If you want to get on top of your cash flow start with reviewing your processes! Research by Xero Small Business Insights highlighted that many businesses manage their bills through trial and error; they have just found a system that works for them.
On average businesses are spending 4.8 hours each month managing bills, there are several steps in the process, inputting bills into accounting software, coding payments correctly, making payments, checking the status, and reconciling it all.
A better way with Xero
• Xero offers the tools and capability to seamlessly manage your bills from start to finish:
• Automate entering and coding bills in Xero using Hubdoc
• Pay multiple supplier bills all in one place — regardless of your bank — using Pay with TransferWise
• Make reconciliation fast and simple using bank feeds
Find out more on the Xero blog: https://www.xero.com/blog/2020/10/simplifying-bill-payments-for-your-business/
If you are using multiple systems to manage your payment process you will be wasting time.
When did you last review your payment process?
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