4 tips to streamline your business payments ahead of tax time

Your payment processes can make or break you as a company – so make sure you invest in them properly.

With the end of the financial year approaching, it's the perfect time to look for ways to streamline your business payments and clean up your bookkeeping.

Find out more about Send Payments today

1. Review your payment methods and systems

Cashflow is the lifeblood of any company. Being able to send and receive payments around the clock is essential for any business.

So if your current payment solution isn't giving you the service you need, it might be time for a new one.

Let's take a squiz at Send Payments as an example.

Send Payments is a non-bank foreign exchange (FX) service that allows access to a global payments network, letting you send money worldwide in 30+ different currencies.

This means you're not stuck waiting on specific trading times for banks or other big financial institutions to make or receive payments.

You're also able to open your business up to more customers, by providing a broader range of currencies.

For companies that are looking to grow internationally, it's particularly important to make sure you're enabling customers to pay the way they want.

Additionally, Send Payments can integrate with a wide range of bookkeeping software. So when it comes to tax time, you won't need to worry about rushing around to generate reports.

You can also find a review of Send Payments right here on Finder.

2. Look for ways to consolidate your tools and platforms

When you're starting a business, it's pretty common to use ad hoc tech tools as you learn and grow. This is normal and understandable – but it doesn't always scale well.

Once you start introducing international customers into the mix, you can find yourself paying for tech that doesn't handle your needs properly, and using two or three solutions to solve one simple problem.

There's added expense for you, and there's also increased work for your team. Over time, both will continue to grow as you're forced to replace inadequate systems with others and retrain staff accordingly.

So investing in enterprise-grade payment tech as early as possible is a great way to set yourself up for success. Longer-term it'll minimise expenses and helping your staff work more efficiently.

For example, the Send Enterprise Platform provides partners with a range of different payment solutions via API Integration, designed to suit both your current situation and allowing you to scale your operations into the future.

What does that mean for you?

Rather than needing to manually manage individual contracts and relationships across financial providers, you're able to interface with multiple providers to lock in the best rates and coverage for transactions.

This removes the need for you to have complex FX and payment knowledge; instead, you're able to focus on optimising the customer journey while the Send Enterprise Platform works beneath the hood to power your solutions.

3. Make sure your accounts are in good shape

Business accounts often get put in set-and-forget mode.

But it shouldn't be this way! Just like any other utility or service, it's worth reassessing your accounting services at least once a year to make sure you're getting a good deal.

You don't want things like excess fees chewing into your profits – so opting for a provider like Send Payments that offers reasonably-priced transactions can potentially lead to significant savings.

Likewise, you don't want complex compliance admin taking up valuable time that could be spent growing your company.

Send Payments integrates a range of compliance solutions into its services. This means you're able to cut down on time sorting through individual transactions, and devote more time to doing what you do best.

4. Decide if the time is right to find new partners or solutions

With tax time approaching rapidly, it's a great time of year to reconsider whether your current solutions are working well for you.

Whether it's the FX services you use, or the software you're currently running on, making the switch now can help you have a more streamlined tax period, while also allowing you to start off the new financial year on the right foot.

Working with a provider like Send Payments can allow you access to a range of tools and resources, including dedicated account managers and customisable FX solutions.

With the right providers and solutions in your corner, you'll be better equipped to build out your business as the new financial year kicks off.

Learn more about business transactions with Send Payments