Many companies complain that one of the hardest parts of running an organization is making sure that they pay and get paid on time.  Paying your bills & receiving payments from clients is often a long drawn process in business. Usually for making payments to vendors, a firm receives an invoice. It is sent to the concerned authority to be reviewed. After review, a check has to be made and signed and sent for depositing. Once the check is cleared, the parties reconcile the check with their accounting software.

A better and effective way is to use a payment solutions platform which can integrate/sync itself with Quickbooks Online and Xero to enable paperless AP & AR processing to save time and increase effectiveness.  Two such payment solutions which work well are Bill.com & Plooto.

BILL.COM provides different digital options for paying vendors & receiving payments from clients. Understanding the importance of cash flows to small and midsize companies, the software attempts changing the payment cycle by making payments fast and simple. Now that companies are no longer accounting location constrained, business bills can be paid from anytime anywhere by virtual accountants.

Using Bill.com, invoices can be emailed or can simply be dragged and dropped on the system. Alternatively, a bill can be entered in Quickbooks Online and Xero,  and it will automatically publish itself in Bill.com.

Your bookkeeper can conveniently code it and an approver can pay it online. You can also pre-assign dates for when you want the payment made and make the payment. If you are not wiling to pay electronically, you can still send paper cheques.

One can also choose the AutoPay option, which sends payments on time every month. In Bill.com, payments are automatically applied on invoices, there is no fee charged on every transaction as it charges a fixed monthly fee. The bills being added in QBO can be synced with the Bill.com anytime and can be paid from Bill.com. This is a huge benefit for the organizations as it helps them to reduce time & errors. Organizations can also send invoices to customers and receive payments from them.  Their virtual bookkeepers can manage their AP & AR at very low cost from anywhere in the world.

PLOOTO on the other hand, does not charge any monthly fees from customers. It charges its users on a per transactions basis. It can seamlessly sync with Quickbooks Online or Xero, and can be used for paying bills or receiving payments from customers.