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Why Adopt Payment Innovations? Discover 6 Benefits for You and Your Clients (Sponsored by RBC PayEdge)

Digital payments innovations can help you and your clients do more in less time – from paying bills, reconciling payables to managing payroll – enabling you to be more efficient while providing value to your clients.

Here are six benefits to leveraging innovations in payments that can help give you and your clients an edge:

1. Save time and resources

A seamless flow of information from invoice to payment to reconciliation can save you time, ensure accuracy and provide you with clear visibility into payment transactions. Advancements in technology have now made it easier and faster for two separate online systems and/or applications to talk to each other.

An Application Programming Interface (API), for example, acts as a bridge between software products – such as accounting solutions and banking platforms – enabling them to seamlessly communicate payables level detail without you having to manually obtain this information.

2. Access funds from all available sources

Want to reduce the stress of cash flow fluctuations? Consider using a digital solution that allows you to draw funds from any Canadian bank account and access funds in one centralized place. Then, you can use any of these accounts to fund and pay multiple suppliers and invoices in one payment order.

3. Simplify payment remittance

Automated application of payments for accounts payable and receivable can help cut down on mistakes in both your accounts payable and receivable ledgers – as well as those of your suppliers.

A digital accounts payable system that automatically reconciles in your accounting software means you no longer need to update this information each time a payment is made. Look for an integrated system so you eliminate the need to send information manually, thereby simplifying accounts receivable processing for all parties, giving your clients greater visibility into their finances and reducing the potential for late payment penalties.

4. Boost security and controls

Having multiple individuals authorizing payments can help mitigate fraud risk and reduce the risk of human error – but as the workplace landscape has shifted over the last few years, all of these individuals may not be working under one roof.

An accounts payable solution with built-in digital permissions and authorization limits can help ensure robust and secure accounts payable processes, ensuring a smooth approval process even when approvers are in different locations.

5. Make payments to suppliers globally

Avoid the manual hassle of creating, sending, depositing and reconciling paper cheques by moving to digital payments solutions. Digital solutions can allow businesses to create payment orders online, so they can pay multiple suppliers in various currencies to multiple countries around the world. This means saving on paper, postage, fees, processing costs, and more.

6. Boost supplier relationships

Maintaining strong relationships with suppliers can benefit your clients in many ways. Paying your clients’ suppliers on time – and in the way they want to be paid – is a vital component to the long-term success of your clients’ business.

While managing and maintaining supplier information and preferences can be time-consuming, the right supplier management system can capture and store this data for you. And with important supplier information at your fingertips, you can easily accommodate their payable preferences, boosting trust and loyalty between your clients and their suppliers.

RBC PayEdge – The Digital Payments Solution for You and Your Clients

RBC PayEdge delivers all of the benefits above in one award-winning*, cloud-based digital platform solution that easily integrates with many accounts payable systems. It also leverages the latest digital solutions and automation tools to help you reduce manual work and streamline your accounts payable processes.

RBC PayEdge can help your clients gain greater visibility into their finances by simplifying the way you make, track and reconcile payments with the added benefit of enhanced financial controls. As a bookkeeper, you can gain better oversight and status of payments and approvals with visibility across your clients in a single payments platform.

Neither your clients nor their suppliers need to be RBC clients to use RBC PayEdge, making it an easy platform to integrate into your day-to-day.

Discover how RBC PayEdge can help you and your clients by automating their payables.  Connect with an RBC PayEdge specialist to learn more.