Entryless believes it is time to rethink payments. Technology has changed the world of accounting and how we pay bills needs to change as well. Financial history buffs know this has happened before.
In 1891, well-known American businessman James C. Fargo found himself penniless on the streets of Europe. He was carrying his checkbook and a letter of credit from his bank assuring other banks that he was good for a draw.
In small towns, bankers did not know him or his bank and would not honor the letter. How could they be assured that he was not a fraud? Frustrated by the experience, Fargo turned to his employee at American Express, Marcellus Berry, to come up with a better option.
Berry’s solution was the traveler’s cheque—a pre-purchased voucher secured by dual signatures and backed by a reliable institution.
It transformed the way that people managed money while traveling and remained the standard for travelers for almost a century.
To me, this is a great moment to look back on: Fargo was able to state his problem and Berry was able to solve it. That is innovation in a nutshell.
I saw a similar problem when I headed up a large team of in-house corporate accountants. The bulk of their time was spent on what amounted to a manual assembly line for bill payment. They received invoices, recorded them, achieved approval, paid the supplier, and kept good records of every step. I watched hundreds of hours of staff time every day get spent on these mundane tasks. I knew their talents could be better spent.
That was the problem that I set out to solve when we started Entryless: How to automate these accounting tasks so we can get faster, more accurate bill payment and provide higher value accounting.
We launched Entryless with bill automation, and it has very quickly caught on with businesses and their accountants. Bills are processed and synchronized with their accounting software without any manual data entry (thus the name “Entryless” ). They have realized what I hoped they would; by automating these tasks with modern technology and a good user experience, they can better spend their energy making the company better.
Now we are adding a really powerful piece to the Entryless solution. Entryless Seamless B2B Payments completes the bill payment process for business. Now, through one interface, an accountant can:
- Receive bills from any supplier however the supplier sends them.
- Synchronize those with the chart of accounts.
- Review and approve bills.
- Show their suppliers they are appreciated by paying them promptly.
We have cut down on the time and expense for bill payment. It feels pretty good, but I know we are not done.
60 years later, in the 1950s, the same company that came up with the traveler’s cheque popularized the idea of card purchases. The American Express card was one of the first widely adopted payment cards. One can safely say that concept has transformed transactions all over the world.
Businesses, particularly small businesses, seem to get the benefits of technology last. They tend to let old manual processes hold them back. Entryless is built on the idea that we can provide better ways to do business, and in turn business can be run smarter.
I love the great feedback that we have already received from our users. I am really excited to see the impact that Entryless Seamless B2B Payments can have on their businesses!