The Buzz

Digital Payments Platform: Learn How It Can Help Drive Efficiencies (Sponsored by RBC PayEdge)

Businesses are always looking for an edge. In a competitive market, operational efficiency can help boost productivity and profitability, and free up hours that can be spent on growth opportunities. A good digital payments platform can help both you and your clients do more in less time.

Here are 5 ways the right digital payments platform can drive efficiencies:

1. Automate Payables

Automated payables features eliminate the need for setting reminders or calendar alerts.  Paying recurring invoices then becomes a matter of ‘set it and forget it’, freeing up your time for other tasks.

It’s also worth finding a platform that allows you to pre-date your payments to align with vendor and supplier deadlines and manage the cash flow of the business you’re supporting.

2. Easily access and customize vendor Info

When evaluating payments platforms, it’s a good idea to look for one that allows you to create and/or save your vendor’s information – such as contact details and preferred payment method, including bank account details.

With this kind of capability, a platform can enable you to pay invoices quickly and easily, without having to input standard data for each vendor every time you need to pay an invoice.

3. Secure approvals from anywhere

Whether you are part of a company’s finance team or an independent bookkeeper, you may not be working in the same location as the individuals you need approvals from. An effective digital platform can allow you to get invoices paid at the right time, by the right people, without the need to get in-person signatures.

A good platform will enable approvers to log in from anywhere to quickly find and approve payments and allow you and your clients to see the status of the approvals. Plus, the digitization of the approval process helps businesses identify if there are any bottlenecks or delays so they can easily take steps to resolve issues or delays.

4. Integrate seamlessly with existing accounting systems

Reconciling payments can be a very time-consuming task. A digital payments platform that easily integrates with your existing accounting software (such as QuickBooks, Sage, Xero) can help reduce the need for manual reconciliation by bringing your payments workflow into one place and automating the process from start to finish.

The result is that the entire invoice-to-pay-to-reconcile pathway is more streamlined and automated, which enables you and your client’s finance team to easily view and manage the payment of invoices from multiple suppliers in a single dashboard.

5. Spot issues and pain points easily

When your payments are contained within a centralized area, you benefit from a streamlined process that helps you and your clients see the status of payments at a glance and quickly spot pain points.

By having greater clarity, you’re in a position to head off any issues before they develop, as well as make timely payments to avoid late fees and potentially benefit from early-payment discounts which can help build rapport with suppliers.

 A digital payments platform can make payment processing faster by removing the manual work from the Accounts Payable process.  If you’re considering a new payments platform to help you manage your team or your clients’ bookkeeping and accounting needs, look for a platform that includes features that can automate manual processes and simplify reconciliation – so you and your client can get more done using fewer resources.

A strong digital payments platform can drive efficiency, enabling you to boost your performance and productivity, which can in turn allow you to deliver more value to your client and boost your professional brand for your business.

Learn More 

 RBC PayEdge™ is an innovative end-to-end digital payments platform that can help, simplify processes, optimize cash flow and foster supplier relationships. Learn how RBC PayEdge can help you and your clients find efficiencies in accounts payable processes and position you as a value-added member of your clients’ extended team.