How much time does Veem save SMBs?

Payments that save SMBs time and money

Time is money, and money is time. You’ve heard this cliché before and if you’re a small or medium sized business (SMB) owner, you might live by this statement. With fewer resources, less staff, and more work, time is everything to the small business owner.

On average, business owners work approximately 50 hours a week. But, to them, it doesn’t feel like it. Time flies when you’re doing everything, all the time.

So where does all the time go? One frequent, albeit necessary time waster is administrative tasks (24%).

What do we mean by administrative tasks? Finances, bookkeeping, filing invoices, general payroll duties, things like that.

It’s no secret that business finances are a pain. SMB owners consistently state that they despise accounting more than any other operational activity. Which is why finances are routinely outsourced to accountants and bookkeepers, or simply overlooked.

As an SMB owner, it’s crucial to have good time management skills, focusing your energy on growing your business and turning a profit, not on the other stuff. But, as unnecessary as it might seem, these tasks are vital to growing your business.

Finding ways to free up your time and mental energy from things like financial and administrative tasks is an investment in the health of your business.

In a recent survey, 58% of business owners stated they spent on average 5 hours per week on marketing. According to the same survey, businesses who spend more on marketing experienced higher growth rates and higher revenue sales.

We want businesses spending more time on the important stuff.

The struggle bus

Managing finances can be a challenge for any small business owner. You want to focus your energy on your customers, product, and/or service, and managing your finances can feel like a chore. But, it’s a chore that, when continuously pushed back, can wreak havoc in the future.

58% of people surveyed said they loathed bookkeeping, finding it “draining.” Payroll is also a complex task.

At Veem, we understand SMBs and their struggles more than anyone. We want to make your money work for you, rather than the other way around. Why stress about paper and payment? Put your energy towards what really matters: your customers, your relationships, and your business’s growth.

 

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Why finances get pushed

Other than the fact that finances are simply not enjoyable, here are two other reasons why they may be pushed to the back burner.

Accounting is hard

If you don’t already have a degree or some prior knowledge in accounting, money management is a hard thing to learn, understand, and implement. Terms like payroll, accounts payable and receivable, and invoices may as well be Greek to the accounting newbie. Just ask long time Veem customers Patti and Scott Scharf of Catching Clouds.

Bookkeeping is time-consuming

Not only is accounting hard to learn, but it’s a continuing education. You have to keep up with new software and methods if you want to keep your business in the green. It’s also definitely something that gets put off, and when you get back to it, you’ll have more work to do. Veem user Kelly Gonsalves would say the same, it’s why her business, Totally Booked, exists.

How does Veem help you with time management?

First and foremost, you let Veem do the work.

Designed with small businesses in mind, 88% of Veem customers save up to 104 hours per year simply by switching from their bank or former payments provider. So, how do we do it?

Faster send to receive

Utilizing multi-rail blockchain technology, sending money has never been faster. On average, with Veem, businesses only have to wait 1-3 days for money to be deposited in the sender/receiver bank account.

End-to-end tracking

With our Payment Tracker, you never have to spend time worrying about where your money is.

Input your info once

We save users significant time spent on reconciling date because with Veem there is never a need for double entry with our integrations.

Zapier

Save money and increase your efficiency with automatic workflows offered by the Veem Zap. It seamlessly integrates your global business payments to over 1,500 applications, like time tracking tools, accounting software, and CRM platforms. You can use one of our pre-made Zaps, or create your own in a few simple steps and connect Veem to any other application Zapier offers. Try it out here.

Accounting Integrations

Veem customers enjoy robust integrations with their favorite accounting platforms. No more double-entry, payments are reconciled automatically in your connected accounting software, saving you or your AP department a ton of time.

Quickbooks

Stop tracking bills manually. Veem & Quickbooks reconcile your data for you.

Xero

Xero’s two-way synchronization with Veem means users can approve and pay bills created in Xero in one click.

NetSuite

With Veem’s NetSuite Integration, users can eliminate the manual processes and workload associated with paying global suppliers.

Make outsourcing easier

If you have ever been worried about paying a company or employee abroad, or even hiring a contractor from abroad, let Veem ease your worries. With our online payment method, it just takes a few clicks to send money to a person or company abroad.

Competitive exchange rates

With Veem’s FX Calculator, you save ample time because you don’t have to look far and wide for the best rates.

Foreign Exchange White Paper

It's here: The Definitive Guide to Foreign Exchange for 2019.

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With Veem, you can think less and do more. Spend that time doing the work you love. The work you built your business to do.

We want to save you time by doing the hard work for you. Time is money and money is time. So, not only will you be saving time with Veem, you’ll also save money.

* 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.