By Pamela Phillips
Making payments to your suppliers and your staff is time-consuming yet it can be hard to delegate these tasks.
The sensitive nature of some of the payments, such as staff wages, as well as concerns around giving another person authority to make, potentially unauthorised, payments from your business bank account means business owners often save this job for themselves.
As your business grows, the number of payments you have to make grows so processing them takes up an increasing amount of time. This is not a good use of your time.
Luckily there is a better way!
Xero and Transferwise
You may have seen that Xero has announced it has joined up with Transferwise to offer a streamlined payment solution where you can select the bills you want to pay directly from Xero then click through a few steps to make the payment.
Whilst this is very exciting, and a great signal for what is to come, it is currently not possible to make wages payments this way so if you have staff to pay you’ll ideally looking for a solution that covers salary payments as well.
How can Telleroo help?
Like Transferwise, Telleroo offers a payment solution however it can also be used to make payments to staff as well as suppliers. We use Telleroo to make supplier and staff payments on behalf of our clients. To do this we set up a simple, controlled workflow with clear separation of duties which means you are in control as to when your funds are released.
You don’t need to give us access to your bank account so it is easy and safe to set up!
Because the process is automated, there is a reduced risk of errors from typos or duplicate payments.
And because Telleroo payments are made through Faster Payments, payments are received by your staff and suppliers within seconds of you authorising the payment to them.
What are the benefits of using Telleroo?
There is less risk of mistakes as manual processing is error-prone as payment amounts can easily be mistyped or duplicated.
You save time as you are no longer typing out payment information which is a time-consuming task and not something that a business owner should be spending their time doing if they can avoid it.
It removes stress as payments can be delegated to someone else with the comfort that that person does not have the ability to make unauthorised payments.
How does it work? Just 5 simple steps!
- Simply choose the bills you want to pay in Xero.
- Generate the payment file from Xero.
- Import the file into Telleroo
- Schedule the payment run in Telleroo.
- Deposit funds into your Telleroo account by making one lump sum transfer for the total value of the payments you are making.
Obviously it is important that your records in Xero are up-to-date and your bank fully reconciled before you use Xero to initiate the payment process. Take a look at our guide to better bookkeeping to see what we recommend you do on a daily, weekly and monthly basis to be comfortable that your numbers in Xero are good.
How much does it cost?
If you want to sign up to Telleroo and run your payments yourself, Telleroo’s fees are currently £39 per month plus 39p per payment.
Outsource your payments to us
Because we can send multiple payments at once rather than manually typing in each individual payment details, we can now manage your payments for you at a rate that is great value.
If you would like us to take on the responsibility of making payments on behalf of your business, get in touch and we will be happy to talk you through how we can do this and give you a quote for this service.