4 Ways to Improve Paying Bills with AP Automation

How to Track your Marketing Budget and KPI's from your business financial information

Thu, 04 Aug 2022 19:18:56 GMT

How to Track your Marketing Budget and KPI's from your business financial information

Many businesses don't know where to start when it comes to tracking their marketing budget and expenses. All your marketing should be accountable to your business financials. Here's how to pull your marketing budget and marketing key performance indicators out of your business financial information.

Do you know how much your business spends on marketing each year? Do you know what the return on investment is for your marketing campaigns? If not, don't worry - most businesses don't have a clear answer to these questions. To track your marketing budget and key performance indicators (KPI's), you need to pull them out of your business financial information. This can be a daunting task, but it is essential if you want to make sure that your marketing is effective and profitable. In this blog post, we will show you how to do just that!

The first step is to identify all the marketing expenses in your business financial information. This includes everything from advertising and marketing campaigns to salaries for marketing staff. Once you have a list of all the marketing expenses, you need to calculate the total amount spent on marketing each year.

The next step is to calculate your marketing return on investment (ROI). To do this, you need to divide your total marketing budget by the number of new customers or sales that were generated as a result of your marketing efforts. For example, if you spend $100 on marketing and it results in five new customers, then your ROI would be 500%.

Once you have calculated your marketing ROI, you need to compare it to your business goals. If your marketing ROI is lower than your goal, then you need to rethink your marketing strategy. On the other hand, if your marketing ROI is higher than your goal, then you are on the right track!

The final step is to create a marketing plan that includes measurable goals and objectives. This will help you track your progress and ensure that your marketing budget is being spent in the most effective way possible. By following these steps, you can be sure that your marketing efforts are accountable to your business financials - and that they are making a positive impact on your bottom line.

Marketing should ALWAYS be accountable to business financials. From your business financial information, you can track marketing budget and KPI's. This will help you ensure marketing is effective and profitable. Create a marketing plan with measurable goals to track progress. By following these steps, marketing will be accountable and making a positive impact.

Check out our financial review packages where we can offer a single assessment of your financial situation and marketing budget & KPI's, or offer your business a more structured, ongoing assessment to help make your marketing efforts more effective!

Make Informed Decisions About Your Businesses Future by Understanding Your Financial Health

Thu, 04 Aug 2022 19:12:17 GMT

Make Informed Decisions About Your Businesses Future by Understanding Your Financial Health

By taking the time to review your business's financial health, you can make informed decisions about its future. Use this guide as a starting point and reach out for help when needed. With some effort and attention, you can ensure that your business is on solid financial footing!

One of the most important things business owners can do is stay up to date on their company's financial health. This means understanding where the money is coming from and where it's going. Reviewing financial reports on a regular basis is crucial for making informed decisions about the future of your business.

There are a few key financial reports that all business owners should be familiar with:

The balance sheet, which provides an overview of your company's assets, liabilities, and equity
The income statement, which shows your company's revenue and expenses
The cash flow statement, which tracks the money flowing in and out of your business
The statement of shareholders' equity, which shows how much ownership each shareholder has in your company.

By understanding these financial statements, you can get a clear picture of your company's overall financial health. You can also use this information to identify areas where your business may be struggling financially.

If you're not sure where to start when it comes to reviewing your company's financial reports, contact your accountant or financial advisor. They can help you understand the information in each report and give you insights into how to improve your business's financial health. By taking the time to review your business's financial health, you can make informed decisions about its future. Use this guide as a starting point and reach out for help when needed. With some effort and attention, you can ensure that your business is on solid financial footing!

Need help now? We're here to help. Contact the experts at EVO today to get started with your business financial review. We offer single financial assessments to help get your numbers back on track as well as monthly reviews to help you steer financial success over the long run. Drop us a line or give us a call today and get started now.

A Guide to Understanding Your Business's Financial Health

Thu, 04 Aug 2022 19:04:40 GMT

A Guide to Understanding Your Business's Financial Health

Running a business is hard. Sometimes you need a hand with reviewing your financial information to figure out where you stand now, where you should be, and what data and reports you should be paying attention to for your business's financial health. Here are a few of the factors and reports you should be tracking to keep your business financially healthy.

Business owners need to be proactive in understanding their company's financial health. This means being able to review financial information and reports and using that data to make sound decisions for the future of the business. In this guide, we will discuss what business owners should be looking for when it comes to their financial health. We'll also provide tips on how to stay financially healthy as a business owner!

There are a few key indicators that business owners should always keep an eye on. These include:

Revenue
Expenses
Cash flow
Profitability
Liquidity

By understanding these key financial indicators, business owners can make informed decisions about their company's future. Additionally, business owners should also create a budget and track their expenses. This will help them to stay on top of their finances and avoid overspending. Finally, it's important to have a handle on your company's debt. Make sure you understand the terms of your loans and only borrow what you can afford to repay!

If you're feeling overwhelmed by all this financial information, don't worry! There are plenty of resources available to help you understand your business's finances. You can start by talking to your accountant or financial advisor. They will be able to help you create a budget, track your expenses, and review your financial reports. Additionally, there are many online resources available that can help you understand key financial concepts.

3 Ways to Use Your Business Financials to Improve Your Business Operations

Thu, 04 Aug 2022 16:37:39 GMT

3 Ways to Use Your Business Financials to Improve Your Business Operations

Small businesses need to have a good working knowledge of their financial information to make better business decisions. Here's how to use your business financials to improve your business operations from accounts payable to financial KPI's and marketing.

As a small business owner, you need to have a good understanding of your financial information to make sound business decisions. This includes knowing your accounts payable, financial KPI's and how marketing affects your bottom line. In this blog post, we will discuss three ways that you can use your business financials to improve your operations and make more money!

Accounts Payable:

One of the first places to look when you're trying to improve your business operations is your accounts payable. This is the money that you owe to suppliers and vendors for goods and services that you have purchased. By keeping a close eye on your accounts payable, you can make sure that you are not overspending on inventory or other expenses.

Financial KPI's:

Another important area to focus on when you're trying to improve your business operations is your financial KPI's. These are the key indicators that will show you how well your business is doing financially. Some of the most important KPI's for small businesses include gross margin, operating margin, and net profit margin. By tracking these KPI's, you can identify areas where your business is doing well and areas where you need to make improvements.

Marketing:

Finally, another important aspect of your business financials is marketing. Marketing expenses can add up quickly, so it's important to track how much you're spending on marketing and whether it's generating any new business. If you find that your marketing expenses are high but you're not seeing any new customers, then it's time to reevaluate your marketing strategy.

By keeping a close eye on your accounts payable, financial KPI's, and marketing expenses, you can use your business financials to improve your operations and make more money. So, what are you waiting for? Get started today! Need Help? No problem. Financial Review is one of the services that EVO provides businesses of all sizes as a single financial review, or a monthly ongoing package to help keep your business financials on track. Give us a call today or drop us a line and we’ll get you taken care of.

How AP Automation Improves Your Business Risk Management

Fri, 22 Jul 2022 16:45:16 GMT

How AP Automation Improves Your Business Risk Management

When it comes to managing bill pay for your business, learning to mitigate fraud is crucial. Improving risk management, however, can be a tricky task. That’s because companies don’t benefit from the same legislative protections consumers do regarding fraud. Businesses are held financially liable for successful fraud attempts against them, which means they have to be stringent about their account security.

To protect themselves, most businesses are forced to pay for business banking services like Positive Pay, ACH filters, and daily account reconciliation. Positive Pay is a service that cross-references remitted checks to ensure no manipulation has occurred, while an ACH filter is an automated tool that screens incoming ACH transactions for signs of fraudulent activity. Daily account reconciliation services keep your transactions updated so that you can check them in real time.

Even with these services, though, fraud continues to occur at alarming rates.

According to the 2019 Payments Fraud and Control Survey by the Association for Financial Professionals , a record 82% of organizations reported incidents of payments fraud in 2018. Among the organizations affected, 70% experienced check fraud and 43% experienced a direct financial loss as a result of payments fraud.

Business email compromise also plays a factor in fraud attempts. Eighty percent of organizations experienced business email compromise in 2018, with 54% of responders reporting financial losses as a result.

These high numbers prove that protecting your business from fraud is more important than ever. Conventional banking methods, however, may not be the best solution. Your bank account information is exposed whenever you send a check or exchange routing information for ACH payments, leaving you vulnerable.

How our AP Automation System Protects Customers:

When you sign up with EVO for AP Automation, you automatically get Vendor Direct virtual card payments, Positive Pay, ACH filters, and reconciliation services at no extra charge, in addition to a variety of other security measures designed to help safeguard your business from payments fraud.

Authorization process:

Firewalls and sophisticated intrusion-detection devices help prevent unauthorized servers from accessing your account.

Confidential information:

Every transaction goes through your Bill.com account, so your bank account information is never exposed to customers, vendors, or unauthorized third parties.

Data encryption:

Extended validation encryption technology protects your data from unauthorized use.

Disaster recovery:

All your information is stored on secure offsite backup servers in case of an emergency .

Payment speed and security:

EVO's new Vendor Direct virtual card program is faster and more secure than checks, with no transaction fees or change in process. Risk management EVO performs regular risk assessments using artificial intelligence to detect fraudulent activity.

Protecting your business from fraud is a critical, never-ending task—but we can manage the risk and do the work for you. Learn more about how to sign up for an account today by requesting more info below:

Is Mobile Bill Management Right for You?

Mon, 18 Jul 2022 00:15:00 GMT

Is Mobile Bill Management Right for You?

In this high-tech, post-cash age, making payments on a mobile device is the new normal. But people aren’t just using their phones and tablets to purchase products or pay personal bills. They’re also using mobile devices to manage bills for their businesses.

The popularity of mobile payments makes sense—they offer more flexibility, speed, and security than credit cards and paper checks. Plus, they’re easier. Particularly when it comes to managing your company’s finances, mobile options offer smart, simple solutions to complicated AP tasks.

Here are four key benefits of using mobile devices to handle your business payments.

1. Less anxiety, more control

A definite source of frustration in standard AP processes is the actual paper trail. Sifting through piles of documents to find an invoice or voiding and reissuing paper checks is not just time-consuming, it can be downright frustrating.

The simplicity and control of digital business payment options helps improve the experience tenfold. Because we use Bill.com, you can access all AP information in one secure, easy-to-navigate location—no paper clutter or clunky interfaces. From there, approve bills in a single click, stay up-to-date on payments, and ask questions or send messages.

2. Better security

The most underrated perk of mobile bill management is the added protection. Aside from eliminating paper checks and other confidential paper documents, Bill.com protects you from fraudulent activity at the transaction level and beyond.

Bill.com uses data encryption and automated Positive Pay to protect sensitive information, like your bank account number and routing numbers. And with the Vendor Direct virtual card program, payment speed is faster and more secure than checks. Bill.com also keeps time-stamped audit trails of your transaction history, showing who did what and when, in the event that an investigation is required.

3. Faster payments

Outsourcing your bill management to us already accelerates your business’ payment process, but the Bill.com intelligent platform ups the efficiency even more. Automation facilitates quick payments by digitally routing bills through approval workflows and sending reminders to approvers. Combine that with a clean, intuitive mobile interface and you never have to worry about losing invoices or chasing approvers again. Using your mobile device, bills can be approved any time, from anywhere.

Here’s how it works:

Receive a push notification that says a bill is ready for review.
Open the app to view the bill as well as other pending transactions in your inbox.
Swipe the bill to approve immediately, or tap the bill to see the payment history and review documents.
Then click “approve.” The system will send the bill to the next reviewer or to be paid.

4. Pay bills on the go

Picture this: You leave the office for a doctor’s appointment, and while you’re waiting, you get a notification that a bill is ready for your approval. Instead of delaying the approval until you’re back at your desk, you can review and approve the bill immediately. That’s the beauty of mobile bill management—it’s easy to check items off your to-do list whether you’re at the office or not.

With Bill.com, you can access your books on the go from any mobile device. In just a few taps, you can review, approve, and pay bills no matter where your business takes you.

Outsourcing to us saves you time and energy, reduces the risk of fraud and error, and brings more flexibility to your bill management process. That’s because we use Bill.com—it’s a straightforward, intuitive solution that delivers above and beyond. Ready to get started? Contact EVO and we’ll help you start using Bill.com right away.

4 Ways to Improve Paying Bills with AP Automation

Sun, 10 Jul 2022 23:56:54 GMT

4 Ways to Improve Paying Bills with AP Automation

4 Ways to Improve Paying Bills

Managing your company’s bill payments is no easy feat. The sheer number of invoices to sort through on a regular basis can be overwhelming enough, but using a traditional paper-based billing model presents particular logistical challenges. Think: risk-prone double entry, confusing approval chains, time spent voiding and reissuing checks, and massive piles of paper to organize and store.

Luckily, there’s a better solution to this accounting issue. Save time and get better control over your cash flow by outsourcing your bill payments to us. We streamline your accounts payable and accounts receivable management, so you can focus on running your business instead of keeping up with administrative tasks.

Ready to save time, money, and sanity?

Here are just four benefits you’ll receive when you hand your accounting to us.

1.Stay in control with an automated process

Say farewell to labor-intensive steps in your business payments process. You don’t need to sort through piles of paper or enter data line by line—we’ll do the work for you.

Although our system streamlines busywork, you always maintain full control. You can review and approve bills with just one click, or set up automated approvals for recurring payments. You can also customize role-based access and assign bill and payment approval workflows. Based on the rules you set, our system manages the workflow—so you can get back to your business.

2. Take paper out of your process

We handle everything digitally—invoice capture, bill approvals, payment, reconciliation—so you never have to track and store paper documents. Not only does this improve daily workplace efficiency and save you countless headaches, it’s also better for the environment.

Going digital minimizes your carbon footprint and reduces paper waste, which, in turn, prevents paper clutter. That means you can spend less time scanning, filing, and organizing the mountain of bills and invoices on your desk, and more time making headway on important projects.

3. Ensure accuracy and reduce fraud

Not only do we take the hassle out of paying bills, we make the payment process that much more secure. Our AP Automation tool uses artificial intelligence to perform risk assessments to reduce the risk of fraudulent activity and an automated Positive Pay service to protect you against check fraud.

Our AP Automation tool has comprehensive document management and automation systems that allow us to categorize, sort, and store all your files in one virtual location—so your information is always organized and audit-ready.

4. Pay vendors how they want to be paid

Using AP Automation allows you to bring more flexibility and efficiency to your bill management process. Flexible payment options like domestic ACH, international wires, and virtual card make it easier than ever to pay vendors how they want to be paid.

Outsourcing to us saves you time and energy, reduces the risk of fraud and error, and brings more flexibility to your bill management process. It’s a straightforward, intuitive solution that delivers above and beyond.

Ready to get started? Contact u s today and we’ll help you start using AP Automation right away.