How Hylobiz helps Accounting Teams in simplifying “Payables”
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. The accounting team had to juggle with ERP’s, Accounting Software and Payroll Automation software to keep everything in sync.”
When our sales team told them about Hylobiz, they replied — that’s what we were looking for. Hylobiz — Payables module, [to tell you a secret even Hylobiz employee payables that includes all vendor/supplier payments, payroll, reimbursements are managed via this so surely a tried and tested feature] is a great way to sync in your pay-outs and pay-ins.
So while you can manage your cash flow with the Receivables module, you can manage employee salary and reimbursement, vendor payments, rents and EMI with our Payables module.
You can access our video on Youtube herethat narrates all about simplifying payments and getting paid on time
Hylobiz — Why Payouts/Payable?
As a business, I often used to be hit by issues of managing bills, entries in sheets or accounting software for pay-outs. And once the bills / invoices / salaries are ready to be processed, taking the prints or files, least to say at times manually uploading tens or hundreds of those entries on the banking portal for payments to be done. Hylobiz is an automated way to process this all !
In short, Payables are crucial both for businesses and the employee/vendor/partner and hence you need a system that not only automates the cycle but eliminate compliance issues, is secured, can release payouts from anywhere and anytime, has the ability to of record-keeping and offers ability to process reverse reconciliation and easy printing.
How does Payouts/Payable Work?
The Payable option is available with Hylobiz, offering connected banking services to SME’s and Corporates. Once the user register’s on the Hylobiz platform with bank account validation for collections and payables, he can go to the Payables module and click on Make Payment for Payouts. You can create two types of payable — Single and Bulk. Let’s take a closer look at each one.
An option given to your finance teams and you as a business owner to make a single payment for a selective bill / invoice that needs to be cleared. Like in an organization, paying to caterer or vendor payment for quarterly supplies. You can access the feature from the web or mobile app interface as explained below
- From the left-hand menu select Payables
- Click on Payables->Make Payment
Bulk Payouts feature helps businesses in making bulk payouts to multiple vendors, salaries or frequent payments. Very soon we are also rolling out a feature to Schedule the payouts, that can help in scheduling the payments when you have time and not wait for the last minute to release the payment. the web or mobile app interface as explained below
To access the Bulk Payout feature
- Login here or for first user SignUp
- From the left-hand menu select Payables
- Click on Payables->Expense Management
Some of the Use Cases that can help Businesses in Using Payables or Payouts
Pay your vendors, consultants, suppliers, contractors, and third-party firms using Hylobiz Payables module. Pay from anywhere anytime, no dependency on banks.
Disperse your employee salary on the go! Why send a bulk file to the bank and then wait for the dispersal, when your accounting team can handle it in-house? Take full control of your employee salaries with Hylobiz Payable and bid goodbye to manual errors and compliance issues.
Does your business work with partners whose payout is not fixed? Maybe the consultant working for ’n’ number of hours? Or the cab facility availed by your prospective partner from UAE? They can send their invoice via Hylobiz or any other ERP and with Hylobiz you can make a payment in real-time updating your payables and receivables.
You can also pay your rent or EMI using Hylobiz Payables. So if you have to pay rent for the office space or the new location EMI, the payables module would help you in doing so.
As a business, if you like to maintain a contact cashflow, make sure to also release on-time payments for your vendors, partners and employees. Use Hylobiz Payables to automate payments and access easy yet secured expense management system.
Originally published at https://hylo.biz.