The utility of GIRO was just settling well within many business workflows when eGIRO took the Singaporean corporate world by storm. Given the recent obstructions that businesses faced starting in 2020, digitalization broke away from being limited to just a choice to a necessity. eGIRO was conceptualized on just that.ย
Nonetheless, not all businesses have transitioned to eGIRO, and they have good reasons for it. However, if you find yourself to be a business owner standing somewhere in between, this article is for you. We have three questions that you must ask yourself to decide if switching to eGIRO would be wise for your business.
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Have most of your vendors or clients stopped accepting GIRO?
With many businesses going digital, itโs not surprising to be able to identify a few clients who may have completely stopped offering GIRO as a payment method. If your business happens to identify one such client within your network, itโs a sign that you must accommodate eGIRO into your workflows.ย
Not doing so may quite obviously result in your business losing clients who prefer convenience to services. You may also lose new leads because not supporting eGIRO can be a dealbreaker for a client who accepts only eGIRO.ย
Ultimately, the choice would depend on your own client data. If your business doesnโt actively engage in the digital domain, you may just be fine with GIRO.
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Does a more secure analytics tool not support GIRO integration?
Every business needs analytical tools to identify key trends in sales, expenditure, returns, and overall growth. Many financial analysis tools allow businesses to integrate the payment system theyโre using to eliminate manual data entry. Achieving this integration with GIRO may be tricky as your business account data will have to be monitored. Sharing such sensitive data with third-party tools may jeopardize your companyโs financial safety in some instances. On the other hand, integrating eGIRO may be more straightforward if the tool doesnโt seep into your companyโs sensitive financial data.ย
In addition, some tools may not offer GIRO integration exclusively. If the accounting and analytics tool youโre looking to buy is more secure and has additional features thatโll be valuable to your business, turning your decision to a negative just because you donโt use eGIRO may not be mindful enough. The reason being that security should always be prioritized in any business setting.
On the flip side, if your business finds that the switch to eGIRO – just for adapting to a new accounting system – would significantly disrupt workflows and client relationships, itโs worth giving a second thought to the decision. Rather than switching to only eGIRO integration-supported software, it would be best to look for alternatives that have similar performance as your existing software but with tighter security.
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Have vendors or clients been complaining about delayed payments?
Timely payments are the backbone of business relationships. Itโs well known that GIRO transactions take considerably longer to settle than eGIRO transactions. If your business primarily relies on GIRO when most other vendors that your clients work with use eGIRO, you may be at an assumed disadvantage. If clients are unhappy with payment delays due to GIRO, itโs time to upgrade to eGIRO. The newer adaptations can not only preserve but strengthen existing relationships with clients and vendors. This, in turn, can result in profitability.ย
However, before jumping to conclusions, itโs important to investigate if the delay is due to manual ignorance or the utility of traditional GIRO. To do so, itโs best to reach out to the clients directly and get to know their perspective. If the problem happens to be from within the team, the switch to eGIRO may not be the best course of action.
To conclude, these three questions can help you decide whether it would be beneficial for your business to switch to eGIRO from GIRO. Each question should be answered in a way that presents strong reasons why the switch would be practical and achievable. Moreover, each answer should directly correlate to whether the problem is arising due to the use of GIRO or from within the team. Ultimately, the switch should be seen as an investment that drives positive returns.
