Automated Bill Payments for Businesses: Smart Solutions for Canadian Businesses

Keeping on top of bill payments is no small feat for growing Canadian businesses. Between due dates, approvals and surprise invoices, it’s easy for things to slip through the cracks if you’re doing everything manually. Old school processes chew up valuable time, increase the risk of errors and can even damage relationships if something slips through the cracks.

That’s why more and more companies are turning to automation. Automating bill payments for businesses can be a game-changer for Canadian companies looking to save time, reduce errors, and avoid chasing paper trails.

This guide will discuss the right tools to help you free up hours each month, keep payments flowing smoothly, and protect your cash flow.

Why it’s time to rethink manual bill payments

If you’re still paying bills manually, you probably know the drill: endless paperwork, tedious data entry, chasing down approvals and too many chances for something to go wrong. One late payment can trigger fees, hurt supplier trust and throw off your cash flow forecast.

It’s a lot of hassle and only worsens as your business scales.

Enter automation. With modern payment automation, you can:

• Save time by eliminating repetitive tasks (Some businesses with automated payments and intelligent business banking solutions have been able to reduce up to 96% of their repetitive bookkeeping tasks)
• Cut down on errors (no more fat-fingered numbers or missed due dates)
• Improve cash flow by letting you schedule payments and avoid late fees

Bottom line? You’ll spend less time on admin and more time growing your business.

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How automation works behind the scenes

So, how does all this automation work?

It’s not just magic (though it can feel like it). Behind the scenes, a mix of smart tech tools is quietly doing the heavy lifting—scanning invoices, pulling out the details, routing approvals and making sure payments go out on time. 

Let’s examine some of the key technologies making it all happen and how they’re helping Canadian businesses eliminate unnecessary busywork.

• Optical Character Recognition (OCR): OCR tech scans invoices and receipts, then pulls out important details like amounts, due dates, and vendor names, so you can upload receipts without having to type every detail. Say goodbye to accidental errors!
• Machine Learning (ML): ML helps systems “learn” how your business pays bills over time. It can recognize patterns in vendor payments, suggest codes, flag suspicious activity or even predict cash flow needs—all based on your historical data.
• Electronic Payment Platforms: Instead of cutting cheques or manually entering banking details, Electronic Payment Platforms handle electronic payments directly to your vendors. You can also set up recurring payments and track everything in one place.

Setting your business up for success

Choosing the right payment solution can significantly affect how smoothly your business runs. Below, we’ve rounded up a few key things to consider before diving in.

What to look for in a solution

When picking a bill payment platform, keep these things in mind:

• Easy integration with your accounting and expense management software
• Top-notch security that complies with Canadian financial standards
• Scalability to support your business as it grows
• User-friendly interface for quick adoption across your team
• Automated approval workflows to reduce manual tasks and errors
• Flexible payment options (e.g., EFT, credit, ACH) to suit vendor preferences

Getting started

1. Map out your current process to spot pain points.
2. Select a platform that covers your needs today and down the road.
3. Train your team so everyone’s up to speed and confident using the new system.

Pro tip: Don’t try to automate everything on day one. Start small and expand as you go.

How Float helps Canadian businesses automate payments

Float isn’t just a corporate card provider. We offer a fully integrated solution for smarter spending, including bill payment automation.

Here are some reasons that finance teams across Canada count on Float to help them automate payments (among other things):

• Auto-capture receipts and transactions: Float automatically grabs receipts and matches them to the right accounts, reducing manual entry.
• Syncs with your accounting software: Easily integrate with QuickBooks, Xero and NetSuite—no manual imports needed.
• Real-time spending insights: Get instant visibility into spending and generate reports on demand, with alerts for unusual activity.
• Customizable approval workflows: Set up approval processes that fit your business needs, making approvals faster and easier.
• Streamlined accounting hub: Float helps accountants quickly review, automate and export transactions for smooth month-end closes.

Final thoughts

Bill payment automation isn’t just a nice-to-have anymore—it’s a competitive edge to help you do more with less. Whether you’re a lean startup or a fast-growing team, automating how you pay your bills can save time, reduce errors and keep your cash flow running smoothly.

And with platforms like Float, you can connect bill payments directly into your broader spend management strategy so everything works together not in silos.

Want to see how Float can help? Take a tour today.

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