Timely Bank Reconciliation and Integration with Accounting Systems
Timely bank reconciliation is an essential but often overlooked task, because most firms don’t have an integration between bill payment platforms and client accounting systems. Falling behind on bank reconciliation creates a lack of scalability and security in the bill payment process. Integrated technology solutions, like AgilLink, seamlessly connect various components, such as approvals, banking, and general ledger, to create a foundation for a scalable and secure bill payment platform that your clients and compliance department will love.
Embracing Technology as a Strategic Asset
To overcome the limitations of a manual, human intensive approach, firms should view technology as a strategic asset rather than a cost center. Cloud-based solutions, integrated through Application Programming Interfaces (APIs), enable firms to create a best-of-breed technology stack. This approach facilitates scalability, efficiency, and profitability, while reducing risk. Providing an enhanced customer experience, like firms do using the AgilLink mobile app, gives clients on-demand access to their bills, and control over their participation level in the bill approval process.
Finding the Sweet Spot between Automation and Control
Achieving the right balance between automation and control is crucial for a scalable and secure bill payment process. Simply adding more controls without integrated technology can slow down the process and increase the risk of gaps and manual errors. Integration of invoice digitization, approval workflows, banking/treasury management, and multi-entity general ledger into a unified system streamlines the entire bill payment lifecycle while ensuring separation of duties, transparency, fraud risk mitigation, and auditability.
As client demand increases for bill payment and client accounting services, it is important to prioritize scalability and security. By implementing a systematic approach, leveraging integrated technology solutions, and adhering to best practices, firms can enhance client relationships, mitigate risks, and streamline their bill payment operations. Embracing technology as a strategic asset and finding the right balance between automation and control is key to building a scalable and secure client bill payment process.
To see how AgilLink can help you transform and scale your bill payment and client accounting processes, schedule a call now.