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.
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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.