In today’s fast-paced world, time is of the essence for business owners. Unfortunately, a significant portion of their precious time is spent managing and processing payments manually through their banks.

Payments are Painful, Here’s How to Fix It

Handling payments manually can be a thankless task, leading to increased chances of errors, potential fraud, and wasted resources.

Thankfully, there’s a better way to streamline payment processes and regain valuable time for more critical business tasks – through the power of automation!
Bringing in the Experts

Join us in today’s blog post, authored by Kayleigh Graham, a seasoned expert from Telleroo, a pioneering name in financial technology.

Kayleigh brings a wealth of knowledge and insights into the world of automated payment processes. With a keen eye on revolutionising the finance sector, she delves into the transformative power of automation in handling payments.

The Decline of Bank Managers and the Need for Automation

“In the past, business owners relied on personal relationships with their bank managers to expedite payment processes and address any financial concerns. A quick visit to the local branch and a conversation with the manager could sort out payment issues efficiently. However, with the rapid digitisation and centralisation of banking services, the traditional role of the bank manager has been phased out in many financial institutions.

As a result, many small and medium-sized enterprises no longer have access to a dedicated bank manager who understands their unique business needs and can provide personalised financial guidance. This lack of personalised support has made payment management even more challenging for business owners, making it imperative to seek alternative solutions that offer efficiency and convenience.

Having started my career in commercial banking I saw first-hand the movement of businesses from a dedicated manager to call centres and the impact that had on the service received.

Manually juggling multiple banking systems, payroll processes, and accounting systems can be a recipe for disaster. The risk of making errors, such as transposing digits or overlooking important details, increases substantially. Coupled with the increased risk of fraud and erroneous payments, a poor system can be detrimental to a business’s financial health.

Traditional payment approval processes often involve cumbersome spreadsheets, back-and-forth emails, and the risk of information getting lost in the shuffle. As we witness the decline of bank managers, business owners are left to fend for themselves in the complex financial landscape.

Embracing automation becomes increasingly essential, providing the support and streamlined payment processes that once were facilitated by dedicated bank managers.

So, what can you do about it?

Gone are the days of just engaging with your accountant once a year. Accountants are now here to support your business with everything from tax returns and annual accounts to helping you set up the systems needed to make day-to-day payments in the most secure, efficient and pain-free way possible!

By collaborating with accountants and bookkeepers who offer payments as a service, business owners just like you can navigate the ever-changing financial landscape with confidence and ease.
The combination of automation tools like Telleroo and the expertise of financial professionals empowers businesses to thrive in an increasingly competitive world.”

 

Struggling with your Payment Processes?

At Linford Grey, we’re proud to have partnered with Telleroo to help our clients with their payment processing issues. We have saved a number of our clients’ days in the week, which they were initially spending on paying suppliers and employees, by implementing Telleroo for them.

If you’re spending hours even days a week paying suppliers and employees and would like this to be an automated process taken care of by an accountant, then get in touch with our team.

We’re more than happy to chat to see how we can save you time and money.

Book a free call via the calendar below.