5 Reasons Why You Need to Focus On Payment Visibility for Your Business

Since executives use internal data for decision-making, payment visibility is key to ensure proper functioning of businesses. Earlier, companies used to face a lot of delay and inefficiency in business transactions. 

This was mainly due to their use of physical invoices and expense reports that were due at the end of the month.

The Challenge

As a result, there were several issues that business owners and managers faced due to the lack of transparency. Here are some of the main problems: 

  • Fraudulent suppliers or staff submitting fake invoices. 
  • Suppliers or staff directing legitimate payments to themselves. 
  • Lack of quality goods and services supplied to the business. 
  • Legitimate suppliers adding extra costs to the bill without consent. 
  • Cost of operation going above the budget. 
  • Unexpected losses incurred at the end of the financial period. 

Dealing with all these issues can be very challenging as a business. When you have full awareness of how much money is being spent, you are better equipped to manage it. 

Here are the top 5 reasons why payment visibility is crucial for your business.

1. Operating Under Budget

As a company, it is important to keep your cost of operation low. And this is not possible when you are not fully aware of where company funds are being spent. 

When you have clarity about all the business expenses, you can operate under the budget that is specified. 

In the long run, this will result in reduced losses at the end of the financial year. You will have all the details about company spending, and will be better equipped to tackle these issues. 

2. Proper Documentation 

Finance teams often spend a lot of time tracking down employees for proper documentation. This can be in the form of bills, order requests or forms. 

When you have a unified system that collects all these important documents at the time of request, there is no hassle about proper evidence. 

Every purchase that the business makes is filed and processed. You also save money by not having to pay extra for filing and processing of purchase reports. 

3. No Fraudulent Payments 

As a result of proper documentation and transparency, there are no fraudulent payments from employees or suppliers. 

As a manager, you will no longer have to deal with surprises at the end of the month about extra payments. 

The suppliers are also held accountable for proper invoicing and payments. Using online payment methods ensures that the suppliers receive the exact amount in the correct bank account. 

4. Evidence of Proper Management 

If you want to work with other businesses or suppliers in the future, having evidence of transparent payments is key. 

This boosts your credibility as a company and makes you a more favourable option in their eyes. 

You will also be able to attract high-quality  talent and create better relationships with suppliers in the future. 

5. Efficient Workflow   

When you ensure payment visibility in your business, every department is responsible for producing their own clean records. 

Your finance team no longer needs to run around and match the company transactions. They have everything they need in one place and can maximize productivity. 

This extends to all your employees, and ensures that your internal operations run smoothly. 

How to Ensure Payment Visibility? 

To ensure that all your company transactions are visible, you need an efficient system to track your payments. The system you choose should provide you with the following information: 

  • Employee or supplier name 
  • Date of payment request
  • Amount
  • Bank account details of the supplier  
  • Invoice or other documentation to approve the purchase 
  • Manager or executive that approves the purchase 

When you have all this information ready and available to display, you measure the cost of operation efficiently. And in the long run, your business is protected from frauds and mismanagement. 

Conclusion 

Minimising losses, increasing credibility and efficiency are all achieved by payment visibility in businesses. By ensuring that every transaction is properly documented, you are able to stay in control of company operations. Through this, the employees can maximize their productivity and ensure that the internal workings are seamless. 

Mesh Payments can help you ensure that your business is protected from frauds. Our products ensure complete visibility for all your business transactions. 

So, choose an efficient payment visibility system to protect your business starting today.

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