A cash management solution can also help you manage the payments you must make to your suppliers and vendors, and to the Federal and state governments for taxes.
Your financial institution most likely offers an online bill payment service that is linked to your business account. Rather than writing checks and tracking payments on a separate spreadsheet, an online platform will allow you to simplify and streamline the bill payment process so it takes less time and is easier to track and manage.
Benefits of Paying Bills Online:
- Pay several bills at once with a few clicks.
- Quickly add new vendors, suppliers, and agencies to your bill payment list.
- Bills can be scheduled to be sent out as soon as the next business day.
- Set up automatic withdrawals for regular bill payments.
- Get online access to your bill payment history, allowing you to track amounts paid, payment dates and details, overdue bills and unpaid bills at a glance.
- Opt for paperless billing, minimizing the amount of paper you have to handle.
- Electronic reminders help you track when payments are due, how much you owe on installment plans, etc.
- If there is a question about a bill, you can track down the answer with ease.
- If there is a problem with or question about a payment, you can cancel payments easily before you experience a loss.