Almost two-thirds of accountants would be happy to have an entirely paperless bill payment process, according to a new survey.
The survey, Bill.com’s second annual Accounting Trends Client Bill Payment Survey, also found that nearly half of respondentswished they could completely eliminate paper checks. The survey exposed concerns about bill payment efficiency and security. Respondents who relied on handwritten checks or computer-printed checks said they often spend more time on bill payment, and 66 percent of all respondents reported that they worry clients do not have approval controls in place for bill payment.
One of the trends the survey revealed was that while electronic payment methods are widely used, paper checks remain a mainstay in business bill payment. Forty percent of respondents agreed that paperless bill pay would make them feel more efficient, and 20 percent said it would make them feel more organized. Paper-based systems also increase the risk of fraud, one respondent noted.
The survey was conducted in July. There were 513 respondents, all accounting and bookkeeping professionals handling bill payments from solo practices up to firms exceeding 30 people in size.
To read the full survey, click here.
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