PayVu delivers efficiency to bookkeepers
By Robin Beauchamp, CEO, Integrated Payment Technologies (InPayTech)
With the National Payments Platform (NPP) now in operation, and millions of real-time payments occurring on the platform, now is the time to consider the full potential of solutions that sit on the NPP which enable 24/7 real-time data-rich transactions.
PayVu acts as an overlay service sitting over the top of the NPP. The new bookkeeper-focused version of PayVu, launched at the Australian Bookkeepers Network ‘The Bookkeeping Event 2018’, is already revolutionising payments.
Below we describe the key benefits that PayVu can deliver to bookkeepers, improving how they provide payment solutions to their clients and the business opportunities it opens.
Crucially, PayVu removes the need for third parties to handle a company’s payroll. This is a real advance in ensuring a payroll system is safe and secure. Data privacy is top of mind for bookkeepers now that many businesses are required to report data breaches under the Notifiable Data Breaches Scheme.
Agencies and organisations regulated under the Australian Privacy Act 1988 are required to notify affected individuals and the Office of the Australian Information Commissioner (OAIC) when a data breach is likely to result in serious harm to individuals whose personal information is involved in the breach.
For bookkeepers who deal with large volumes of personal data, using PayVu helps to promote trust between a business and its customers and employees. Trust is essential in delivering professional bookkeeping solutions and, while it can take a long time to establish, trust is easily destroyed in minutes.
So the best bookkeepers are vigilant about the security of their clients’ data.
With much personal and private information transferred as part of the payroll process, PayVu removes the need to:
• record or retain client banking credentials; and
• export files containing private and personal information from secure accounting systems.
PayVu also eliminates the need for employers to outsource payroll services, thereby diminishing the opportunity for illegal behaviour and breaches of data privacy.
In this way, as well as protecting personal data, PayVu protects against cybercrime.
Reduces processing times, boosts efficiencies
PayVu makes a bookkeeper’s job significantly easier by speeding up payments to near real-time, 24/7. It offers bookkeepers huge efficiencies by providing a single point from which to manage all business payments electronically.
The software significantly reduces manual processing, compliance costs, processing time and transfer times. It is SuperStream compliant, making superannuation payments simple, easy and virtually instant. This provides huge efficiencies to bookkeepers.
As an example, the technology uses smart phones to streamline the communication process, plus automation to remove the need for the bookkeeper to reverse payments rejected by a business owner. The saving supports a bookkeeper’s move from hourly billing to value-based ‘billing for outcome’, while freeing up time for bookkeepers to bid for new business.
PayVu streamlines and automates the process of administering and making payments with clients. The solution allows bookkeepers to provide an ‘all of business’ payments service, assisting the transition from client-centric to bureau work while strengthening customer relationships.