing it.

When you’re ready to start putting business goals ahead of AP/AR anxiety, it’s easy to get started and free to try Veem out. 

About the author
Geni Whitehouse, CPA is a part-time consulting member of a CPA firm serving wineries and a co-founder of a bookkeeping business.  She is a speaker and author and is always in search of solutions that free accountants (both inside and outside companies) to add more value.

A Veem user herself, Geni has seen the challenge of selling products and services across borders and really appreciates the ability to manage it easily in Veem.

 

 

* This blog provides general information and discussion about global business payments and related subjects. The content provided in this blog ("Content”), should not be construed as and is not intended to constitute financial, legal or tax advice. You should seek the advice of professionals prior to acting upon any information contained in the Content. All Content is provided strictly “as is” and we make no warranty or representation of any kind regarding the Content.