It's a little-known fact that the ATO estimates it could cost Australian businesses up to $30 to process a single PDF invoice. Depending on the client's payment levels, this can add up to over $2000 a month.
We don't see this cost as a line item on our outgoings or bank statements. We see this cost go out in the time it takes to process invoices manually.
No matter how hard everyone tries to get it right the first time, manual processing of payments often delays businesses. Staff re-entering data across internal and banking systems, back and forth emails for approvals, bookkeeper reconciliations in accounting systems and chasing business owners for reasons for payments cause countless headaches business owners and bookkeepers would rather avoid.
Utilising technology to streamline these steps allows all staff to spend less time on payments and more time on businesses' core day-to-day operations.
Across the board, we're wasting skilled resources on mundane tasks.
Switching to Paytron's fully digitised accounts payable workflow can save clients between $250 and $750 per month by removing the need for over-allocating resources.
Paytron partner Project Alfred, who provide outsourced bookkeeping and accounting services, started using Paytron in July 2021. Liam McNamara, Project Alfred Co-Founder, is passionate about implementing streamlined finance technology solutions for accounting firms and businesses looking to modernise their processes. Liam said,"Paytron has completely changed how we can service our outsourced bookkeeping clients. For our clients, the seamless experience of partnering Paytron with our services has saved time and money. What could take days now takes a matter of hours.
"One of our key clients, an online digital term deposit platform, was looking for a payments workflow that matched the speed, agility and transparency of their own platform. Efficiency was vital to make sure their supplier and client payments matched the financial sector's pace.
"Using Paytron, we've automated our data capture and streamlined their payment approvals process by working together in real-time off the same system. There’s no need for back and forth emails over invoices, giving us more time to service our clients’ accounts and build trust.
"Since using Paytron, we've saved them approximately $1800 in invoice processing costs. Implementing Paytron has saved time and money, which has improved our working relationship and allowed them to focus more on driving their business growth.
"Once we've got the invoices digitally approved, making payments through the platform to suppliers in Australia and internationally has been almost immediate. We’re also saving time by instantly reconciling with the accounting system.
"When we do need to make international payments, even for small businesses that make a couple of international payments a month, the savings in FX margins can range between $200 and $1500 a month.
"Using Paytron as our payments platform has optimised our operations. I recommend it to any accountant or bookkeeper looking to improve their service offering to current and new clients. After our recent implementation success, we're working towards implementing Paytron across all our clients. We present Paytron as a great workflow addition to any accounting firm that engages our bookkeeping team to help modernise and streamline their technology and processes as it will save them (and their clients) time and money."
Founded in 2020, Paytron is an all-in-one cloud platform for businesses to send & receive payments, automate back-office processes, open multi-currency business accounts and improve their cash flow. We enable companies to scale their finance, payments and operations by building simple, intelligent systems to move money faster, with less hassle and more security than existing processes. Our mission is to level the playing field between large corporate businesses and their smaller competition by providing access to fast, efficient payment technology that will cut the time and cost of doing business.
Paytron's intelligent payment systems and business account make it easy for business owners and back-office teams to focus on adding value to their businesses rather than re-entering payments data into multiple systems.