The process of tallying the bank statement with the incoming and outgoing invoices so that the accounts get balanced is called invoice reconciliation.
· Spot the minor and major billing error,
· Detect frauds,
· Maximize the Rate of Investment,
· Improve cashflow,
· Provide accurate financial data and report,
· Give stability to business,
· Improve operational efficiency and customer satisfaction rate.
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 -
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 -
As a Business Owner or Service provider, often the buyer asks for the costing of the product/services, this is…
The net amount of cash that flows in and out of business is termed as cash flow.
The cash flow efficiency of a business is determined by working capital management, inventory management and payment and collections process of a business. Cashflow based lending by Banks and financial institutions is more efficient and safer than traditional lending against assets.
Chandrama initiated the discussion where she said,
Hylo has come up with a solution which primarily intends to help SMEs with their payment and cashflow related issues. …
One promise we always make to our customers is Getting Paid on time and hashing the manual job of accounting and tracking.
On 20 thMar 2021, Hylobiz skilled team took a step closer to our goal with its new features of simplifying payments for our users.
The new features are targeted to help Business Owners, Sales and Accountants to update payment details, keep a track of their Collection on monthly and daily views and integration with Zoho Invoices for seamless invoice. Let’s have a look -
At Hylobiz, our focus is to make payments faster and hashing the manual tasks…
Some proven tips to get paid without delay:
- Try to know your customers well.
- Digitize the accounting process
- Send out friendly, polite, and professional reminders,
- Accept payment in multiple forms,
- Quick and automated invoicing can ensure faster payments,
- Send out payment confirmation messages,
It is wise to take the support of a good Fintech platform to digitize and speed up payments through automation and innovation.
On Hylobiz platform, transaction cost is lowest compared to other Fintech platforms. …
Most leaders agree that inclusion is important, but they feel that it is difficult though not impossible to build an inclusive work environment.
The following are the building blocks of an inclusive work culture:
A school had many suppliers — water bottles, laundry, househelp, stationery, electricity, and phone bill just to mention some of them and the Financial department also has to deal with dispersing salaries and taxes.
While the fees are deposited to one of the bank accounts, the debit used to happen from another. Not to forget some of the cash that was used and many cheques that were in pending clearance. It was hard to compare each month’s statement and see the revenue generated for some time.
The above scenario can be replicated to any other sector — Coliving space, RWA’s…
“ When you cease to make a contribution, you begin to die.” -Eleanor Roosevelt
Community Building is based on this principle, there is no hierarchy, no bosses, each community member contributes to grow, learn and expand. We are surrounded by communities — Linkedin, Instagram, Pinterest, Facebook these are all business model that worked with helping and forming communities of interest, family and work.
As this is Women’s week and we are taking inspirations from our women clients, our post is on about the team that is empowering community building and interestingly is all women’s team.
Meet FF21 team members Shyamli…
Every individual has a story, not necessarily from rags to riches but everyday struggles, grabbing/missing opportunities and learning to weave enriching experiences.
This Women’s Day Hylobiz wanted to honour his clients and their women workforce, who are leading from the front to everyday’s struggle.
SME NeoBanking products — Payments receivables, Payables and Credit scoring for SME.