User story - UHY Chartered Accountants

Challenge

It is well known that making payments to suppliers and employees is a time-consuming task in the daily routine of a business owner. This process is often manual and requires small business owners to make individual bank transfers. Now imagine the burden for businesses paying hundreds of suppliers and employees monthly.

UHY first met Crezco at XeroCon (an accounting conference), where Crezco also picked up the award of Xero’s Emerging App Partner of the Year 2022. UHY recognised how valuable the services Crezco offered would be and the impact they would have on our clients, so we eagerly booked our demo.

Making manual transfers to suppliers and employees can risk sending money to the wrong bank details or recipients. This can lead to late payments, wasted time communicating back and forth, and strained relationships between the small business and its employees or suppliers. These risks are heightened with international payments since payments take longer to arrive and incur higher fees.

I was astonished by how much banks charge compared to Crezco!

As an accounting firm driven by its purpose of helping businesses prosper, UHY needed to find a simple and secure payment solution to help clients pay their suppliers and employees efficiently. They also needed a payment solution that worked with their favourite accounting software to reconcile payments automatically.  Lastly, they needed domestic and international payments at a fair price and with real-time tracking.

Solution

UHY chose Crezco because of its account-to-account payment solution. They can help their clients collect payments by adding a payment link directly to their invoices. This provides a free, convenient, instant checkout solution to their clients, and it saves them time as payments are automatically reconciled as "paid" into Xero once received.

They can also help clients make bulk payments to their suppliers and employees. Again, it’s quick and easy as Crezco can automatically import all the invoices and contacts from Xero. Crezco flags any incomplete or inconsistent contact details before importing bills to ensure users know precisely what needs editing before making a payment to the flagged recipient.

The clever bit (yes, there’s more!)… Crezco has designed its software so payments automatically reconcile in the bank reconciliation section in Xero... even multiple invoices! Time is saved on reconciling as there is no searching through find and match. Not sure if it’s the accountant in me, but I was very excited when I saw this feature.

Clients can then choose which bills need paying, and pay or schedule them with one click. As good news never comes alone, UHY or their client’s employee can easily prepare pay runs on Crezco and then share with their client’s director to approve and make the payment. Payments will be automatically reconciled within Xero.

We can schedule a payment date to ensure that payments are received on time. The process can be measured in seconds. Effective and accurate.

Results

Thanks to Crezco’s innovative and secure payment technology, UHY and their clients can pay all their employees and suppliers in a click and reconcile all payments within Xero automatically.

They now save time since they no longer pay suppliers or employees individually. Crezco helps them automate the process as much as possible and significantly reduces the risk of error by automatically importing invoices and contacts from Xero.

Our client saves hours by not having to generate payments through their bank while saving on bank processing fees too. It’s a win-win situation. Our client benefits and the services that we provide are enhanced. Errors and inertia are also eliminated as there is no human intervention required.

Creating, sharing and scheduling payment runs helps businesses develop internal processes and ensure the right people have access to the right tools. It increases the convenience of sharing pay runs with multiple people involved (employees or accountants) and it also increases security too.

A bulk payment can be made in one click, fast, easy and secure.

Not just accounts payable - salary run payments have also reduced to minutes.

With this partnership, UHY joins thousands of companies using Crezco to securely pay their suppliers and employees anywhere in the world from one bank authentication. 

One of our clients, since using Crezco, has saved over £6,000 in exchange rates and fees!

Crezco is easy to use for both supplier and payroll payments and can hide the payments if you don’t want employees to know their colleagues’ salaries.

Next steps

UHY will continue to grow and help clients prosper. Crezco will help them reach their goals by streamlining their payment process and offering the best support possible. We work hard to improve our existing products and features and create a more innovative way to pay and get paid without the hassle.