Online payments and cards provide an opportunity for you to easily gain greater control of expenses with far less time and paperwork. Consider these six reasons to consolidate all of your transactions electronically, and see the chart below for benefits of electronic payment options, both for your business and your customers:
1. Credit and debit cards eliminate much of the work of managing employee spending, including automating employee spending limits, tracking petty cash, collecting receipts and reconciling cash withdrawals:
2. Electronic payments will help you negotiate better terms with your suppliers and customers by:
3. Credit and debit cards save time and reduce errors from lost/late paperwork and manual data entry. Reports are imported directly into your accounting software, reducing the time spent on bookkeeping and account reconciliation.
4. Credit and debit cards help control fraud associated with employee expense reports and petty cash.
5. An online banking solution allows you to see all, or most payments — checks, payroll, tax and credit card purchases — in one place at any time with just a personal computer and an Internet connection. Using financial software such as QuickBooks®, you can easily generate the reports you need to track, analyze and optimize your spending.
6. Reports from electronic payments or cards can be automated, ultimately optimizing your cash flow and protecting working capital from undue carrying costs.
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