My father who owns a shop in a district in MP has stopped going for collections since the pandemic started. I asked him — so how do you ensure collection happens? He said — I have stopped doing business with people who are not keen to send money digitally!
What a transformation! I have been asking my father to stop going for collections for a long time, but he didn’t. But now, a psychological change happened. I observed two things here -
As a small business owner, one of the most cost-saving decisions that you can make is to simplify your business accounting process. Keeping track of your business expenses, collect payments from your customers, monitor and evaluate financial reports, and are all accounting tasks, that you may need to handle for your business. It can be overwhelming to handle countless responsibilities of accounts, taxes, and invoices. Here are some useful tips to assist and make your accounting easier-
The cash flow to your business can only be maintained if you are receiving invoice payments on time. For which one needs to have a branded digital invoice created, send to the supplier via SMS, email or Whatsapp with a payment link. …
An accountant’s job typically includes-
· Maintaining and organizing the financial records
· Ensuring vendor payments, tax payments and ensuring payment of employee salaries happen on time
· Invoice customers or clients, check for the receivables and ensure collection is done on time
· Preparing journals, ledgers, balance sheet and finally check discrepancies and reconcile the differences. The journal entries should be done on regular basis to avoid errors
· Analyse risk and help improve business efficiency
Hylobiz connected banking platform through its distributed system of ledgers is the best friend of Accountants. You will feel relaxed to know that it is already a preferred tool of many Accountants in India and UAE both in small businesses and in big corporates across several industries. The Finance and Accounting professionals have often shared that the automated and integrated Hylobiz platform has made their task easy and free from errors. The innovative, well designed, transparent Hylobiz platform is a one stop automated solution for several accounting needs. The collections automation on the system can help you manage invoices, get paid on time and get reconciliations and settlements done automatically. …
Introducing Payables — a new feature by Hylobiz, that assists the Accounting and finance teams in easing out the single/bulk payouts process on a single click.
Besides vendor payments, regular bills to be paid by business, salaries or reimbursements are other crucial payouts for employees. Quite recently when our sales team shared this interesting story is worth mentioning here.
This Enterprise that is based out of Karnataka, shared their tale on how the accounts and finance team gets “over-occupied” after every 15And these problems became the foundation of Payables solution of the month. On one hand, they are busy reconciling the payments coming in, on the other they also need to roll out vendor payments, utilities and other regular bills and employee payouts on the last working day of the month. …
Small and medium-sized enterprises (SMEs) meet many challenges and hurdles in running and growing their businesses. At the very core of every business is its ability to take in revenue (to sell) and to secure its supply of inventory and other inputs (to buy).
But with ~30% of payments to businesses are delayed, beyond the 30-day invoice terms making it hard for SMEs to survive and expand. If a business had to spend a day/two every week in chasing payments, just imagine the mental stress that the owner goes through. …
Are you looking for a perfect system that can guide your business to improve cash flow steadily with time?
Hylobiz connected banking platform can help you understand the long term and short term sources of cash to your business through a well-designed dashboard, can help you manage invoices and get paid on time and automatically reconcile giving a steady flow of cash to the system and improving finances and operations.
The Hylobiz platform is integrated with top class business tools like quickbooks, Oracle ERP, coral ERP, ZOHO, Botree Software, Xero, and Tally.
Your business will see an improvement in cash flow when you register on https://hylo.biz/neobank/Register or you download the mobile app from https://play.google.com/store/apps/details?id=com.hylobiz.biz&hl=en …
Are you looking for a solution to simplify and accelerate the momentum at which the collection of payment happens in your business?
Hylobiz connected banking platform can speed up and ease the payment recovery process with transparency and offers a lot more facilities to boost your business.
The automated, advanced, and connected banking solution of Hylobiz through its distributed system of ledgers is ready to support you.
If you are an SME business owner, or running a corporate business or if you are a freelancer or professional the highly integrated business tools in the intelligent Hylobiz Neobanking system will definitely help you to record accounting data perfectly and track and manage dues and efficiently assist you in prompt and safe digital payments and collections. …
Hylobiz, offering business banking to SME’s, Enterprise and Corporates has been recognized as an ISO 27001 certified company. A stamp from ISO reveals we value our customers’ privacy, data is well-protected and meets the highest internationally acknowledged security standard.
We’re very proud to announce that we’re now ISO 27001 certified, making Hylobiz one of the business banking solution that meets the highest internationally recognized security standard.
An independent audit was successfully conducted, which emphasizes Hylobiz assurance to information security in the fields of software development, hosting service, and product support.
In short, that means Hylobiz — an SME Neobank has a world-class information security management system in place!
Read the blog originally published here https://hylo.biz/hylobiz-a-connected-business-banking-platform-is-now-iso-27001-certified-we-surely-take-our-customers-data-very-seriously/
Generating invoices for items sold, tracking the dues to be collected or to be paid, followed by payments or collection of dues are crucial to help run healthy business and earn higher revenues.
A manual account maintenance has the risk of errors, delays and ineffective communication ending up in irreparable loss in business.
However, an integrated ERP/ business tools with automated reminders, reconciliation, and settlement facilities in Hylobiz distributed ledger platform can give easy generating, tracking, and managing invoices and their payments to experience automated and support seamless communication.
To be precise, invoice is a record of goods or services made by the businesses that lists date, customer’s name, item’s name, quantity, price, and terms of sale. A typical invoice includes discounts offered, taxes, the amount due and due date. …
The businesses are moving digital, with a new environment comes new challenges of “seamless communication, real-time visibility of transactions and flexibility to accommodate the evolving dimensions of businesses. While a business needs to interact with number of channels, it is time for businesses to integrate their systems letting information flow freely [ with consent]
With Hylobiz Network Of Ledgers, all of the challenges could be overcome. Hylobiz ERP Integration that offers seamless communication among different ERP’s can now communicate with Tally helping traders, businesses in
1. Initiating the transaction in Tally
2. Track the Payments in online and Offline[Cash and Cheque]…