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June 7, 2021

How to Simplify Business Bill Pay

By 
LeAnne Taylor

Making payments yourself can be a waste of time. Especially for small businesses.

  • Spreadsheets
  • Data entry
  • Typos
  • Missing expenses
  • Lost receipts
  • Late payments
  • Duplicate payments


Does that list sound familiar? A lot goes into bill pay. It requires an incredible amount of time, attention and detail. And if you are as busy as every small business owner we know, this process doesn't always play out smoothly.

For example, just one agreement with a vendor can result in several expenses in varying formats: transportation, supplies, services rendered.

Processing all of these expenses on your own, day after day, can be a drain on productive time. And that's not including the time it takes to get these expenses approved, paid and recorded in your accounting system.

Enter Corpay One. 👇

Here are five ways you can simplify your business payments using one powerful platform.

1. Spend less time and money on manual vendor payments

Imagine what you could do for your business with the time and money you’d have if you didn’t have to manually process bills and invoices each month. A study by AIIM found that on average it costs $12.90 to manually process a single invoice.¹ If you are processing 50 invoices a month, that’s just under $8,000 a year on invoices alone. Plus, that doesn’t include the cost of labor for the hours your team dedicates to bill pay each month.  

That time and money could be going into strategic initiatives or future planning for your business.

You could streamline the payment process, without giving up the control you need - like choosing the payment method. Pay your vendors by Check, ACH, Virtual Card or International Wire with a secure, smart payment system like Corpay One. You can even submit payments on-the-go with our mobile app, no matter where you are.

A smoother payment process for your vendors not only strengthens your relationship, but it also create a scalable bill pay process for your business. Win-win, right?

2. Stop chasing paper

Stacks of receipts, checks waiting to be cut, paper invoices unprocessed. Sound all-too-familiar?

You don't need to be buried under piles of paper. With the right platform, you can easily upload bills, invoices and receipts in one place. Take Corpay One, for example, we scan the entire document - no manual entry required.

Scanning vs manual data entry saves you both time and money. 12.5% of manually processed invoices require problem solving or rework due to human error.² Plus, 20-30% of invoices have to be treated as exceptions.³ Just think about how many hours of troubleshooting manual errors are costing your team. And once you factor in the number of invoices you process each month with the cost of labor and the average cost of $12.90/invoice¹ - it adds up fast, right?

There's also a way to eliminate handling bills and invoices altogether. Modern bill pay platforms like Corpay One give you a unique address, no different than an email address, that vendors can send invoices and bills to directly. Simply sending them to this address scans and enters them into the system for you - all you need to do is approve and submit the payment!

3. Streamline expense management

Expense reports are a common frustration for employees. They can take more time than they should. That's the time to find receipts, log expenses, submit the report, correct the report, waiting for manager approvals and waiting for reimbursements. Over one third of organizations claim the biggest pain point of reimbursements is the time it takes to reconcile, review, and approve expense reports. And more than half say lost or missing receipts is the main source of frustration.

Not only do manual expense reports take time, they also cost your business money - lots of it. According to the GBTA, on average each expense report takes about 20 minutes to complete and costs $58 to process the old fashioned way. About 19% (or every 1 in 5!) of submitted reports have errors, which take 18 minutes and $52 to correct just one. That's 38 minutes and $100+ for every fifth expense report. If you have several expense reports being processed each month by multiple employees, that can really add up.

Imagine investing all of that time and money into valuable initiatives or scaling your business. Switching to a smarter bill pay system means you can. With Corpay One, there's no more back-and-forth. Our approval workflows allow you to automate every necessary expense approval, ensuring the right people can send an expense report for payment. Receive notifications when a report is ready for review and submit approvals on the spot - no shoulder taps necessary.

Plus, the Corpay One mobile app is a way to ensure there are less delays from late approvals or lost receipts. Submit approvals on-the-go and upload receipts - easily.

4. Prevent accounts payable & vendor fraud

A global study done by the ACFE found the median loss to fraud for small businesses with under 100 employees is $200,000. Fraud is too large of a risk for any business, especially a growing one.

With Corpay One, a built-in audit trail keeps track of every interaction your team members have with a bill or vendor. You will have complete visibility of any changes made to all payments and can even set permissions to prevent changes entirely. This is a great way to reduce risk to your business' financial future and keep your transactions secure.

And with duplicate bill detection, you won't pay the same vendor twice. Without the proper checks in place, this could be happening right under your nose. And some of your vendors may not be kind enough to notify you. Take Original Coffee for example.

"Corpay One serves as a superstructure for our financial documents by handling all of our vouchers while giving us a full overview of inventory as well as payments to suppliers. Upon combining these applications, it actually came to light that some of our suppliers were sending invoices to us twice and we were making payments twice without noticing. That's a problem we no longer have, now that we’re using Corpay One."
Martin Hjarsbæk, CFO, Original Coffee

They were paying suppliers twice. Now, thanks to smart bill pay, they don't. Put your time- and cost-savings to better use and scale your business with Corpay One.

5. Keep it all in one place

Most teams use multiple different tools to run their finance tasks - and that can get expensive. And without one centralized system, it's nearly impossible to see all of your bills, receipts, reimbursements, payments and vendors in one place.

Corpay One combines and simplifies all your finance tools into one powerful platform. No more manual reconciliation or switching from one program to the other. With Corpay One, you can integrate the tools you are already using. Sync your existing accounting system, like QuickBooks Online or Xero, to create one seamless automation process.

Let your tools do the work for you - together, in one place.

Simplify your business bill pay with Corpay One. Get started for free and make your first payment today.



Sources:
¹ Automating AP/AR Financial Processes, AIIM White Paper, 2014
²
5 Proven Strategies to Reduce Costs and Accelerate Cycle Times in P2P, APP2P Conference & Expo, May 2018.
³ The e-Invoicing Journey 2019-2025. Bruno Koch Billentis, September 2019.
2019 Travel and Expense Management Trends Report, Certify, Inc.
2018 Report to the Nations. Copyright 2018 by the Association of Certified Fraud Examiners, Inc.

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