Most business owners struggle to keep their finances on track. No matter how much time we spend cash planning, maintaining accounting software, organizing books, keeping communication open with customers, and monitoring status updates of payments, we can’t control what we can’t control.
Let’s say that your customer misses a due date and then leaves for vacation. At the same time, you may have another customer that forgot to approve one of your invoices. What happens if a check gets lost in the mail? Can your business sustain that kind of delay? Think of how much unnecessary room for error that paper-based processes create: paper gets lost, mail takes time to arrive at its destination, banks and mail services shut down during holidays and weekends, and deposits take time to clear.
There’s a lot that can go wrong between point A, your customer approving a payment, and point B, that payment reaching your bank account. One way to alleviate this uncertainty is to set up a system for getting paid online. This system reduces the potential for error that paper inevitably brings. Using software, you can create a hub for processing digital transactions. You can integrate this hub with your accounting software. Imagine: your customer pays your business with a click of a button, and that payment automatically syncs up with your books.
With this capability in place, you’ll not only process transactions faster— you’ll also reduce the busy-work that comes with depositing checks, reconciling funds, and maintaining a paper trail.
Here’s what to know about getting paid online and setting up with your payment system: