On its technical end, the biggest problems that tend to face those in the accounting industry are often logistical; whether that involves making your cashflow easier to track, organising cash streams into profiles with an associated face, or understanding the variety of payment types entering and exiting your business, the solutions have increasingly become digital, as record-keeping aims to become more and more efficient.
Payto offers a means of reducing the financial clutter as an online payment system that makes data collection a localised process. Let’s explore the ways Payto payments can help with this.
Complexity of Financial Reporting
The rollover of Covid-19 globally has meant a complete about-face in the way businesses approach their expense management. Moving from traditional in-office costs that deal with offline operations based on face-to-face interaction, businesses had to find ways to keep their day-to-day product infrastructure alive despite being locked in isolation - which meant computer equipment, auxiliary communications and video messaging became the modus operandi for typical work environments.
This standardisation of the hybrid work model only added to the labours of expense tracking; not only did office costs remain, their functions expanded horizontally into home spaces, bringing with them a whole host of other related expenditure like headsets, monitors and mics to keep this new workflow optimal.
Payto, as an online payment gateway, can keep these diverse and expansive costs manageable by making them digitally categorisable. Essential internal costs like your corporate payroll, or accounts payable, for example, can become easily recognisable cash streams on platforms like Payto, keeping their record maintainable and consistently visible.
Evolving CyberSecurity Issues
How does Payto simplify the accounting process?
The globalisation of the work economy and market of all things online has made B2B processes and tools of interconnection more important than ever. For the same reasons, though, these affordances have made the threat of malevolent users and cyber criminals more prevalent to attack, as ransomware, phishing and online scamming have evolved proportional to our integration of everyday processes more and more into online spaces.
Payto offers an inline into secure payments, a key consideration where businesses move from hardware to cloud-based storage like Amazon Web Services, so that vulnerabilities in cloud data structures aren’t prone to hackers or adaptive viruses. With online payment insulated by the security measures of your chosen online banking platform, Payto has a much more secure means of making your transactions online.
Innovations in Technology in Accounting
Along the same line of a modern workforce based on innovative tools and digital workspaces, it’s necessary to adopt frontier technologies as the world trends toward platforms and mediums with a focus on efficacy, a feature that has since been eclipsed from offline methods as online alternatives exponentially surge the market.
As a sibling technology to online payment systems like BPAY, Payto only offers more in the way of payment means that will dominate alternative online solutions for consumers in the near future - making this offering will become commonplace for businesses, making it an indispensable monetary stream for accountants to add to their fintech stack.
Convinced on Payto as a must-have in your business accounting? PayChoice can help you with implementation, so reach out as soon as possible to get started!