When paying bills, too much time is wasted by small businesses transferring data between accounting software and online banking.
Some small businesses are using CSVs to do their supplier payment runs but many are manually entering individual bills from their accounting software into their online bank account.
Even if a bank provides the option to use a CSV for a payment run, there is still the need to export from the accounts and import into the bank. Then the accounts must be updated to reflect that the bill is paid.
Either way this is an inefficient approach and in my view an unnecessary waste of time for lots of small businesses for a very common administrative task.
Accounting & banking needs to be more joined up.
This is how it should work:
Create a bill in accounting software
Log into bank account and click a button that imports unpaid bills from your accounting software
Choose the bills to pay
When paid from the bank, the unpaid bill in the accounting software is automatically updated as paid
I would like to know:
Has anyone seen integrations on the supplier payments side that marries up these two key services for small businesses i.e. accounting and banking?
Is there a consensus that this would be hugely time saving for small businesses in the UK or do you have another view?