Research tells us that SME businesses waste on average 2 hours per week processing supplier and payroll payments. The same businesses suffer from supplier overpayments, incorrect bank account payments, payroll payment errors and fraud. At best, huge amounts of time and stress are expended in checking and double-checking payee details to at least minimise the risks.
Telleroo is a game-changing automated payment app. for Xero.
Key Features
- Move dozens of bank payments, entered one-by-one, to a single transfer
- Make payroll payment runs directly from Xero Payroll
- Make bank payments directly from your accounting system
- Receive alerts on bank detail changes, new payees, payee data errors and proposed duplicate payments
- Payment runs are prepared by your accounts team, and approved in a single step at senior level.
- Any changes to bank payments are synchronised back to Xero
- Automatic reconciliation of bank payments to supplier invoices
Case Study #1
ABC Limited made payments to suppliers and staff like all other businesses. On average 30 supplier payments per week and 15 employee salary payments. A Xero aged creditors report is sent to the MD, who selects those invoices to be paid. The financial controller opens up online banking and the aged creditors, and hand types each payment in one-by-one, double checking each bank and sort code. The payments then appear in the bank feed, and they are manually reconciled, again one-by-one, with any errors being retrospectively corrected with additional payments being made, or payments on account recorded. Payroll operates in the same way, with the familiar painstaking attention to detail.
ABC then made two payroll payment runs in one month due to the FC being ill, and the MD thinking he needed to make the payments on her behalf – but they both did it. One employee was leaving, and to this day they are still trying to recover the overpayment from him!
So, we introduced them to the benefits of Telleroo…
The new system makes overpayments practically impossible, highlights sensitive information changes like bank details and new payees, and because Ascentis administer the Payroll, we submit the salary payment run and scheduled HMRC payment via Telleroo for a single non repeatable approval from the client.
The client is thrilled with the security the app brings, and the huge time savings for the finance team.
Case Study #2
456 Limited is a family business of 30 years standing that joined Ascentis in 2020. At this time they still paid every supplier and employee by handwritten cheque. It was the multiple steps they went through in producing the cheque that gave them peace of mind that over/underpayments were eliminated, and they could never pay into the wrong account. The obvious downsides were several hours per week on producing the cheque run, frustrated suppliers having to deal with an outdated method of payment, and out of date accounting information with payments taking days and weeks to be presented and paid.
So, we introduced them to the benefits of Telleroo
After integrating Dext to create superfast recognition of supplier invoices, Telleroo is then used on a weekly basis to produce the payment run. The two-hour Friday cheque run is now replaced with a single approval of a secure bank payment that takes no more than a minute. They have also moved the weekly payroll and HMRC payment onto the same system, delighted their team and eliminating the heavy lifting of one-by-one processing and subsequent reconciliation. The savings in bookkeeping costs alone pay for the app several times over…
For such a traditional business, this was a quantum leap for them in their confidence in technology. However, their only regret is that the systems weren’t available many years before…
If you would like to explore how Telleroo could be a game-changer for your business, we’d love to hear from you.
Get in touch here or call us on 0113 8980032 and find out how the combination of Ascentis, Xero and Telleroo can transform your business.