Since the introduction of cloud accounting a whole host of new apps have been developed to integrate with the latest cloud software. One of the most recent developments is the ability to integrate cloud software, such as Xero or QuickBooks, with a payment platform. A payment platform allows bank payments to be made directly from the app without the need to open up a separate online banking app.
A payment platform can allow a company to outsource their purchase ledger function to a third party, such as a firm of accountants. The accountant can then look after both the billing process of a business, as well as arrange for payments to be made directly into suppliers’ bank accounts. In some cases, it can allow the entire “back-office” accounts function of a business to be outsourced, freeing up the company to focus on their core activities.
A payment platform can also be used “in house” by a company to streamline their processes. One of the most popular apps is “Nook”, a payment platform which integrates directly with numerous cloud accounting packages.
Key features of Nook
Here are some of the key features of Nook:
- Syncs directly with cloud accounting software, automatically bringing in purchase ledger details and transactions into Nook and showing supplier balances outstanding.
- Avoids “app overload” so that switching between accounting software and banking apps is not required.
- Bank account validation of payee confirmation can guard against fraud.
- Brings all purchase ledger information into the same space as payments, and so bulk payments of multiple invoices in simple.
- When a payment is made the software automatically reconciles the payment to the invoice, saving time on manual reconciliation work.
- Payment remittance is automatically sent to suppliers, making their reconciliations easier and keeping suppliers happy.
- Bank grade security with multi factor authentication.
- Nook can also be used as a document capture app for purchase invoices, saving processing time and storage space.
In conclusion, a payment platform can be a very useful tool that can save time, increase efficiency and streamline a business.
The next step
For more information, please contact Gareth Cliffe, on g.cliffe@uhy-manchester.com, or your usual UHY adviser.
