Fintech firm Melio has shared ways that online accounts payable tools can make life a lot easier.
The Melio team writes in a blog post that most of us set out on an independent career path because we may have a “passion for our field of choice and want to focus on improving our skills and growing our business, not paying the bills.”
To entrepreneurs or business owners, accounts payable remain a rather “unpleasant chore that comes with following their dreams,” the team at Melio writes in a blog post. They describe or compare this tedious process to “doing the dishes after dinner—nobody wants to do it, but everyone has to.”
When done properly, managing accounts payable can result in a “healthier cash flow, better relationships with vendors, and ultimately, better payment terms,” Melio notes while adding that AP mistakes “can cost your business fees and penalties and put you at risk of fraud or theft.”
The company added that hiring someone else to manage accounts payable is “one possible solution.” But it’s not always feasible, “especially for smaller businesses.” Fortunately, however, as payment technologies evolve, there are “digital AP tools” out there that can take a major “load off your shoulders,” the company notes.
They also mentioned that Accounts payable “take up a lot of time, and they are error-prone and stressful.” Using an online tool to manage them can “eliminate some of the main challenges associated with this task,” while also:
- Improving your cash flow
- Saving you time and money
- Keeping your information safe and secure
Melio further explains that businesses and bills go together —and if you’re not careful, you’ll be “cleaning that mess for a while.”
According to the company, the good news is that when you use an online tool to manage your accounts payable, you “get to see all your payments in one dashboard.” This makes it so much easier to “stay in control, keep track of funds coming out, check the status of every single payment, and edit or cancel as needed.”
They company claims that it “gets even better if you use the same tool for accounts receivable.” They further noted that this way, you can plan ahead “without losing sight of your business’s cash reserves, as you know exactly how much money is coming in and out of your account.”
Melio acknowledges that running a business is “hard enough without having to manually handle accounts payable and send out checks.”
Instead of struggling with outdated processes, you may want to considermanaging your accounts payable online.
Melio explains that they offer a free and straightforward solution that is “tailored to fit the needs of small and medium-sized businesses.”
For more details, check here.