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How to Simplify the Accounting Process for Merchants

By Gurinder Sumra, Chief Financial Officer, Elavon Europe

How to Simplify the Accounting Process for MerchantsGurinder Sumra, Chief Financial Officer, Elavon Europe

Today with the evolution of eCommerce and cloud-based accounting systems, it’s never been easier for businesses to set-up shop and establish their back-office systems. Being able to manage everyday tasks such as processing payments, issuing e-invoices and following up with receipts is the great base for providing great customer service and building a reputation for your business.

As businesses go-to-market via eCommerce with websites, social media, in-App purchases and at stores or face-to-face, they need to ensure their payment and accounting offering is integrated. 

As technologies continue to improve and build their capabilities, businesses should focus on removing unnecessary barriers and keeping the payments, invoicing and receipts process as smooth as possible

Reconciliation, reporting and customer service can be more efficient with omni-commerce solutions that incorporate online, telephone and payments performed in person.

Today with the evolution of eCommerce and cloud-based accounting systems, it’s never been easier for businesses to set-up shop and establish their back-office systems. Being able to manage everyday tasks such as processing payments, issuing e-invoices and following up with receipts is the great base for providing great customer service and building a reputation for your business.

As businesses go-to-market via eCommerce with websites, social media, in-App purchases and at stores or face-to-face, they need to ensure their payment and accounting offering is integrated. 

Reconciliation, reporting and customer service can be more efficient with omni-commerce solutions that incorporate online, telephone and payments performed in person.

One-off payments were historically conducted over the phone, which meant that customers needed to provide several sensitive details such as long card numbers and expiry dates to process a payment. Nowadays, customers can enter the information online with products such as Pay by Link, ensuring that no data is stored, in compliance with data protection rules and providing automatic receipts of payment for the customers’ knowledge afterwards.    

Maintaining an efficient finance function boils down to ensuring that processes are seamless across the business, whether customer-facing or in the back office. As technologies continue to improve and build their capabilities, businesses should focus on removing unnecessary barriers and keeping the payments, invoicing and receipts process as smooth as possible to allow for a better experience for both customers and the finance team. 

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