Technology tools to manage receivables and payables

Technology tools to manage receivables and payables

Maintaining healthy cash flow is vital to small- and medium-sized businesses throughout Toronto and the GTA. In this blog post, we look at tools that bring your money in the door more quickly and make it easier for you to pay bills.

Depending on your products and services, you may have different needs for accounts receivable and payable. For example, if your business has a lot of overseas customers, consider Wise, which makes it easy to receive foreign payments. Invoiced.com is great for ongoing monthly service packages, such as IT support.

Here at Scalability, we recommend tools that integrate seamlessly with your bookkeeping software. This means that you spend less time paying bills and chasing down receivables – leaving you free to grow your business.

Read on to learn more about some technology tools and see which ones are best suited for your operation.

PayPal

This is a popular option for small businesses. If you deal mostly with B2B customers, you may not need your own merchant credit card account. However, some clients will still want to pay by card – you can accommodate them by invoicing via PayPal. Your customer doesn’t need a PayPal account and can simply pay you with their credit card.

Wise (formerly Transferwise)

Wise is great if you make payments to overseas suppliers or collect money from customers in other countries. It handles 10 different currencies and charges low fees.

Invoiced.com

This site is ideal for businesses that offer monthly service packages, including memberships, subscriptions and “product of the month” boxes. If a payment doesn’t go through, the system automatically sends your clients a gentle reminder. Invoiced.com has dashboards and integrated reporting to help you stay on top of your accounts receivable.

Plooto Payments

Most services focus on reducing receivables, but managing accounts payable is just as vital to keep your cash flow healthy. Plooto removes the manual steps in AP, saving your staff time. It integrates with your bookkeeping software and bank so that your bank balance is always up to date.  

Stripe
Many retailers are adding e-commerce to their offerings, especially with the recent shutdowns of brick and mortar stores during the pandemic. Stripe serves businesses large and small, allowing customers to make payments online or in-person.

Bill.com

With Bill.com, you can manage both AR and AP, automating payments to save you time. All of the data flows directly into your bookkeeping software, so your accounts are always in sync. Bill.com leverages artificial intelligence with such features as duplicate invoice detection.

When you become a Scalability customer, we’re pleased to advise you on which bookkeeping technology tools are best-suited to your business. We provide bookkeeping services to a wide range of organizations – software firms, non-profits and advertising technology companies - in Toronto, the GTA and throughout southern Ontario. Message us at support@scalability.ca to learn more about how we can help you “Grow your business, not your office.”