This episode is sponsored by Fishbowl. Learn more at here!
Tyler Hickman from Veem sits down with Dawn Brolin to chat about how Veem can help your business send and receive payments electronically. Say goodbye to paper checks, and say hello to easy ACH transfers, excellent customer service, and top-notch security that will help keep your and your client’s information safe.
Tyler Hickman is the Team Lead of the accounting channels at Veem, and sits down with Dawn to discuss the benefits of switching over to a digital payment platform. Tyler expresses that Veem is committed to helping small and medium sized organizations manage their bills and invoices more easily, and how converting to an online payment service can save business owners hours of time every week.
The Benefits of Veem
Dawn says that she first learned about Veem at Scaling New Heights last fall, and talks about how excited she was when she learned about all the products and services that Veem had to offer—especially for accountants. Oftentimes, vendors can request specific forms of payment—such as an ACH transfer, check, or card payment—and it can be difficult to keep track of your client’s preferred payment method. With Veem, Dawn can securely send a payment directly through email and vendors or contractors can choose exactly how they want to get paid. Dawn also shares that Veem has integrations with QuickBooks, and how this makes managing her payments and invoices much easier.
Tyler agrees, and says they have seen a huge increase of businesses switching to an online payment platform since the start of the pandemic. However, Tyler also talks about how many small business owners don’t want to adopt an online payment system because of the fees associated with many of them. Tyler points out though that although sending a check may seem cheaper up front, the actual cost to send a check can be close to $18.00, and how switching to an online platform can save them time and money in the long run.
The Importance of Getting Off Paper + How Veem Keeps Your Information Safe
Tyler also discusses the security risk of sending paper checks through the mail, and how this can lead to a client’s account information ending up in the wrong hands. Dawn agrees and says she rarely sends or accepts checks, as she does not want to be responsible for keeping a client’s data safe.
Tyler also discusses how important it is to not send ACH or banking details over email. He shares that he’s personally seen over a half a dozen account takeovers happen to clients who shared their credentials through email, as opposed to using a secure payment portal like Veem.
Tyler says that Veem has multiple levels of security and verification, and that they verify all parties of the transaction. Not only do they verify the sender of the transaction, but they also verify the receiver to ensure that your payment is being delivered to the correct recipient.
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Hello everyone, my name is Dawn Brolin. I’m a certified public accountant, a Certified Fraud Examiner, the President of Powerful Accounting, Inc, and the author of the Designated Motivator for Accounting Professionals. And I’m here today just to talk to you briefly about an awesome inventory app called Fishbowl. What I love about Fishbowl is its ability to sync seamlessly with QuickBooks Enterprise. And what’s even better about it is, we as accounting professionals don’t always have to be the best at everything. I find that you know, if you think about softball, which is what I always like to talk about–not everybody is a great pitcher, not everybody’s a great outfielder. And so as accounting professionals, we all find those areas of accounting that we are really good at and that we are really passionate at and we love. I love my clients, but I’m not I don’t want to have to implement an inventory system for my clients. It’s not in my what I call wheelhouse, okay? But what’s great about Fishbowl is they have someone on their team named Beverly Lang, and Beverly is an accounting professional. And so she’s able to make sure that the inventory system is set up properly, and that most importantly, the counting is done. And the integration from Fishbowl inventory into the QuickBooks Enterprise system is seamless, and accurate. So myself is the accounting professional, I want to make sure I’m referring the best of breed solutions for my clients, especially when I’m not I don’t have my hands in on that. And so I trust Beverly, and I trust Fishbowl that they’re going to do the job, right? I’ve seen it firsthand. If you want good inventory, great inventory, easy implementation, and have someone who knows the accounting side of it, Fishbowl is your solution. Thanks for listening.
Well, hello, everyone. And welcome back to the DM Disruption. I’m here today with one of my favorite people, Tyler Hickman, who is the lead of the accountant channel at Veem. And Tyler have been working together for quite a while he’s, he’s more than just a team leading the accounting channel, in my opinion, he’s the magician at Veem, who makes everything work. So Tyler hello, say hello to everybody. Let us know who you are what you’re all about. And then we’re going to get into some fun q&a and some answers about what Veem is doing for us all, certainly all of my clients and in many other small business owners across the country, in the world.
Yes, yes. Well, thank you. First of all, thank you, Don, for having me on. It’s it’s been great being a part of the the starting lineup and being on the team here. So like you said my name is Tyler Hickman, I’m the team lead from from Veem accounting services here. And and really what what I do on a day to day basis of what we do is, you know, we’re really focused on working with with small, medium sized organizations here in the US, but as well as internationally to help them with their AP and arrow processes. Of course, it’s a little bit more complicated than that. But at the end of the day, we’re just trying to, you know, save time and money and, and give a little bit of a better tech experience to businesses at the end of the day.
Yeah, and so, you know, I discovered Veem at back in, I think it was at Scaling New Heights last fall, where I started to learn more about what you do. And of course, there’s a lot of options when it comes to AR and AP, I’ve been searching for, I guess I would call it like a home base, a place where I felt comfortable all around between the payments, the timing of the payments, of course, are super important. Any fees associated with payments, everybody wants to, you know, try to save as much as we can, in that fee area, right. And I just, I found that the it was so easy for me to implement, which for me, it’s like I just needed to be implemented and start to work immediately. And I was kind of tired of paying wire transfer fees, which is what I was doing. I don’t I don’t have checks anywhere. I just don’t have checks. So when someone says I need to make a payment, it’s like, okay, well, where are you living? You know, customer or client or vendor? Where are you living when it comes to that? Oh, well just send me a check. Well, I don’t have checks, I don’t do that. So I guess what I’ll do is I’ll add you to my Veem account, send you an email, you get to choose how you’re going to interact with me when it comes to that. I just want to go to one place, make the payment. You want to get it by check, you want to get it by, you know, Ach, you want it on a card, whatever you want to do, well, that’s on you. I don’t want to deal with that when it comes to paying someone else. So we found it just so easy to work with. And of course the sync with QuickBooks–you got to be able to sync with QuickBooks people. That’s just at the end of the day, the AP and AR QuickBooks better match what’s in Veem. And then we have that implementation of permissions and you know user permissions and who can approve a bill and who can actually enter a bill? Things like that, which I think are really awesome. So what have you seen in the industry? Let’s just even say over the last year with regards to people’s concerns about payments and and how payments are being processed?
Yeah, yeah. Well, I mean, you brought, you brought up a lot in there. And really, and I can even take it back a little bit further, the the industry has changed so much in the last 24 months, right, we’re middle of March, you know, you flipped back, you know, two years ago, to when COVID was starting. And that was really, when we start to see that the big change, there’s a lot of businesses that really at that point, started to adopt cloud software’s and technologies because their businesses needed to change and adapt. So they were not in brick and mortar stores or other office buildings, where they’ve got the pile of checks and, and they can walk over and get, you know, signatures done all that. So there was a huge amount of adoption that needed to take on like that. It just needed to happen overnight. And it was a great spot for Veem as well as a lot of the accountants and bookkeepers that we work with because there was a sudden kind of just rush of people looking to implement solutions. And I feel for people because there’s, there’s a lot of there, there really is like there is you know, we operate in the the FinTech space for some of you might might know it, there’s a new FinTech company popping up in the US every day. And, and it can really, there’s a lot of noise. There’s a lot of buzzwords here of integrations, and automations. And there’s a ton of different things going on out there. And, and that’s why, you know, a lot of SMBs in particular rely on accountants, such as yourself, Dawn, but I mean, 1000s of others across North America, the US and bookkeepers to be that source of truth, a lot of the concerns like you’d mentioned, security is one of the big ones. How do I do this in a better way, costs are huge? But you know, when we talk about costs, in particular, we try to focus on on some of the maybe soft costs that that people aren’t always thinking about, right? Like everyone’s focused on the hard cost. My bank cost me this, a check is cheap, because it only cost me so well, that’s not true. We know in reality, right? SAP has done a huge study on this, it costs an organization almost like $18, to send a check when you actually factor in a lot of the soft costs that people aren’t thinking about, you know, outside of the envelope and the stamp and all that kind of stuff. A check is a very expensive, you know, method to send a payment, it’s not cheap, because there’s a lot of manual work that quite often needs to go into it. So what people are really looking for, and like I said, especially in the SMB market, they want something that, as you mentioned, can be implemented day one work very easy, and really help them from a processing perspective, we want to take the payment process, which was usually disconnected from the accounting process, right banks, you know, some of them have direct bank feeds, there’s some reconciliation there with someone like your QuickBooks Online, but it’s typically not great. And potentially, you might actually need to subscribe to a higher package business plan with your bank to get access to some of those bank feed integrations. So is it worth the trade off? Probably not most times. So we really want to connect things together, we want to connect that payments process in with your accounting process through like that QBO integration, which is very simple in its operation, but it can really add that value. And be able to implement that in a way where you know, we’re not having to capture everyone’s ACH details, you can send a payment out, you know, Dawn, I could send you a payment, like you mentioned right now with just knowing your email address, and and then you own your information. And that that’s been always a concern. In particular, small businesses, they don’t want to own all of this information. What do I do with it? Is those questions we hear all the time, like, how do I capture it? How am I storing it safely? Because you’re responsible for storing this safely, right? You can’t just capture it, and it can’t just end up in a file somewhere. And I know it happens, right? But, you know, we’re responsible as a business to this information. And using a tool like Veem allows that separation of that information where we’re not sharing ACH details over the internet. You know, account fraud is something like 300% for the FBI last year, takeovers are very popular. So if we can remove that, that transfer of just sent really sensitive information over things like email and other instant messaging, and have that encrypted in platforms, it’s really huge benefit.
You know, and the I can even just snowball off of that whole entire comment because if you think about the sensitive information, exactly what you were saying. Think about what a check looks like. So close your eyes, right? Just think about what a check looks like in the upper left corner, it’s your business a–we’re sticking with business–your business name and address. Then you go down to the bottom you can see the routing and account number. Now if you’ve ever been a business owner who has manually entered someone’s credit card information or ACH information, that’s exactly the information you need in order to process an ACH yourself. So manual ad, if you will. When you mail a check, and we know that there’s been there’s there’s mail fraud mail fraud is illegal doesn’t mean people don’t do it just because it’s illegal. We know there’s so many things illegal your not supposed to speed on the road. How many of you have sped ever before in your whole entire life, there’s not one person who is not actually going over the speed limit. It’s not possible, in my opinion, which I think my opinions correct, of course, but if you think about it, the laws are there to minimize and prevent something bad from happening. It’s a way of minimizing the risk of a potential crime, or a fraud if we’re talking about fraud. And because a check publishes everything a fraudster needs in order to steal information, we know we have a problem. Think about this very simple. I still see businesses or have a mailbox at the end of the road, they got their office, they have a mailbox, maybe on their on the wall, it’s not all lock and key mailbox. Somebody drives, people know when the mail is delivered. They’re a fraudster. They’ve done their work. They’ve done their studies, they know when the mail is delivered. They know typically, when people pick up the mail, they know when they can intercept an envelope of any kind, you can kind of tell when you get an envelope, whether it’s a bill or a payment, or whatever, because they’re kind of they differentiate them for a reason. So you don’t throw it out as junk email or junk mail, right. But the information that’s on the front of that check is extremely risky. And so for those that are still mailing checks, I can tell you, I know major corporations who are traded on the stock market, who have mailed me a check. And I’m just like, whoa, like, why are you still mailing me a check? I’ll give you every method to pay me securely through Veem? Why are you mailing me a check? And it’s because they just haven’t you know, that’s not important enough. Do you know when it becomes important, Tyler? It becomes important when it when they are compromised?
Where a check has been stolen, or some kind of payment or whatever the case may be. It’s important when there’s an emergency and that’s most cases for life. Unfortunately, you know, who I don’t believe Tyler, there’s an accounting emergency before. I have some clients who think there are, you know…
All the time! Friday afternoons especially.
Yeah, exactly. Friday afternoons, there’s always a an emergency, for some reason. But you know, so those are the things Tyler that making a conscious and purposeful change, I know for me as an as a business owner, I wasn’t accepting checks. Now, we do have probably 20 clients who pay us in a check. It’s only during tax season, they come in, they get their return, they pay with a check. I don’t have a problem with that. But I still tell them, you know, you got to just think about the security of what you’re doing. You’re handing the check to me, which is great. But do you know what my Destruction Policy is? I know what it shouldn’t be. But am I properly, number one locking up those checks in the safe for 30 days? Are we or are we not? You don’t know that when you walk out? So obviously, accountants, were trusted advisors, but I mean, what, what kind of horror stories Tyler have you encountered or things that you’re like, This is the reason why people need to make that conscious switch over to a secure system.
Yeah, you know, you know, like you said, we we’ve been picking on on checks here. And and it’s, it’s, it’s one of those, you know, again, ones where it’s been around since the Roman Empire, right. Like, it’s a simple platform, and everyone’s got it, you know, there’s probably too many accountants to count out there that have signed blank checks sitting in their desk, or they’re safe somewhere. And that’s really, you know, in particular, that’s the stuff we really have to weed out. And I know, you know, you always talk about it, accountants talking to, you know, their head drops, and they admit, yeah, you know, I do have a couple but, you know, I think there’s, from an industry standpoint, we’re getting away from that. But, you know, the horror stories, honestly, actually, on my side are a lot of times, you know, that their bank account takeovers, it happens all the time and others, the typical situation, and I’ve heard this, you know, worked for Veem for two and a half years, probably half a dozen times or more, where an email comes through from one of your vendors saying, “Hey, we’re switching our banking details, here’s the new credentials to our HSBC account,” or whatever. And of course, the vendor trusted came from that email, you know, they go in change the wire template details in their bank, there’s no additional level of verification, of course, the bank doesn’t really care, you enter the details, send the payment off, and then of course, month later, you know, get a call, or you might get a note or email saying, hey, our email was hacked, or, you know, whatever the situation might be, or hey, we didn’t receive that payment. And of course, they’ve just went through and changed it. So you know that that’s the situation we come up against all the time. And that’s why in particular, even even modern day solutions, like even email, as example, are not great. You know, right, there’s no additional level levels of security. There’s no verifications in those process. There’s no background checks. And this is honestly, where banks fall short as well. You know, ACH isn’t perfect wires are not perfect. There’s no additional layers at the bank does to verify that I’m sending this this, this these funds are this deposit to this, this vendor customer that you guys might have? You know, is this right? Are these details going to the right way. And there’s a lot of new new tools, Veem is among one of them, that has a whole list of background checks. You know, just as an example, from a from a top view level, we verify all parties. So we actually represent not only the sender, but as well, the receiver on all of our transactions. And that’s really key from just a very base fundamental, that we’re able to verify that the details that not only were provided to, you know, are correct, but they match the party that that they’re going towards to make sure that it’s a secure transaction and end.
Right. And I think, I think that that’s, so we talk about differentiators and ways that people are when they’re making their decision on a payment solution, whether it’s a payable or receivable, right, because some systems only handle receivable, some handle only payables. And then you have those that are combos, I think that that’s critical when we’re looking at the security and understanding that, you know, you have those telephone people who call the elderly typically, and they’re like, “Hey, I’ve got 10 grand for you, but we got to verify your bank account.” So if you give me that you’re gonna see a debit and a credit, and then we’re gonna go ahead, and then they just go suck money out. And that’s because they don’t have that I’ll call it dual, you know, system of processes that we verify both. And so I think that that’s something that people need to hear, because that’s super important. And if you’re working with a system, or you’re working within a system that doesn’t have that process, and it’s just relying upon a one way transaction, so I’m paying out, and good luck on the other end, right. And that, and that’s troublesome for the payor and the payee both, so I love that you brought that up. So, you know, I know that we I’ve encountered and I encounter my clients where they’re, you know, they come to us. And I feel like we just always seem to get problem children who, who come to us and they’ve got no systems in place whatsoever. And so as a trusted adviser, I’m sitting there looking at what this clients doing their multi, a lot of a lot of times multi million dollar companies that are, you know, out there just transacting and not realizing the implications of their decisions, or clients that have multiple entities where we now have, you know, cross patterns of things that are happening, and we’ve got to keep it straight. And so Veem allows those companies who have multiple entities, we just, we just sent a client over a couple of weeks ago, who has multiple entities, and it’s like, you’ve got to have that separation. So we’re not piercing corporate veils, that we’re not just having this mosh posh of transfers all over the place, but rather having true transactions that are occurring. And so you must see a lot of that.
Yeah, it’s you know, and there’s every every side of that spectrum, we’ve got, you know, many businesses very clean, but you know, just as many that are, you know, the books are messy, the, the, the boundaries are messy, but, you know, I think, like you said, if you can implement a tool, and if we can kind of clear out the clutter, and really kind of help them develop a path that that really makes sense and develop the rails for them to really kind of drive in the right direction, it can be quite easy for them. I mean, we have a number of tools, that that can help with that. But you know, we work with lots of organizations. And, and more frequently, you’re starting to see this a lot with different businesses that have subsidiaries or sister, you know, brother organizations, that all have some similarities and overlap. But tools like Veem, among others, I mean, QBO helps a lot with this as well. But to keep everything kind of separate and neat and organized and tidy, that these transactions these are owned by, by this business, this LLC alone, and we can kind of separate it and cut out the noise of going through this and make it you know, ultimately the other aspect of this is put it in a day to day process that can be standardized across one organization or multiple organizations for not only the internal employees, but as well as any bookkeepers any outside or outsourced accounting firms, and one that they can operate on a day to day basis very seamlessly.
Yeah, and one other thing that I kind of want to throw in there for the accounting firm themselves, you know, I know that there are a lot of accounting firms who don’t want to accept electronic payments because of fees and things like that. With Veem, having that ability to first of all sync with your QBO file and upload all your customers you have all your clients all in all already imported into Veem and able to send out their invoices through Veeam where they go ahead and they make payment to you and eliminate the ACH and the merchant fees for credit cards or other things like that. Because really what what Veem is doing is capturing the end transaction and then transfering that. Is that am I saying that right? I’m saying it in the in the Dawn Brolin version!
Yeah, well, yeah, no, absolutely. And that is what we do and receivables in particular, like you said before, there’s always been this kind of chasm so to speak, not too many, you know, businesses operate on both sides. But receivables is actually a focus of ours, you know, for this year, and, you know, we’ve got a number of new features on that side, because everyone does payables. There’s, there’s a million companies that do payables, right, they’re easier, but they’re not quite as sexy, right, like, no one likes to send money out, you know, there’s not quite as much of a focus on getting that those funds in, in a way. So. So you’re right, we focus on, again, true process improvement through automation and integrations and, and having that information come over your invoice that’s in QBO, come over being able to get automatically sent out, or manually sent out based off if you would, like, have a client be able to pay that in whatever way they want to pay it, essentially, and then that, that that whole system from the funds and the information, data flow back into QBO and your bank afterwards is really powerful. There’s a lot of other tools we actually just brought out here last week, it’ll be getting marketed out, but our first version of pre authorized debit, so PAD agreements, you know, there’s a lot of people that are interested in that for those day to day, you know, recurring transactions, you know, if if a client has an example of $500 bill on the first of every month for the next 12 months as your scope of work, why not automate that process? Right? Why manually go in and do that for 10, 20, 30, 40, 50 clinets, whatever the situation might be. We can all look in a number of areas in our lives, but that’s one where we can get time back. And really the question ends up being what else could you do with that time every month?
Right? So yeah, so that’s something that as we and I’m always talking about reassessing your success, that’s what’s something that we’re doing. Is it is it a potential potential for us to save on those merchant fees, for instance? That we’re looking at to say, okay, so for next tax season, we implement part of our process to I’ll call it for lack of a better explanation to onboard the client to Veem, to say, hey, listen, this is how you’re going to pay us this year, go ahead and put in your payment information so that when we’re ready to process the invoice, it’s automated, we don’t have not necessarily automated but we can, you know, pull the trigger on processing that payment, as opposed to through the avenue we’re using now, where we’re getting charged those fees. So that’s something that I think is super important for the accounting professional to take a look at, you know, maybe again, maybe after tax season as you’re doing a reassess your success from the previous, this this 2022 season, if you will, and looking back and saying, hey, yeah, I really do need to implement a new system. And I would love to be able to receive payments from clients, and have them implemented the beginning, which is what we do, we do a lot of, here’s how we’re going to run this tax season, just so everyone knows, we kind of start that process in December, and then throughout January to say, hey, we want it to be a smooth process. But this is an opportunity for you as a firm, to save some money on those fees, or implement a system that you didn’t have before that you just refuse to participate in because of those fees. So that may be something Tyler that that they can look forward to as they transition out of this season into the next one.
Yeah, I mean, we always we always see a kind of an influx, of course of people having conversations and, and at minimum, we want to, you know, just evaluate, just have a look at what’s out there, of course, for your firm as well for your clients, right, that that mentality of that it ain’t, you know, broken, don’t fix it sort of thing. You know, that’s, that’s such an old school mentality, there are improvements for working systems today that can be implemented. And, and you know, what, you might even be shocked to say this, you know, Dawn, you know, look, look at Veem look at other, you know, look at Melio look at Corepay, I mean, there’s a bunch of competitors, we all do slightly different things. So you do need to do a bit of an evaluation, because certain tech and tools will work better with certain different technologies and customer set. But but spend some time go through it. Because you know, you know, we’re here on on the the side of improvement, and there’s still a lot of the folks that are on the banks and checks, right? Like, any any solution on this side of the fence is an improvement at the end of the day, even if it’s not Veem would love for it to be Veem, of course. But there’s a lot of improvement that can be done but but do the evaluation, take some time for yourself and your clients and see what’s out there.
Absolutely. And that’s that’s the whole point of DM Disruption is to motivate you to take a look at something different. And you’re right. It’s not always because there’s something wrong. It could be that you’re doing something that seems to be working and things are flowing well. But could they be better? I’m always striving for perfection. I mean, I think anyone who’s an entrepreneur, that’s that’s your goal is for as much perfection as you can obtain. So here’s an opportunity, another opportunity for you to do that. So, Tyler, I really appreciate you coming but are there any last thoughts that you want to leave with people? Where can they go to get to become a part of the account channel at Veem and those kinds of things.
Yeah, so if anyone’s looking for any more information right on our website Veem.com, we’ve got an a hole accountants page right along the top banner, you’ll see it as soon as you get there, click on it, there’s a lot of information about what we do and what not. But you know, of course, we’re always looking to have individual conversations as well. So there’s direct links on there to book meetings with members of our team or speeches search out information so they can always reach us there but yeah, like, you know, just you know, spawning off what Dawn says, you know, just have a look see what’s out there, poke a couple tires at very minimum have a conversation with a couple different businesses, because you might be surprised as to what what what advancements have been out there in the last couple years and the number of different areas that companies like Veem and others could could offer some some help and…
Yeah, absolutely. And, and definitely, like I said, just check out Veem we I’ve really enjoyed it we’ve implemented with clients. Tyler is like my go to, so Tyler Hickman at Veem.com certainly reach out to him personally, that’s also fine. But he seems to solve any of the questions that I may have. He’s my go to, but but the people that beam are very supportive. They’re there to help. Super responsive when it comes to support, which as I always say to you, guys, is very important to me, you can’t get support, why are you working with that app? You got to be able to get answers, you got to get them quick. So Veem is providing that support, certainly to Powerful Accounting and to the clients that we’ve introduced so far to the Veem family, if you will, but definitely want to thank everyone for listening and Tyler for being here today. I know we’ll be have you back on as Veem is again, continuing to improve and bring on new features and things like that, which again, is super important when you’re selecting a an app. If they look the same, feel the same, then they are the same because you can’t be… listen, if you’re standing still and doing the same thing, you’re actually going backwards, something that a lot of people don’t realize you’ve got to be moving forward. And these apps have got to be moving forward and growing. And I can tell you Veem is doing that. So thank you, Tyler. Thank you everyone for listening, and we’ll see you next time on the DM disruption.
Thank you so much, Dawn!