Necessity is the mother of invention. In earlier years, managing accounts payable processes was a nightmare due to challenges with collating invoices and making secure payments to suppliers. The labor-intensive task proved so challenging that approximately 80% of small and medium-sized businesses (SMB) struggled to meet their financial obligations. Unfortunately, statistics show that a majority of SMBs that struggle with accounts payable management go out of business. To help your SMB successfully navigate the accounts payable process, this blog will discuss:
- The challenges SMBs face with Accounts Payable.
- The TROY FlexPay solution.
- Digitalizing and streamlining your accounts payable process with the TROY FlexPay app.
The Accounts Payable Dilemma
How does your business receive its invoices? Through the mailbox, via emails, or delivered by hand? Regardless of the delivery method, the responsibility of ensuring invoices are not forgotten or misplaced rests on your shoulders. The dilemma between choosing the best way for your business to receive invoices against your suppliers preferred invoice delivery mode is just one challenge SMBs face with accounts payable. The received invoices must be inspected, compared with quotes, before payment is sent.
Making payments also comes with challenges. A few suppliers may opt for e-payment options, others may prefer digital checks, while some would prefer receiving physical checks. Hence, you are expected to remember the payment method each supplier prefers as well as secure the payment process when fulfilling your invoices.
Digitalizing the accounts payable process is the first step to replacing physical copies of your invoices with digital, indestructible records. Digitization simplifies record keeping for future referencing, provides a centralized view into your organization’s entire accounts payable process, and adds additional security layers to protect the business. The TROY FlexPay app is a powerful accounts payable digitization tool that enables you leverage automation to reduce cost, work efficiently, and eliminate check fraud.
Getting Started with TROY FlexPay
The invention of the computer saved humanity thousands of labor hours and ushered in the information age. The paradigm shift digitized solutions brings to the accounts payable process can be compared to the impact of computers. By utilizing the TROY FlexPay app, you can eliminate paperwork and gain unprecedented real-time insights into your business's supplier obligations. The business insight TROY FlexPay provides ensures that invoices can be collected, audited, and paid in record time.
You can gain real-time insight and automate the accounts payable process using these 3 quick steps:
- Creating an account and linking with QuickBooks – TROY FlexPay is an innovative accounts payable solution that integrates with both QuickBooks Desktop and Online to pay your invoices. The account creation and QuickBooks integration process is seamless. You can get started with creating an account using the link here. Note that you can take advantage of a 30-day free trial on opening your account.
Once created, the next step is linking the app with your QuickBooks account. To do this:
- Navigate to the settings page.
- Click on ‘apps’ and choose your QuickBooks version (Desktop or Online).
- Click ‘Link to QuickBooks’ and provide your QuickBooks login details.
- Once logged in, you gain visibility into your invoices and their relevant payment information.
You can also choose to manage your accounts payable by capturing your invoice payments on the TROY FlexPay app or entering suppliers’ data if you do not use QuickBooks.
- Making Payments – Access to QuickBooks provides a clear outline of your entire invoicing process and you and your vendor can decide on a preferred payment option. TROY FlexPay provides you with multiple options for fulfilling your payment obligations. These options include paying via digital checks, bank transfers, ACH payments, or printing your own check.
These options ensure versatility and the security required to make vendor payments. Security features include multi-factor user authentication, check customization, and authorization tools to reduce the risk of fraud. Once payment is made, TROY FlexPay intuitively stores payment history and data to simplify future payments.
- Managing Reoccurring Payments – A successful vendor relationship is one that comes with reoccurring deliveries and payments. TROY FlexPay applies automation to store data and provide visibility into previous payment patterns. Hence, payment is streamlined as the app assists you with crosschecking inventory prices, calculating total cost, and reminds you about upcoming payments. The accounts payable notifications you receive will ensure your organization never misses a payment again. Thereby helping you build successful relationships with multiple vendors.
Streamline Your Accounts Payable Process in Minutes
The future of managing accounts payable processes is going digital. TROY FlexPay simplifies that process using 3 easy steps to set up a payment process and to maintain it. Using the app, the set up and payment process can be completed under a minute as showcased in this demonstration You can get started by signing up today or requesting a demo to view how TROY FlexPay digitally transforms your accounts payable process in minutes.