Speeding up the invoice processing is the best way towards making a business invincible.
Hylobiz, a Fintech of this era, can ensure faster invoice payment processing for businesses in UAE.
1. Connected ERP helps maintaining financial records accurately and invoice distribution and reminders gets completely automated
2. No chance of late payments
3. To improve cash flow
4. To maintain good relations with suppliers and with clients
5. To satisfy employees and make them free to concentrate on analysis and decision making
6. Saves from inappropriate payments and collections
· Set payment terms clearly regarding fees and due dates,
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. …
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.
· 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 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.
The web (Sign up) and the mobile app (Download the…
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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.
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.
· 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.
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. …
SME NeoBanking products — Payments receivables, Payables and Credit scoring for SME.