With online bill paying from your computer or mobile app now so convenient, we’re
always surprised by how many small business owners still make payments with paper
checks. It seems like a harmless habit, but is it really? Let’s see.
Here’s an example of the costs of writing 100 checks a month.
|Paper Checks $256||Paper Checks $256|
|Receive invoice||Receive invoice electronically or scan paper invoice|
|Pass invoice to the manager to approval||Send the invoice for approval through automated workflow|
|Print check||Electronic payment sent|
|Record payment in accounting software||Payment automatically synced with accounting software and bank|
|Address, stuff and stamp envelope|
|Reconcile payments with bank|
|Paper Checks $76||Online Payments $14|
|Paper Checks $30||Paper Checks $0|
|Checks||Receive invoice electronically or scan paper invoice|
|Envelopes||Send the invoice for approval through automated workflow|
|Paper Checks $47||Online Payments $0|
Total Monthly Cost
|Paper Checks $409||Online Payments $28|
We didn’t even include potential costs such as late fees because the invoice approval,
check to sign, and the mailing process took so long. Or the fact that you’d have more free
time to creatively grow your business if your accounts payable system was automated.
When you use Xendoo, you’ll have a complete software solution that streamlines the
entire process from automatic syncing with the accounting system to direct deposit in
the vendor’s bank account. And you can access it from your mobile device (or desktop
computer) at any time. After all, you have better things to do with your time — and money!