How Accounting and Financing Use QR Codes

QR codes have since diversified their uses to cover almost any industry, including accounting and financing. It’s a versatile technology, utilized to make operations more efficient and streamlined. It’s no wonder that a lot of accounting firms and financing institutions are now using QR codes in their process.

With the versatility of QR codes, along with the better and more advanced options of a QR code generator online, it’s now much easier to integrate these codes into the current systems. This benefits not only the accounting and finance departments, but also other divisions that rely on their work.

Here’s how QR codes are commonly used in accounting and financing.

QR codes for invoicing and payments

The most common type of QR code for accounting is invoicing and payments. Instead of revealing bank information, the payor simply has to scan the QR code of the payee to settle the payment.

This makes the process more efficient and eliminates the need to type in log-in credentials, passwords, OTPs, and more.

QR codes for instant payments

Payment processing can take several business days, especially for interbank transfers. The great thing is, banking institutions are developing their own versions of a QR code for payment, especially for urgent cases. This also lessens the work of tellers and accountants as they won’t need to manually process and track these payments.

QR codes for sharing financial statements

Financial statements are some of the most important documents of the company. Sharing them among stakeholders is important, but it also poses a security threat if the files land on an involved person. Using encrypted QR codes that require passwords and log-in credentials can prevent these situations.

QR codes for automating the process

Almost every process for different industries is now using QR codes because they’re proven to streamline the process. It’s the same with the accounting and financing industry. Using QR codes makes it so much easier to track the processes of payments and invoices.

This helps everyone involved do their jobs more efficiently in the long run.

Where can you put QR codes for accounting?

Another consideration is where to put the QR codes in accounting and financing. Due to their versatility, these can be put in virtually any material, both online and offline. For the best use cases of QR codes for accounting, here are some examples.

• Printed documents
• Memorandums
• Invoices
• Email
• Newsletters
• Messaging apps like Slack, Skype, Telegram
• Files on the cloud (for secured soft copies)
• And more!

These are only examples of what you can do and where you can apply QR codes for accounting and financing. As mentioned, you can use QR codes the way you need or want to across all your materials.

To generate QR codes, use a reliable QR code generator with logo software. They have a range of different advanced customization features, which can help you use QR codes according to your needs.