Do you still manually pay your business bills? It might seem like a hassle to take the time to log into each company’s site, transfer the funds, and then update your accounts, but doing so will save you significant time in the long run.
Here are some of the ways to automate your business payments, including one that you probably haven’t thought of before. These solutions will get your account information into your payment processor or bank automatically, so all you have to do is click pay now and go on with the rest of your day. If you want to try out this kind of service, you might want to visit: https://www.ignitionapp.com/.
Get in the habit of paying your bills online
Getting into the habit of paying bills online is the easiest way to automate your business payments. It’s easy and hassle-free, and you can pay any bill on any website with a few clicks of your mouse. Plus, it’s just a few more steps in the process that can make all the difference when you’re running a small business.
Sign up for an account with your bank. If you haven’t already done so, sign up for an account with your bank so that you can link it to other accounts. This will allow you to transfer money easily from one account to another whenever necessary.
Purchase a business credit card
A business credit card is a great way to automate payments, but be sure you know the difference between a charge card and a credit card. You’ll want the best of both worlds: the ability to carry a balance so you can pay for expenses in advance, and the convenience of paying off your balance each month. By using this type of card for all your business expenses, you’ll never have to worry about forgetting or neglecting an account payable again!
Set up reminders for important payments
Setting up reminders for important payments is one of the easiest ways to automate your business. Most importantly, it can help you avoid late fees when you can’t remember what needs to be paid on time. To set up a reminder, go into your online banking account and find the Alerts or Notifications tab.
You’ll then be able to set up an alert for when money needs transferring out of your business account so it’s available in your account. For example, if you want a notification every day at 2 pm reminding you that XYZ company needs their payment, just go into the contact information for XYZ company and select Daily. Then enter 2 pm as the time.
Use an automatic invoicing software
When it comes to automating your business payments, there are a few tried-and-true methods. One of the most popular tools is automatic invoicing software. An automatic invoicing software automatically generates invoices for customers when products or services are delivered. The customer then makes a payment through the software, allowing you to focus on other aspects of your business.
Create an automated payment system based on the client’s payment schedule
One of the best ways to automate your business is to have a system that’s designed for you. For example, if your clients typically pay around the same time each month (like on the 1st), it would be beneficial for you to set up a recurring invoice so that they’re automatically charged on a predetermined date.
The best part about this system is that you can customize it for any type of client or job. It also helps free up some of your time from manually collecting payments by sending automatic invoices when needed.
Create a general invoice template with built-in reminder notes, if needed.
Create a general invoice template, with all the necessary fields filled in, including a space for the customer’s contact information. Add a section at the bottom of the invoice that includes additional charges, such as late fees or shipping costs. This will allow you to build up your invoices more quickly by just adding these items instead of retyping them each time.
Include a place for notes so that you can include any reminder notes about timing or other issues which may arise, or anything else you’d like to clarify for your customer on this particular invoice.
Decide between paper checks or direct deposit.
Paper checks are an easy way of staying organized. They’re also a great way of saving money since they cost less than direct deposit. However, they take time to fill out, and mail and can be lost in the mail. This is why some people choose to go with direct deposit as it is a faster option with no risk of being lost in the mail.
Stay informed on services available from your bank.
A business checking account can be set up with your bank or credit union, which will come with a variety of features like free online bill pay, checks, ATM cards, and merchant services. A business credit card can be used for recurring expenses that are paid monthly or yearly.
These charges may include utilities, phone service provider fees, insurance premiums, rent payments, tuition fees for children attending school, or an institution that you are paying for in full each month.
Set up automatic bill payments through your bank’s online portal so you’re not having to worry about forgetting any important monthly expenses like your electric bill payment due at the end of the month.
Create a payment code system with your clients so they can make payments directly if desired.
You must make it as easy as possible for your clients to pay their invoices. One way to do this is by developing a payment code system, where you give them a code they can use when they’re ready to pay.
This will eliminate the need for sending reminders or providing instructions on how to make payments. It’s also helpful if you offer a few different methods of payment, such as credit cards, wire transfers, checks, or money orders–this way there’s something for everyone.
Conclusion
There are many ways you can automate your business payments. Credit card processing is one of the most popular ways, but there are others as well. Like automating bills for your business. You could also use accounting software to help you out. Several solutions will help make sure your payments get made on time and in full, so take some time to explore them all and find the best one for your business.
