5 Small Business Benefits to Using Bulk Payment Systems

Words by
Charlotte Russell
October 11, 2023
October 16, 2023

In Xero's latest report, they highlight the digitalisation gap amongst UK small businesses (up to nine employees). Despite potential for an additional £77.3bn of income, many are still lagging behind. However, those who have embraced digitalisation have seen an impressive 8.1% revenue growth. So how can bulk payment systems unlock the incredible benefits of digitisation for small businesses? And how can teams harness the power of supplier and payroll payment technology to drive success? Let's dive in and find out!

1. Smooth Operations

Digitalisation has proven to be a game-changer for small businesses, with 38% reporting smoother operations. A shining example of this is using a bulk payment system such as Telleroo.

Approval Process

Having approval roles in a bulk payment system allows for greater visibility of payments and can help detect any discrepancies that may arise. This level of visibility offers organisations greater control over their finances, helping to reduce costs and increase efficiency.

Quick amends to pay runs

Discover something unexpected in a pay run? No problem! Approvers have the power to remove specific transactions, avoiding the hassle of cancelling the entire pay run.

24/7 payments, 365 days a year

Let nothing slip through the cracks when it comes to supplier payments or timely payroll. Telleroo empowers you to send payments 24/7, 365 days a year. We've even witnessed businesses making payments on Christmas Day! You can also pay international suppliers and contractors.

Work hand in hand with external teams

Discover the refreshing embrace of reconciliation with batch payment systems. Choose a versatile system that seamlessly syncs and updates with your accounting software, like Xero. Moreover, one that offers accountancy and client user roles, enabling direct collaboration between accountants and businesses.

2. Fraud prevention

According to 31% of small businesses, digital technology has enhanced their productivity, often through simple measures such as minimising errors and eliminating the need for redundant data entry.

New and updated payee details

Ensure that you are making payments to the correct account by leveraging our automated system that verifies and flags new and updated payee details before initiating any transactions. 

Extract payee details from invoices

Streamline new supplier payments and minimise errors with scanning of PDF invoices and extraction of payment details. This time-saving solution ensures efficiency and accuracy in your financial processes, syncing the details back to Xero.

Automatic payroll bank details

Bulk payment systems not only facilitate payroll accuracy but also streamline the entire process by automatically filling employee details in the respective fields. This dual advantage minimises the risk of human error, making the payroll process simpler and more efficient.

3. Time savers

About 30% of individuals discovered that digitising internal processes resulted in time savings for employees. By streamlining workflows, tasks such as payroll and supplier payments can be performed more efficiently.

  • Batch payments - create pay runs with up to 200 invoices.
  • Auto-sync - You can sync Telleroo with Xero, Employment Hero, citrusHR, FreshPay, ExpenseIn and Staffology.
  • Easy import - Import from Quickbooks, Moneysoft, BrightPay, Sage and more!
  • Use account number or invoice reference - Gain the ability to batch payments, whilst still using the contact or invoice number as the reference.
  • Reduced manual data entry – By automating processes such as supplier payments, businesses can save time and money by eliminating manual data entry associated with paying suppliers vis bank transfer.

4. Improved internal communication

29% of businesses credit digitalisation for helping them stay afloat. Among these, 24% highlight its positive impact on internal communications, particularly with employees spread across different locations. This not only facilitates access to a wider talent pool, but also improves collaboration and productivity within the organisation.

  • Internal notes on pay runs - add internal view notes to give additional context on pay runs for approvers.
  • Automatic email notifications for pay run approvals

5. Stronger cash flow

Digital tools provide individuals with better control over their finances, offering fast access to real-time information. As a result, 27% of people experience heightened financial management while 21% enjoy improved cash flow.

  • Part payment of invoices - stay in control with part payment of invoices to suppliers.
  • Reduce transaction costs by merging payments per supplier/payee

Ready to make a big impact in your small business? Click here to sign up for Telleroo, or view pricing here.