5 tips to help digitize your vendor payment process

Today businesses of almost all verticals, sizes across industries have realized the importance of going digital and are in different stages of digital transformation based on awareness and suitability. Technology has become the most important driving catalyst for bringing in disruptive change and creating a better scope of success through innovation and automation.

All businesses for steady working capital and stable performance need to redesign their Accounting system from a paper-based method to a digital system. A good Fintech platform today can help a business to speed up payments and collections and can support in earning higher revenue and better cost management.

Why do you think that your business needs a digitization of its vendor payment process?

In the traditional vendor payment process, just when your business receives an invoice for the goods purchased, then it needs to be authorized by a team of concerned staff members and must be passed on to the accounts payable department for payment. This sometimes needs the involvement of the CEO for approval when the amount is too high. The process needs scrutiny at different levels and is highly risky and time-consuming. Don’t you feel there is a need to go digital?

If the vendor payment process goes digital then,

• You can always be ready for audit,
• Automatically track your payment dues,
• You can pay out easily and confidently,
• Achieve better fund flow to business.
• Save time and enjoy accuracy and efficiency.

How do you digitize your vendor payment process?

There are 5 important points you need to consider while you plan to digitize the vendor payment process.

• Do a little research on how the current process in your business is and what is your need. You may ask yourself or discuss with concerned teams some simple but effective questions like-
  • Are you happy with the present cost, time, and resource requirement in your business?
  • Will the digitization process help in better productivity?

The Accounts department may put invaluable insights on the need for digitization and help you in easy migration.

• You need to research which platform gives you satisfactory level of automation, security, and accuracy. A vendor payment solution or a Fintech platform like Hylobiz with advanced features can help in workflow management, managing work trails and track and review vendor payments accurately.
• To pay on time, you need to get reminded. An automated reminder can help you pay to right vendor within due date with accurate payable amount.
• Integration of your existing ERP, Accounts and users can help record and track accounting data and transactions accurately and help to avoid duplicate entry, wrong entry, and error due to omission in a manual process. When the accounting process gets simplified, the vendor payment process gets accurate and seamless.
• It is important to choose a solution that can support multiple payment modes.

How Hylobiz can help?

Hylobiz, an automated digital solution, can help you manage and authorize the invoices received, and track and payout electronically on time in just a few clicks. The platform just perfectly tracks the workflow, manages data, reminds you, and helps finish your payments. Hylobiz can digitally record the financial details, can expedite collections and payments, and facilitates automated reminders, automated reconciliations, automated reports, and quick settlements.

The distribution of digital ledgers can help in faster collections, and to manage contacts.

The already integrated ERPs on the Hylobiz platform (like Quickbooks, ZOHO, Tally, Coral ERP, Botree Software, and many more) record and track data seamlessly.

Multiple businesses across industries who use Hylobiz can,

• Manage and track financial records,
• analyse business health,
• collect payments in part or in full online or offline, 
• pay out on time digitally to
  • vendors or suppliers 
  • utility bill payments and petty cash payments
  • rent payments,
  • salary payments and reimbursement
  • internal payments towards business expenses

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Related features on the Hylobiz platform that help in digitization of vendor payment process:

• Payables feature allows you to make,
  • single payment or pay out in bulk to the suppliers, vendors or to internal stakeholders like employees and business partners.
  • You can manually create and handle payables.
  • You may pay out through net banking, UPI, credit card and debit card.

The Payables feature can help you understand the amount payable, to whom payable and the due date.

• The Real time dashboard can help understand the
  • The financial and business health
  • Upcoming payables and receivables

A good teamwork and a careful planning can help you in successful digitization of the vendor payment process when Hylobiz is with you. If you feel that Hylobiz can serve your requirement, do email us at  support@hylo.biz. You may leave your info here and we will contact you.