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We live in a fast-paced digital world, and cheque writing has gone the way of the horse and buggy (sorry to all pen and paper lovers).

The fact is that paper cheques, sent in the mail, are significantly more insecure than paying and receiving money online. Physical cheques are stolen from mailboxes, acid washed, re-inscribed and cashed by the thief.

For our clients, we have been paying all their bills online for years. The service we use for this is called Plooto, and they are awesome!

Paying bills via wire transfer or Electronic Funds Transfer (EFT), using the big Canadian Chartered Banks is time consuming and expensive. And it is not automated. Well, okay, it is partially automated in the sense it is digital. It is just not synced to your accounting system. Plooto is.

Here are 7 reasons to make the switch from cheques and EFTs to Plooto….

Reason Number One – It is Fast

All of your bills in Xero (or QuickBooks Online) are synced to Plooto. The instant you log into Plooto, there are all your approved bills, ready to pay.

When you are an e-signer (like a cheque signer only online) you will receive an email showing you the bills that are ready to be e-signed.

You login directly by clicking a link in your email.

You will see each bill that is ready to pay, with the source document attached.

Think of it like this. It is like your bookkeeper has recorded all the bills, printed the physical cheques, and brought the cheques with source documents attached to the cheque. He or she places on your desk, and you sign away.

The difference is that you can be anywhere.

All of this processing is fast!

Reason Number Two – It Saves Time

Because Plooto processes are online and fast, it saves time…

Time is saved in a few ways:

  1. The lack of physical movement of bills and cheques from office to office.
  2. The fact that the payment is synced back to your accounting software and recorded as a payment against the bill being paid saves the time of the bookkeeper having to record each payment as in the old systems.
  3. You can have multiple approvers and the flow is all digital, online. Once you approve, if you have a secondary approver, the bills will instantly go to them to e-sign. This saves a lot of time.
  4. The source documents are all attached to each transaction, so you are no longer hunting around for the physical copies of bills.
  5. You can pay multiple bills at one time, which saves time.
Reason Number Three – Pay Bills From Anywhere

Your bookkeeping Team can be in Vancouver. Your headquarters could be in Toronto. No problem.

Everything flows online and is accessible on your browser and through a browser app on your phone.

You can be on holidays and ensure bills get paid on time.

First and second approvers no longer need to be in the same office. They can be separated by oceans!

Reason Number Four – Multi Person Approval Workflows

You can set up a complex Approval Matrix with bookkeepers setting up the bills which in turn go to, for instance, a Department Head.

From there it can be routed automatically to the e-signers. For payments under, say, $1,000 perhaps maybe only one signature is required. If it is greater than $1,000 then 2 e-signers.

You have the power with Plooto to set up as simple or complex a Matrix as you want or need.

Reason Number Five – It Avoids Errors

Errors are avoided as follows…

Once the bill is recorded, checked, and approved in your accounting software, the source document gets attached to each transaction in Xero or QuickBooks.

This source document is attached to each transaction in Plooto, so you can look one more time before paying.

Multiple approvers means more than one set of eyes on each transaction.

The payment is synced back to Xero or QuickBooks which avoids duplicate entries.

To summarize, recording data once only, having multiple approvers looking, and source documents attached for a final look all lead to error avoidance.

Reason Number Six- It is International

Plooto can easily and seamlessly pay vendors and contractors in over 50 countries.

You do not need to call your bank manager to assist with a wire transfer and all this entails.

We have made many international payments with Plooto, and we have encountered no errors in doing these transfers. It is like paying a local supplier.

Reason Number Seven – It is Secure

Plooto uses Multi-Factor Authentication to login to its platform. The money is transferred directly form your bank account into your supplier’s account.

By the way, if they do not want to give you their banking information, as long as they have online banking, you can just email them the transfer and they login to their bank and deposit the funds themselves.

Multiple approvers make it more secure because more eyes have been on each transaction.

There is no risk of physical interception of cheques.

Plooto has banking level security and encryption running in the background.

They started in Canada in 2015 and have been a reliable and trustworthy partner of ours for many years now.

Thanks for reading….