BUSINESS MATTERS
midsize business (SMB) owners will look to expand their vendor network, both domestically and internationally, in order to improve cost, quality, and business efficiency. But to do that, SMBs need safe, secure and efficient financial platforms that can handle vendor payments, whether domestically or internationally. This is particularly important as traditional international wire transfers can be expensive and complex. Leveraging integrated financial automation software for international payments can help ensure a faster, more secure and effective process.
Choose the right global payment partner: It's important to look for a technology partner that will simplify operations, offer competitive exchange rates and provide comprehensive data management. The right financial platform can provide seamless global payments integration and robust features to process international payments quickly, securely and easily. I also always encourage businesses to look for a global payment solution that grows with your business.
Diversify payment methods: Payment preferences vary depending on what part of the world your sales or services are coming from. It's helpful to offer a variety of payment options to your vendors, such as credit or debit card payments, contactless payments, and digital wallets. The right technology partner can allow you to offer multiple options for international payment needs.
Sync with accounting software: I also encourage businesses to leverage payment partners that integrate with major accounting software providers to ensure seamless management of both domestic and international payments, by streamlining your workflows and eliminating the need for double data entry.
efficiencies in the overall spend and expense process can also deliver valuable time back to employees so they can focus on your business and customers. Automating your spend and expense management can help.
Stay agile with budget management: Scaling up means more budget complexity. Adopting a spend management solution helps to keep you nimble and can allow businesses to approve and delegate budgets adeptly, ensuring control over financial health without the hassle.
Automate your expense processes: For every business owner, streamlining the approval and reimbursement process is a game-changer as you scale. Automation in expense management can significantly reduce the administrative burdens, enhancing efficiency and allowing for a smoother financial workflow. For example, BILL customer Marine Layer, a growing retail apparel brand that focuses on sustainability, saved at least three to four hours per week on expense management. "BILL gives us more up-to-date expense reporting. It's just a real time saver and definitely speeds up our financial close. Not having to manually code for our monthly close really saves time and makes the close more efficient," said Kelly Ransom, Financial Accountant at Marine Layer.
2. Get Ready To "Pay Global" Even if You Are Not Global Yet
As your business grows, you might also be looking at partners and vendors you're working with to ensure they can help you scale the operations for your business needs. At this stage, many small and