In Xero's latest report, they highlight the digitalisation gap amongst UK small businesses (up to nine employees). Despite potential for an additional £77.3bn of income, many are still lagging behind. However, those who have embraced digitalisation have seen an impressive 8.1% revenue growth. So how can bulk payment systems unlock the incredible benefits of digitisation for small businesses? And how can teams harness the power of supplier and payroll payment technology to drive success? Let's dive in and find out!
Digitalisation has proven to be a game-changer for small businesses, with 38% reporting smoother operations. A shining example of this is using a bulk payment system such as Telleroo.
Having approval roles in a bulk payment system allows for greater visibility of payments and can help detect any discrepancies that may arise. This level of visibility offers organisations greater control over their finances, helping to reduce costs and increase efficiency.
Discover something unexpected in a pay run? No problem! Approvers have the power to remove specific transactions, avoiding the hassle of cancelling the entire pay run.
Let nothing slip through the cracks when it comes to supplier payments or timely payroll. Telleroo empowers you to send payments 24/7, 365 days a year. We've even witnessed businesses making payments on Christmas Day! You can also pay international suppliers and contractors.
Discover the refreshing embrace of reconciliation with batch payment systems. Choose a versatile system that seamlessly syncs and updates with your accounting software, like Xero. Moreover, one that offers accountancy and client user roles, enabling direct collaboration between accountants and businesses.
According to 31% of small businesses, digital technology has enhanced their productivity, often through simple measures such as minimising errors and eliminating the need for redundant data entry.
Ensure that you are making payments to the correct account by leveraging our automated system that verifies and flags new and updated payee details before initiating any transactions.
Streamline new supplier payments and minimise errors with scanning of PDF invoices and extraction of payment details. This time-saving solution ensures efficiency and accuracy in your financial processes, syncing the details back to Xero.
Bulk payment systems not only facilitate payroll accuracy but also streamline the entire process by automatically filling employee details in the respective fields. This dual advantage minimises the risk of human error, making the payroll process simpler and more efficient.
About 30% of individuals discovered that digitising internal processes resulted in time savings for employees. By streamlining workflows, tasks such as payroll and supplier payments can be performed more efficiently.
29% of businesses credit digitalisation for helping them stay afloat. Among these, 24% highlight its positive impact on internal communications, particularly with employees spread across different locations. This not only facilitates access to a wider talent pool, but also improves collaboration and productivity within the organisation.
Digital tools provide individuals with better control over their finances, offering fast access to real-time information. As a result, 27% of people experience heightened financial management while 21% enjoy improved cash flow.
Ready to make a big impact in your small business? Click here to sign up for Telleroo, or view pricing here.
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