Paying bills and getting paid easily.

help me with my business

Are you being buried in cheques?  How do you get people paid easily?  How are you paying bills?  How are your employees getting paid?  Would you like this to be more automated while still having approval control?

There are 2 separate options that we use frequently:

  • Bank payment
    • Pros:
      • You can Email transfer money – though this is expensive, but it is basically instant.
      • Set up EFT system through banking
        • the setup can be expensive
        • Once set up you need to plan how many days it will take to get people paid (vendors not as critical as payroll for timing)
      • Both of these your bookkeeper can do with the correct access – depending on setup you can have them set up the payment and you approve-
        • talk to your bank and bookkeeper to set this up properly from the start
      • Can pay Vendors and Payroll
    • Cons:
      • Bookkeepers have to manually add transactions (usually) so there is a data entry component
      • Can need a separate login and setup for government remittances
      • Can get expensive depending on monthly fees and number of transactions 0 depending on your banks fees
      • Email transfers have a low daily limit that can limit what you can pay – this can get very problematic for payroll

 

  • Pros:
    • Transfers data from Quickbooks and Quickbooks online (no double data entry)
    • Can send money to anyone with a bank account
      • Sends a direct payment if you have the bank account number
      • Sends a paper cheque for you if you do not have a bank account number
    • Costs less monthly than the bank setup
    • Can be set up so that you need to approve the batch before it is paid – can have multiple approval levels
    • Can set up recurring AR so that it comes in automatically
    • Can pay Government remittances too.
  • Cons:
    • Need to be aware of timelines- takes longer than bank usually
      • This can be mitigated with some planning and a bank access login too
  • Ask your bookkeeper for details – we can get you set up correctly and can get available discounts