In exchange for products and services, businesses are required to send payments (or remittances) to vendors within a specified amount of time. Once a payment is made on a bill, the Accounts Receivable (AR) department is responsible for recording and approving the payment, then reconciling it on the AR ledger.
Benefits of Bill Pay Automation
It is increasingly common that companies automate bill pay. Bill pay automation is when a company uses some kind of technology—usually a software solution—to receive, process, pay, and record bills automatically. Benefits of bill pay automation include:
- Lightening the load on overtaxed accounting teams
- Avoiding late fees and credit score penalties
- Accepting multiple payment types in one solution
- Making approvals and reconciliation more efficient
- Supporting a more complete and accurate audit trail
Using Roger for SMB bill pay
Roger is a simple and intuitive tool SMBs can use to pay all their bills. Simply take a picture of a bill when it comes in the mail, or forward any bill to your electronic RogerAddress and the scanning, data entry, approval flows and the payment as well as the reconciliation, can all be handled in seconds.