2% of Your Profits are Going to Waste. Here’s How Payment Approval Workflow Can Save You Time
2 min. read
Aug 18, 2021
A recent McKinsey report showed that businesses waste 2% of their hard earned profits on just managing the cost to pay and get paid. Think about that—2% spent on handling basic transactions. How is that possible?
Well, more than 80% of businesses are still writing checks which take time to write, send, and track down to confirm payment. Manual invoice reviews, payment reconciliation and accounting procedures waste valuable time that could be spent on any number of actual profit-generating business activities.
So how do you save that time and recoup those costs? Introducing the new approval workflow for your Plastiq payments.
Using this free, streamlined payment process, you can delegate payment approvals with individual permissions for any employee—or even your accountant. Then you can set a threshold that alerts you when larger bills need your sign-off.
Plastiq’s payment approvals:
- Give you more control and visibility of outgoing payments
- Improve efficiency by delegating day-to-day payment activities
- Maintain compliance with detailed audit logs (available early September)
With Plastiq, businesses have already discovered how to maximize cash on hand by extending the date bills are due. Now, the combination of connected bank accounts, seamless QuickBooks Online integration, and the new payment approval workflow, gives you a holistic payables solution that saves you time and money.
Ready to enable the Payment Approvals Workflow on Plastiq? It’s simple.
- First, add team members to your Plastiq account. Go to Settings, select the General tab, then click My Team. Invite users to either the pay or get paid role.
- From Settings, click the Pay tab to designate who has approval permissions and set the payment threshold amount that triggers an approval action. The approver will receive instant notifications when it’s time to approve a payment.
Learn More about how to add team members to Plastiq.
Learn More about enabling a payment approval workflow.
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