Small Businesses and Reconciliation Time: how to save time and budget

25th Jan 2021
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Ordo
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Your business relies on invoices and manual reconciliation, but this can be an incredibly time-consuming process that can overwhelm your business's financial departments. It's a slow process that requires to be completed manually, with a high level of accuracy to avoid typos and errors. These invoices need to be processed, approved by the budget-holder before they can be submitted. Once they have been presented, you have to worry about the inevitable data entry errors that can happen.

Is this manual input essential? With the right platform, your business can benefit from a more efficient solution, that can easily save you time and money

How invoices could interfere with productivity

As previously mentioned, manual reconciliation can be a very time-consuming process. Your team can better invest the time spent there to focus on other aspects of their job that could be even more beneficial to your business. 
You can recognise this when you look at how long it takes for your team to process each invoice. Then, you have to account for the time it takes to fix any data entry errors that need to be fixed. You will soon realise that it's a massive chunk out of your team's time.
You can earn this time back by switching to a platform like Ordo. Ordo makes processing invoices easier because it allows businesses to receive their payments in real-time for a single flat fee of 20p, no matter how much the invoice is worth. 
While this may make you hesitant due to the fee, think about how much you pay your staff to take care of these tasks
Ordo easily integrates with all top software accounting package like QuickBooks, Xero, and Sage. There's no commitment or contract required to use it, meaning that this can be an excellent option to consider for your business' invoicing needs.

Processing invoices is a tedious and frustrating task for your team

You've probably never considered just how strenuous the task of processing invoices is. Not only that, but this is a process that can quickly drain your team. In a recent research emerged that nearly 82% of employees say that a flawed invoice processing procedure at their company negatively impact their ability to perform their tasks effectively and significantly reduces their job satisfaction. It's a tedious and frustrating part of their job that you can fix right now, by signing up into Ordo.

Ordo offers numerous benefits to you and your customers. These benefits include:

  • Immediate reconciliation: anything that you input into Ordo gets immediately carried on your bank statement.
  • Real-time payment
  • Fully integrated with accounting software like QuickBooks, Sage and Xero
  • Always free for your customers
  • No need for your clients to register.
  • Easy guided payment process for your clients, within 3 clicks
  • Push notifications that instantly allow you to know when you get paid, meaning that the money is in your bank account.

As you can see, Ordo is an excellent solution that makes the invoice process at your business less tedious and frustrating for your staff.

Delays in payments

While reviewing your invoice process, you also have to consider the costs of late payments. You may end up having suppliers upset with you and creating late fees or refusing to honour any discounts that you agreed upon because you were late on your payments. Whether the invoices were lost, misplaced, or incorrectly processed, payment delays can cause your business issues. The worst part is that most of the time, these late or missed payments result from some accident that could have been avoided with a more efficient process in place. 
Ordo allows the part payment option, which means you can be more flexible with your clients and your third party.

Understanding your team is made by people

Robots don't form your financial team; people do. And people can make mistakes. They aren't perfect, as much as they try to be. The error could be from your team, which processes the invoices, or your suppliers, or even your clients. There are so many moving parts in this process that several people could be responsible for little mistakes at any given point during the process. What's good about using a platform like Ordo is that you can reduce human error by 100%. It means that your invoices get processed automatically, and many payments can be sent out in no time, thanks to the bulk upload option. It streamlines the process to make it easier on your employees and ensure that avoidable mistakes don't happen.

In conclusion

Manual invoice reconciliation doesn't have to be the solution for your business. By getting rid of this time-consuming and frustrating process, you can simplify your business and keep your team focused on more important matters. You also don't have to worry about the potentially costly human errors when using a platform like Ordo

Let your team have more time to grow your business and sign up to Ordo now.

 

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About Ordo

 Ordo allows you to receive payments in real-time, for a single flat fee of 20p, no matter the amount; the platform works with over 40 different banks, including business accounts. You don't need special equipment to use this product, nor do you need to commit to a recurrent or monthly fee. Ordo is an app and platform available to use when you need it. Since it integrates with the most popular financial software on the market, the process is even more streamlined, so that you have one less thing to worry about when handling your invoices. 

This platform is straightforward to use, and there are plenty of tutorials available to help you better understand how to use Ordo at its full potential. Plus, you can always be in the loop with the push notifications about any payments made in your favour. 

What's most important about Ordo is that there is no reconciliation time required when you use it. Anything that you input into the software gets immediately carried on your bank statement.