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improve payment process
March 4, 2021

How To Improve Your Payment Processing?

By: Rachel Ott

If you’re running a business or the finances of a business, chances are you already have a process in place for creating and sending payments to vendors/clients. This is part of a business’s accounts payable workflow or process. 

Inevitably, the right or wrong payment process directly impacts any company’s cash flow. More efficient systems make sure companies pay and get paid quicker. However, 60% of small business owners find finance and accounting decisions difficult.

Here at Checkrun, we often work with customers to help streamline this process and make it more efficient. That’s why we simplify payment processing improvement so that business owners and accountants can decide what suits you the most. 

Understanding the payment processing lifecycle

The lifecycle looks something like this:

  1. Create a payment
  2. Verify and route the payment for approval
  3. Review invoices and supporting documents/attachments
  4. Capture the appropriate signatures
  5. Send the payment

While this process seems simple, poorly handling it can lead to many problems and issues within a company.

Reduce paper documents 

It’s no surprise that accounting firms generate and maintain a lot of paperwork each year. While some of it must be retained for compliance reasons, other paperwork can be eliminated altogether, and some you can convert into a digital format. 

Integrating digital documents into your workflow will give you added flexibility and streamline your communication processes with easily shareable documents. For example, pulling up a client’s invoices electronically is way faster than searching through a filing cabinet to find what you need. Plus, it reduces the risk of any error or misfiling complications.

Improve productivity and efficiency 

It’s important to choose solutions that already integrate with your current accounting system. That way you aren’t constantly logging in and out of multiple software. Here’s a few solutions that can help automate and streamline your workflow and payment processes:

  • Integrify: It streamlines the routing, review, and approval of your documents with easy automated workflows.
  • signNow: This software helps accountants generate electronic documents, negotiate contracts, accept payments, and create automated workflows.
  • Adobe Fill & Sign: Use this mobile app to take a picture of a paper form, fill it out, sign it, and send it from your phone or tablet. This eliminates wasted time and paper.
  • Sign Easy: This is an electronic signature app that gives accountants the freedom to sign, import and save documents quickly and easily. Send documents for signature or collect documents in person from your phone or tablet.
  • Checkrun: This is a secure mobile-app enabled for payment routing, approval, electronic access to supporting documents, signature capture, and same-day check printing and mail service that does all the work for you while eliminating the need to store pre-printed checks and supplies. Plus, it’s already integrated with QuickBooks Online.

If you’re not already using QuickBooks Online, we’d love to hear from you. Please let us know what accounting software you are using by clicking this link and filling out the short form: Here’s What Accounting Software I Use

Want to learn more about time management and efficiency for your payment processes? Read these articles:

4 Time Management Tips for Accountants

3 Ways Accountants Can Manage Their Stress

To see Checkrun in action, sign up for a 30-minute demo and see how you can improve your payment approval workflows and save a lot of headaches, time and money. Don’t have time? Watch our short two-minute introduction video

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Benefit from the power of accounts payable automation and increase efficiency, reduce costs and greatly improve cash flow management with Checkrun.