As we know, currently there are still many companies that use bank transfer or check cashing methods in business payment transactions. This manual method is not very effective in business activities, because it takes time, energy, and company costs.
Some companies are already using Internet banking technology, but this facility also has a number of drawbacks to facilitate your business transactions. For example, you still have to input the destination account data one by one to execute bill payments. Transactions that have been made also cannot be automatically transferred to the general ledger, so there is more manual work that the accounting team needs to do here.
Problems like these can be overcome by using electronic payment software from a Medius.com provider. For more details, let’s discuss one by one the benefits of this software for business.
1. Simplify Business Payment Systems
The main benefit of payment software is that it makes the company’s payment system simpler, more practical, and more efficient. You no longer need to come directly to the bank just to make business payments or international fund transfers. With this technology, payments can be made anywhere and anytime with just a click on your electronic device.
You can also pay invoices in large quantities at once, unlike manual e-banking transfers, which require you to input the account numbers of the destination one by one. In addition, the payment schedule is easier to manage because Medius software is usually also equipped with a reminder feature for bill payments that are approaching the deadline.
2. Save Cost
Did you know that the payment process in business, especially those that are done manually, contains costs that must be borne by the company? Starting from salary fees, transaction fees, support equipment costs, to currency exchange fees for international transfers. You can save all these costs by automating the payment system.
3. More Secure
Making business payments through electronic payment services is also safer, because service providers must provide a level of security that is in accordance with relevant regulatory standards.
In addition, business people can also add extra security by embedding a password or password for each payment transaction. That way only employees who have the authority can execute payments for certain transactions.
4. More Transparent
By using payment software, all outflow transactions can be easily monitored and tracked for use. This is because digital payment software is generally equipped with a transaction dashboard that shows all payment transactions made through the platform. This will make it easier for business owners to analyze business expenses, whether they are efficient or not and also prepare budget plans for the future.
Because it is transparent and easy to monitor, fraudulent actions or fraud will also be easily detected. Business owners and audit teams will easily find suspicious payment transactions and can take immediate action to minimize financial losses.
5. More Accurate
All payment transactions must of course be recorded in the general ledger for the reconciliation process at the end of the month. If done manually, this process can be very time-consuming and energy-consuming, so the risk of errors due to human error is quite large. Whereas financial statements must be prepared very carefully and accurately to show the actual financial condition of the company.
This risk can be avoided by utilizing a payment platform. The process of reconciliation and preparation of financial statements is more accurate because all transactions are recorded and stored in digital form.
Payment errors can also be avoided because the payment software also has automatic scan technology and optical character recognition (OCR) that can pull data directly from physical invoice documents. So the finance team no longer needs to enter data manually and risk getting the wrong input.
6. Funds Arrive Faster
The payment process must take time, be it a bank transfer or by check. Generally, the time it takes for funds to arrive at the destination account is from the same day to five working days. Especially for international payments by wire transfer, the process will tend to take longer when compared to local payments.
For those of you who often make payment transactions abroad, electronic payment software is the right solution. Medius, for example, can execute local and international payments instantly, and the funds you transfer can be received in the destination account in real time. With fast payments, automatically vendors and suppliers will feel satisfied working with your company in the long term.
7. Simplify Bookkeeping
A good digital payment software should be easy to integrate with other software, especially company accounting software. The goal is that the accounting team no longer needs to manually record payment transactions in the general ledger.
When you use an electronic payment platform, every payment transaction will be automatically recorded in the company’s accounting software in real time. That way the bookkeeping becomes more accurate and the reconciliation process can be easily carried out every time the books are closed.
Using electronic payment software provides many benefits in managing business expenses. This service can also help you develop a budget strategy and plan budgeting more accurately, so that the wheels of business can spin smoothly according to your targets.
SOURCE Vestigo Finance