Client’s Challenge
- Being the only mandate holder on the company bank account meant that the weekly payroll runs and the fortnightly supplier payment runs were placing demands on the MD’s already overstretched time capacity, and interrupting his holidays.
- He needed control over the bank payments, but not the hassle of actually making them.
Solution
- Leverage technology with the implementation of “Telleroo” – a Xero app that automatically makes approved supplier and payroll payments.
- The Finance Team simply selects those supplier invoices, or a payroll runs. These payment runs are automatically sent to the mandate holder for a simple approval, or where necessary edit or postponement.
- The Telleroo app then makes all the payments and reconciles the bank in Xero.
Value impact
- Eliminated re-keying of supplier and payroll bank payments into the banking app.
- Multiple invoices batched and reconciled into one payment.
- Alerts users with updated or changed supplier/employee bank details, all but eliminating fraudulent and erroneous payments.
- Stress free delegation of payment-creation to the Finance Team, leaving the director to simply approve all payments with a couple of clicks.
- Holiday disruption reduced from 2 hours per week to just 5 minutes.
- 3 weeks of managing directors’ time saved per annum.
- A very happy client.