As an accountant, you are busy focusing on your clients and improving their cash flow whilst forgetting your own cash flow. What you may not realise is that there may be a better way to process your own payments. And in today’s competitive business world, it is crucial that you stay ahead of your own payments process too.
Your payment process is more crucial than you may realise and having the wrong payments process is risky. It can impact your cash flow and recurring revenue. And if you are manually collecting payments, you are wasting valuable time that could instead be spent on growing your business. To stay ahead of the pack, you may need to reflect on your current payment process to ensure it is on track.
Streamline your payment process and save time
There’s a reason that cheque payments have declined and debit transfer payments have increased. Constant advances in technology have allowed for improved payment methods. In addition to automated payments, various account management software now integrate to reduce your workload and save you valuable time. A good payment process can also improve your cash flow. This can be achieved by streamlining your payments collection with your account management software to minimise your manual workload and double-handling of information.