The ones closest to a problem sometimes avoid it the most. Small to mid-size businesses accounted a little under 60% of all sales and 55% of all jobs in the US. With that said, we all can agree that small to mid-size business are an important thread in the fabric of this country and around the world.
A business bank account is essential but may not provide all of the services needed to seamlessly integrate and create value for your business. Although you need a bank, you also require payroll, accounting, compliance, bookkeeping and risk management which must be managed. With that said, the most important aspect of a small to mid-size business finance is cash flow management. It is vital to minimize your cost and maximize automation to achieve the goal of managing data versus manually inputting or re-keying it.
Importantly, research indicates that the cost of a payment or receivable does not correlate with the size of business. Therefore, small businesses need the most access to excellent A/R automated solutions.
Manual or paper-based processes have hidden costs including process errors, too many exceptions, regulatory compliance, manual hours and risk of fraud just to name a few. To reduce the challenges that small to mid-size companies face, there are some affordable, cost effective platforms that allow you to automate the A/R and A/P processes in the cloud empowering businesses and prepare for long term success.
Janet Zablock, the Head of Small Business at Visa recently said;
“As funny as it might seem, small-business owners remain the largest users of checks and also use Excel to manage their cash flow, which remains cumbersome and inefficient, especially when trying to secure a loan. Therefore, automation is key in the next few years, removing the friction of getting money and making it all much more transparent,”
Here at OnPay Solutions we encourage small and mid-sized businesses to question changes but more importantly be open to hearing and exploring. Kodak failed to see the transformation that the digitization of photos would make and was quickly left behind.
Be open. Be mindful. And, explore options.
Read More on Accounts Receivable Solutions...
- Accounts Receivable: Two Reasons Why You Should Be Cash Greedy
- Accounts Receivable: 6 Ways to Free Up Cash and Strengthen Working Capital
- 3 Accounts Receivable Realities
- Achieve Optimal Accuracy with Accounts Receivable Automation
- 4 Reasons You’re Failing to Get Paid
Find out more about accounts receivable automation.