Easy International Payments in 2024
If you work in finance, you'll know that managing your company’s transactions is a crucial responsibility for every finance team, especially when it comes to handling international payments. Processing invoices probably already take up a huge amount of your time, and making international payments is no different. Even if you're already automating your invoice processing (smart!), you then have to complete a separate payment run with your bank which is so inconvenient. As well as taking up significant time, this method also leaves room for errors. There are plenty of reasons to integrate both your home and international payments, but we've collated five of the most important ones.
1. Boost Efficiency, Reduce Errors
Manual processing of international payments is inherently time-consuming and prone to errors. Using a system like Zahara means you don't have to leave your invoice processing app to make international payments, completely streamlining the process. You also eliminate manual data entry and significantly reduce the likelihood of mistakes, which is just another win. Automated systems integrate seamlessly with accounting software, synchronising financial data such as payments, invoices, and bills, which equals saving valuable time.
2. Visibility Over Cashflow Management
The ebb and flow of cash is your business's lifeline. A way you can get better control and visibility of your cashflow is by automating international payments. You'll be able to see exactly which invoices have already been paid, and when, all from the comfort of your invoice processing app. role. This is how you get real-time insight into your spending, so you can adjust your strategies accordingly. It's also possible to schedule payments in advance so you can be sure every invoice is paid on time. When you think about it, this saves you more cash in the long run because you don't have to risk any late fees!
3. Top Notch Security
If you've picked a good provider, you'll know for certain that your payments are in safe hands. Choose a provider that's FCA authorised and makes your security their priority. There's room for mistakes and risks when you leave your finance system to complete your payment run elsewhere, so why not keep it all in the same app?
4. Better Vendor Relationships
As mentioned previously, when you automate your international payments you can schedule when these payments go out in advance. Similarly to how you would set up a Direct Debit to give you peace of mind in your personal life when paying rent and other expenses, scheduling your payments has the same effect. You can choose when payments go out so that you don't have to worry about missing deadlines, which of course leads to late fees, not to mention a sour relationship with your suppliers. In fact, it's worth the reminder that there are plenty of incentives to make prompt payments, like a deduction on your invoice!
5. Reduce Costs Through Efficiency
There's no denying that a combination of automated invoice processing with in-app payments is a huge time-saver for you and your entire team. Obviously software like this comes at a financial cost, but many customers find that as time goes by their overall costs actually go down because they're avoiding late fees, not paying duplicate invoices, and getting excellent exchange rates. You don't have to compromise, you can be efficient and keep costs low.
International Payments: The Bottom Line
In conclusion, automating your business's international payments will bring about a whole host of benefits, including improved efficiency, enhanced cash flow management, and strengthened vendor relationships. Embracing automation across your entire accounts payable function not only ensures peace of mind but also optimises financial operations for the long-term success of your business. Zahara is the leading accounts payable system that takes you all the way from purchase order to payment. If you have any questions or concerns about automating your payment processes, feel free to reach out to our friendly Accounts Payable Consultants for advice. We're here to help!
