Now is the time automate and secure your Accounts Payable process.

Benefits Of Outsourcing The Business Check Payment Process

From expanding marketing efforts to managing employees, business owners have more than enough work to fill each day. Most business owners and their workers spend too much time on administrative tasks. With today's technologies, a considerable amount of these tasks can be automated or outsourced to save money. This does not mean staff cuts. However, outsourcing some tasks can give your administrative staff more time to focus on important high-value activities and the accuracy of those tasks. Projects that will improve customer relations, increase sales and improve internal processes are easier to develop and execute if administrative workers are not overwhelmed with tasks such as printing checks and juggling vendor account files.

In most cases, in-house bill payment consumes a considerable amount of time and resources. The task of issuing checks to vendors for financial obligations can cost a business much more money than it should. For companies that still rely mostly on paper-based processes, this is especially true. Issuing payments and analyzing bills may mean hours of sorting through files and crunching numbers. By making payments electronically and outsourcing them, business owners save themselves the hassles and high costs of outdated paper checks.

Expenses Of Using Checks

To better understand the time and money that goes into using checks and why they are wasteful, think about what usually goes into each check. These 15 steps are associated with the issuing process in most cases:

1. Worker requests payment approval.
2. Worker reviews payment with approver.
3. Approver reviews payment request for any issues and requests additional data.
4. Worker spends time finding files and adding numbers.
5. Worker makes required payment adjustments.
6. Accounting manager reviews checks for approval.
7. Worker sets up system for issuing checks.
8. Worker gathers paper supplies and prepares the printer for printing checks.
9. Worker conducts test print to avoid errors and then prints the actual checks.
10. Worker gathers signatures for the checks.
11. Accounting manager reviews checks for possible errors.
12. Worker gathers documentation for any discrepancies or issues.
13. Worker adjusts discrepancies and prints new checks.
14. Worker puts checks into envelopes, add stamps and mails.
15. Worker sends positive pay file to the bank to prevent check fraud.

When you factor in supplies and time, issuing a check really costs you about $10.50. With an ACH automatic payment, you spend about $0.50 instead. Since business owners and executives spend so much time focusing on high-value tasks, they may not realize just how much time is wasted on issuing paper checks. Also, the resources involved in issuing checks are expensive. Printer ink, blank checks, envelopes and stamps are all expenses that add up over the course of a year.

How Do Outsourced Payments Work?

With solutions offered from Advantage Business Equipment, all of your accounts payable can be paid electronically and automatically. Since our systems are cloud-based, they are always working for you no matter where you are. You have professionals helping with your accounts payable who take the responsibility of handling your finances seriously. Our platforms are efficient and gives your workforce more time to focus on high-value tasks at the workplace.

Benefits Of Electronic Outsourced Accounts Payable

As we mentioned earlier, the cost of printing checks and using paper-based processes is expensive. You can save up to 80 percent by using direct deposit instead of printing checks. These are some of the top blog benefits of using our cloud-based system with ACH payments:

• The transaction fees are considerably lower for ACH payments.
• ACH payments ensure instant payment for your vendors.
• You spend less on paper supplies and boast a green paperless solution.
• Recurring payments can be set up to be paid automatically.
• When vendors request checks, they can be issued for 80 percent less than in-house processing costs.
• The system stops fraud with positive pay file submission.
• There is full tracking and audit control.
• You can review and approve every payment before it is submitted.
• Remote check approval is available from anywhere in the world.

Have a look at our blank check stock finder category

Put an end to the expensive hassle of having workers spend hours buried in files and paperwork, stuffing envelopes and chasing down invoices from your vendors. Let us help you set up a seamless and efficient system for making quick payments that are secure and always on time. 

Our experienced professionals process over 90 billion in payments every year, and we want to help you experience the benefits of ACH payments through our new cloud-based system. 

Contact us or visit ABE-Online.com to learn more.