How Accountants can help you implement new Payment Systems

Accountants are professionals who have been training for many years for their profession. They go through rigorous exams and assessments that hone their abilities and solidify their credibility for the profession. With technological advancements happening rapidly, the efficiency of accounting has been enhanced through software and IT solutions.

Payment systems are an integral part of a business operating in a world with a booming eCommerce industry. Payment systems serve an important purpose – they ensure secure and timely money transfers made in exchange for goods and services. Therefore businesses need to establish efficient payment systems that support operations and also enable growth.

Adopt new payment technologies

As your local accountant in Northern Beaches and greater Sydney, MYM Accounting & Business Consultancy can help businesses in implementing new payments systems because our extensive experience in dealing with a variety of clients in multiple industries. We can recommend which software, systems, and applications are the most suitable for a particular business.

Accountants understand the functionality of new software and how it relates to your business needs and can be your expert guide for payment systems implementation. Business owners and regular employees, who do not have a professional accountancy background, do not have the extensive knowledge that accountants have. Hiring an accountant for your business can ensure that your business can tackle all sorts of transactions, be they complex, frequent, or secure.

The ease with which customers can make a payment also serves as an important part of the customer experience journey. Therefore, the payment systems that are implemented must be customer-centric.          

Direct Debit

A direct debit mechanism of payments is a convenient mechanism for businesses because it allows a business to deduct payments directly from the customer’s bank account. It is usually used for regular payments but it can be extremely convenient for both customers and businesses. For customers, it provides an easy payment mechanism that they do not need to add reminders for, while for businesses it minimizes the cash flow challenges by reducing the possibilities of bad debts and delayed payments.

As your local accountant in Northern Beaches and greater Sydney, we can help you keep track of your payments and receipts by providing you regular reconciliation on your cash, allocation of receipts and payments and ensure customer collections are not falling behind.

Accountants tend to motivate customers by imposing penalties or offering early payment promotions. The system saves time and cost on managing debtors so that the business can focus on its core operations.

Integration with Accounting System

Payment systems need to be well integrated with accounting systems to serve the needs of the business well. A payment system that does not align with the accounting system can be problematic for the business, where the lack of coordination can lead to expensive mistakes and errors.

A payment system that feeds data directly into the accounting system is a safe and secure way of managing cash and record keeping. Automatic Bank feeds can be step up which will import data directly into accounting systems which can also be used to provide valuable customer insights through the generation of automatic analytical reports on cash management. Moreover, payment and accounting synchronization allow for seamless reconciliation methods.

Send PDF Invoice

Invoicing is a regular part of tasks that business managers need to carry out. Multiple errors can occur in an invoice, especially when it is not generated through a proper payment system. There can be errors in dates, amounts, names, spellings, and so forth. Automatically generated invoices tend to eliminate such human errors.

As your local accountant in Northern Beaches and greater Sydney, we can help you set up a payment system that will allow you to generate a PDF invoice and also which can be sent out automatically. Emailing the invoice also helps to keep a record of the day and the date when the invoice was sent for both customers and businesses. Moreover, emailing invoices saves the cost of postage, and ensures that the invoice does not get lost in the post.

Additionally, PDF invoices provide a confirmed record of services given and payments due or received, whereby the invoices reduce the burden on employees and also make the business look more professional. Investing in a more advanced invoicing system can allow for e-invoices to be sent which notify if the invoice has been received and read.

Pay now buttons

State-of-the-art payment systems allow for the generation of an e-invoice that provides customers with the option of being able to pay immediately through a ‘Pay Now’ button. The button links to a payment platform. It is the ideal way to be able to receive and send payment at any hour of the day and any day of the week. With consumers demanding instant gratification, payment problems can cause inconvenience that loses customers for the business. The pay now buttons allow for the business to be functional 24/7, where automatic invoices and payment receipts can be generated allowing for easy and quick cash management capability.

Payment systems take a lot of burden off repetitive tasks for businesses so that human resources can be used for knowledge work and strategy development, basically allowing them to reach their full potential. Accountants understand your business model and have the knowledge that can help you to select the software that fulfills your requirements so that you can continue to focus on what you do best.

Disclaimer: This is generic Information & post; content about the services can be changed from time to time as per your requirements and contract. To get the latest and updated information, contact us today or visit our website.