Modern Payment Solutions for Accountants are Important

Business accountants tend have their hands full. If the business has reached a size where it has an accountant or controller in-house, it likely means the books require constant and consistent oversight. From accounts receivable/payable, to reporting and forecasting, to bookkeeping and account reconciliation, the duties pile up fast. 

Among the biggest and most time-consuming tasks is often issuing payments, which makes robust payment solutions for accountants a top priority when setting up your business’ accounting tech stack. Not only does the business need to get payments out the door in a timely manner; it also needs to ensure those payments are accurate and accurately accounted for.

If your business has a growing list of payees waiting for funds, it’s time to start investigating better accounting software. Not only will your controller thank you, you’ll also feel better when it’s time to close your books and file taxes! 

Accounts Payable (AP) can get complicated

On the surface, AP operations seem simple. Payees submit invoices and you cut a check or authorize a dispersal for that amount, right? In theory, sure. In practice, there are a lot more complications to contend with. 

  • Does the invoiced amount match the ledger entry? 
  • Is it an ACH transfer, a check, a digital payment, etc.? 
  • Are there local tax considerations your business needs to worry about? 

Every variable introduces a layer of complexity. Issuing payments is rarely as simple as pressing “send.”

It also depends on who you’re paying. It’s not a big deal to issue a $250 payment to a contractor; however, you’ll want to be more careful with that $25,000 payment to your supplier! Vendors and suppliers, service providers, contractors and consultants—there are different criteria and processes for paying them all, which makes centralizing payment solutions a priority. 

The AP process demands transparency, accuracy

Transparency is the most important aspect of managing business payments. It’s not just about getting money to the right place, in the right amount, in a timely manner. It’s about recording that transaction accordingly. The last thing you want are reconciliation errors that throw your books off-kilter. 

Modern payment solutions for accountants offer robust automations that protect against user error and input issues, while keeping payments streamlined. From double-entry validation to cross-referencing against previous payments to spot inaccuracies, the more transparency in the AP process, the simpler life is for the busy accountant. 

International considerations are a factor

Increasingly, companies do business on a global scale. You might have suppliers in various countries, contractors operating around the world or even service partners on a neighboring continent. Paying them means jumping through a few more hoops.

  • Do they prefer your current or a landed currency?
  • What are the exchange rates right now? Next week?
  • What’s the best mode of disbursing a cross-border payment?

Costs and methods become important consideration when sending money to different countries. It’s up to accountants to make it work. That often means taking into consideration the cost of doing business from a fee perspective, payee preferences, timeliness, and more. Today, it might mean sending a wire transfer to move a large sum; tomorrow, a digital payment might suffice. Regardless, accountants need payment solutions software that keeps transactions categorized accordingly. 

Digital payments are becoming more popular

As small businesses search for more robust payment solutions for accountants, they’re increasingly turning to digital payment services like Veem. The reason? Veem and other digital wallet providers have simplified the process of sending (and receiving) funds on a global scale. And, by simplifying and centralizing the payment process, it’s even easier to account for AP transactions. 

Instead of trying to process so many variables through accounting software that might not be equipped to catch errors or automate payment solutions, more accountants are leveraging digital payment integrations. They can still organize payees and outgoing payments in accounting software like QuickBooks or FreshBooks—yet, when it comes to executing the payment and its terms, the digital wallet is where the action happens. 

See for yourself how simple it is to send and receive money through a digital wallet. Schedule a demo of Veem today and experience the future of simpler payment solutions for accountants. 

 

 

* 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.