The owner of Narayan Enterprise — Venkat Narayan Giri was looking at the ledgers, the accounting team had highlighted a mismatch of 2,34,192.43 INR. It was month’s end task and usually a mismatch of 10,000–25,000 INR was usual, but this time the sum was huge and accounting team has matched every record almost 4 times, but yet the “missing” entry was not found.

Since last week, the accounting team had been staying late till midnight to complete the month end task, and apart from the worry they were really looking tired. …

Hylobiz electronically manages the accounting system and automates reconciliation.

All businesses across industries can see good profits if they automate the tedious reconciliation process with the help of an effectual Fintech.

What is Account reconciliation?

Account reconciliation is all about comparing financial records or transactions to check whether two sets of data are in agreement, to avoid error and to run a profitable business.

Why is it important to reconcile?

· To maximise the return on investment,

· To catch fraudulence in business and accounting,

· To detect accounting errors,

· Increases cash flow,

· Saves money.

Challenges involved in manual reconciliation:

· Involves lot of transactions and records across multiple devices, spreadsheets, and documents

…

Fintech industry is seeing a robust growth in UAE with the advent of digital disruption during the pandemic and with the growing affinity towards digital payments among customers.

Hylobiz offers Connected Banking services

Hylobiz is a Fintech platform which is pre integrated with Tally, ZOHO and Quickbooks and is 100% safe and secured. The connected banking services include seamless integration of Business tools/ ERP, digital payment collections, auto reconciliation and automatic reminders. Quick clearance and settlement facility on Hylobiz platform enables you to collect payments and pay out digitally through multiple modes well on time.

Why choose Hylobiz?

The web (Sign up) and the mobile app (Download the…

Bill Gates, Azim Prem ji, Melinda Gates, Warren Buffet, Oprah Winfrey — Do you know what is common in all them? They all are successful, recognized and amongst the richest people in the world but what makes them stand out are their constant efforts of giving. They are under the Top PHILANTHROPIST of the world. While earning, building a brand had made them rich and successful, what is making them truly happy is — the art of giving back.

Time Cook, another philanthropist said — You want to be the pebble in the pond that creates the ripple for change.

Last month was very busy for our skilled development team, we had Advanced Tally features to be released and Hylobiz Mobile App features that is now loaded with some exciting functionalities, for you to get faster payment of invoices.

Hylobiz Tally Integration — Features and Benefits

Our Hylobiz Tally Integration is now more powerful and offers faster payments and transparency to the workflow.

Once you have integrated Tally with Hylobiz [ if you haven’t, sign up do it now] you can use following updated features -

1. Sync the closing balance or Outstanding balance for each ledger for a given specified period. During the sync, an invoice…

The process of tallying the bank statement with the incoming and outgoing invoices so that the accounts get balanced is called invoice reconciliation.

Importance of invoice reconciliation

· Spot the minor and major billing error,

· Detect frauds,

· Maximize the Return on Investment,

· Improve cashflow,

· Provide accurate financial data and report,

· Give stability to business,

· Improve operational efficiency and customer satisfaction rate.

Steps involved in reconciling invoices

Step1: Organize the invoices.

Step2: Double check the amounts for invoices paid to vendor or collected from clients.

Step3: Mark appropriately the mismatched and confirmed invoices.

Step4: Check for extra charges and look for discounts if correctly…

Just as the heart keeps pumping “right fuel” for the body to work and keep going, the invoicing when done correctly can make sure cashflow is flowing and boosting the working capital for any business.

But we know, its tedious and requires focus, time and effort. That’s why our post of today highlights the top five mistakes made while creating, sending or following the invoices and how Hylobiz can help you in avoiding them. So that all you can focus on — positive cashflow!

Let’s get started -

Using a Paper-Based System

With COVID-19 many businesses and accounting team switched to digital invoicing, but…

How do invoices differ? As a business owner can I use the same template across all buyers? Does invoice mention the terms and condition? Do I need to include my bank details?

All these questions and many more when a business or accounting team sits to send invoices. Just to make our customers life easier, we are here to help you with different type of invoices and how you can use Hylobiz for collections on time.

So let’s get started -

Proforma Invoice

What is Proforma Invoice?

As a Business Owner or Service provider, often the buyer asks for the costing of the product/services, this is…