What bill pay solutions can do for family offices

As family offices aim to preserve family wealth and ensure its smooth transition to the next generation, cost management and risk mitigation should be at the top of their priorities. This article highlights how investing in a proper bill payment solution can help with these operational roadblocks.
Software Updated on January 16, 2024

It is no secret that implementing family office technology and automation helps improve operational efficiency and ensure consistency and regulatory compliance. It also comes in handy when reducing the costs associated with manual back-office functions, which is often a significant pain point for many offices. This is especially true for accounting and bill payment systems since tasks are often highly labour-intensive and are therefore prone to substantial margins of human error.

Simple is determined to help your family office to find the right bill pay system. Find our technology stack here.

Traditional Bill Payment Solutions and Its Limitations

What does manual bill payment in the family office industry look like? Let’s say that a product or a service is purchased, the family office receives a vendor invoice for the same which is then validated by an in-house bookkeeper, processed, and then paid using a payment gateway. Traditionally, family offices would outsource such time-intensive tasks to external firms. However, with the advent of newer technologies that allow for seamless integration into existing operational systems like enterprise resource planning(ERP) and customer relationship management(CRM) suites, it has become easier for more and more family offices to execute these tasks internally or outsource them to specialist service providers instead.

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