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Telleroo shares the Cost of using your Bank for Payments

Business owners and finance teams are looking for places to save time and money, yet very few look at their businesses banks. So what is the actual cost of using your bank?

Hey, we're Telleroo, and we've taken over Accountancy Cloud's resources page to answer this very question. Let's get to it!

The secret your account holder keeps

As a startup or growing business, you find having a close handle on the purse strings to be a necessity and a valuable survival tool. Every £ counts, and one of the most important things to understand is what is necessary, and what isn't. The place many of us fall short is our bank accounts themselves. Below, we've gone through the actual costs of using your bank, sharing the secrets that your account holder doesn't want you to know about.

Bank Charges

It’s easy to assume your business banking is free of charge with the big banks’ lack of transparency around pricing.

If you’re sending same-day payments with Barclays.net it will cost you £5 per payment and £2.50 for Natwest Bankline meaning you could be spending thousands every month on bank transfers without knowing.

Manual processing

As you grow, the time you spend processing payments grows too. First, keying in payees and payments is a slow anxiety-inducing job that returns no value to your business. Second, the lack of delegation of this task due to the banks’ cumbersome process of adding additional users means you can’t safely delegate. Everyone prays you never have to go on holiday or take sick leave when it’s payroll day.

Reconciliation

All the hours you spend in online banking then bring reconciliation nightmares and bank statement searches. Missing payments or, even worse, too many payments means you spend hours chasing the issue with emails and last-minute meetings affecting your whole team.

The solution? That's where we come in

You can avoid all this by using Telleroo to automate keying in payees and payments. Meaning when that next supplier or payroll run is due, you can relax. Telleroo's partnership with Accountancy Cloud means they can create and manage a bespoke payment process that suits your business needs. Then, all you need to do is approve and top-up your account to release the payments. As a result, you take your payment process down from days to minutes.

How to fix a broken payment process

Join us on Linkedin Live!


Telleroo's CEO Andrew Cookson will be joined by Accountancy Cloud's CEO & Co-Founder, Wesley Rashid and Pleo's partner lead, Liz Sheldon, to share with you all the key information needed to fix a broken payment process. Gain insight, ask questions and get results, with this awesome event. Don't miss it, tune in on Friday the 30th of July at 11 am, on Accountancy Cloud's Linkedin. Set a reminder now.