In far too many small- and medium-sized enterprises, fundamental business operations and accounting processes are beset with friction—the force that resists motion. Operations and processes subject to friction move slowly and sometimes grind to a halt. Friction can be the dragon that, in a highly competitive business environment, threatens the viability even of companies with solid opportunities.
Let’s take a look at an example of a business process compromised by friction. Wonder Wieners Inc., purveyor of the finest franks in the province, gets all its invoices by post or email, the latter of which requires them to print out invoices. When the person at Wonder Wieners responsible for approving those invoices goes on holiday for a week or two, unless a colleague has the will and skill to step up to the plate, chances are those invoices are going to pile up on the approver’s desk, delaying payments and, ultimately, costing Wonder Wieners time and money. Friction in action…
Digitizing paper-based processes
SparcPay’s mission is to minimize friction in business operations and accounting processes. We do this by taking paper-based process digital. Basically, there are three steps in doing this.
Invoice capture
The first step is invoice capture. SparcPay sets up dedicated email inboxes for clients as repositories for invoices. SparcPay AI extracts the data from invoices and sets it up for coding. Right off the hop this eliminates the need to receive a paper invoice, remove it from the envelope, or if it comes by email, print it out, and then encode it in your accounting software. SparcPay does this for you and eliminates manual entry. Slick.
Payment approval anywhere, anytime—on any device
The second step relates to the workflow of the approval process. Thanks to COVID, the workplace landscape has changed and a lot of people are now working remotely. On top of that, business travel is back. And of course, we all go on holiday periodically. The point we’re making is that, to keep friction at bay, SparcPay gives companies the capacity to grant payment approval anywhere, anytime on any device. Coded invoices go through an approval workflow that is completely configurable. You can have as many approval levels as you want, with as many approvers as you want, at whatever level you want—all in the name of optimizing approval efficiency.
Automated payment system for business
The final piece of the puzzle is payment. With digital payments there are no more cheques to sign. How liberating is that! Furthermore, there’s no keying into your bank portal. What’s more, no more e-transfers to pay—and to go back and do double entry in your accounting software to note that it’s been paid. SparcPay takes care of your payments and posts them to your accounting software.
With SparcPay’s automated payment system for business you can run the entire accounts payable cycle without touching a single piece of paper or your accounting system. It’s a game-changer for many businesses. Why not yours? SparcPay could significantly enhance your productivity and allow your team to focus on the tasks that really matter.
Contact
At SparcPay we understand that making fundamental changes to your paper-based business operations and accounting processes can be intimidating. SparcPay will get you over the hump in a hurry. We encourage you to put your trust in us and leverage our expertise and experience to put you on a liberating new course. Click here to get the ball rolling—friction free.