Everything you need to know about digital ledger- How can it bring transparency to business payments and collections?

The management of accounting and finance in every business, for a steady flow of funds and to reduce operating costs, needs to be accurate, easy, secured, and cost-effective. The use of the right tools and technologies can help businesses to track the dues, make payments, and collect dues on time.

Hylobiz automated solution with a distribution of digital ledgers ensures a high level of security and accuracy in recording, tracking, and managing financial data and transactions boosting growth in business and promoting healthy relationships.

Collecting and paying dues on time is a concern for most businesses. This affects working capital.

The tracking and recording of the financial data and transactions accurately can help bring transparency to receivables and payables in your business. The manual work you do to track and record every financial detail followed by ledger postings and balancing is highly tedious and requires hours of manual work. The minutest mistake can create havoc.

To our sales team, a businessman based out of Bangalore shared that,

“It is difficult to keep track of the dues and we often fail to collect and payout on time. This is a real problem and sometimes our relationship with valuable customers and suppliers suffer due to misunderstanding and lack of trust.”

We have a solution to this.

When you sign up on https://hylo.biz/neobank/Register, the Hylobiz system will efficiently record and track every financial information and transaction and there is no need to juggle manual work, multiple ERPs, and Accounting software. Once you officially connect Hylobiz with your Accounting platform you will find that the platform will record, track, and maintain accounting data seamlessly.

The SMEs, corporate businesses and solopreneurs using Hylobiz one-stop solution get a detailed overview of the transactions, a print of the automated reports, and can check the business health on the go. They can get reminded of the dues on time and can collect and payout seamlessly without any delay.

Hylobiz offers data encryption and digital certificates assuring a high level of security and transparency. The platform allows you to avail of credits from its partner banks (in India -HDFC, Kotak, ICICI, Yes Bank) and makes you eligible to obtain credits from other banks and financial institutions. The platform is already integrated with the ERP partners like Tally, Quickbooks, ZOHO, coral, Botree Software, and many more.

Digital ledger on the Hylobiz platform

Hylobiz ensures faster payment collections and low transaction costs. Connected ERPs on the Hylobiz platform help accurate and automatic recording and tracking of financial data and transactions. The financial data and transactions have a digital ledger footprint allowing you to avail credits from partner banks and other financial institutions. You can customize receivables and send automated reminders to get faster collections. You can payout to the vendors without any delay.

Hylobiz digital ledger feature clearly shows the debits and credits digitally and reminds you of the receivables and payables. This helps in payment collections from the right customers or clients and payouts to the right vendors perfectly on time with the correct amount promoting to the cash conversion process and ascertaining the financial wellbeing.

The Hylobiz ledgers feature on the platform enables,

  • Statement of Account at the contact level
  • Ledger level collections
  • To manage contacts
Figure: Maintain Digital Ledger

Various facilities available on Hylobiz

Hylobiz platform with its distribution of digital ledgers, integrated ERPs, and automation through web and mobile apps (click to follow the link on Android and Apple stores) can enable you to

  • Manage multiple Accounts, ERPs, and users.
  • Collect dues on time both through online and offline modes.
  • Attach digital pay links.
  • Import invoices as single/bulk.
  • Payout on time in single/bulk/recurring mode to suppliers, business partners, and employees.
  • Get reminded about payments and collections through automated reminders.
  • Create, upload, and send invoices over communication channels like WhatsApp, SMS, and Email.
  • Real-time view of all debits and credits.
  • Get automated settlements done fast.
  • Get the account reconciliations done automatically.
  • Access automated reports anytime and anywhere.
  • Understand business health.
  • Manage audit trail.

Hylobiz is running a special promo price from Jan to Mar 2021.

Want to connect? To contact please email us at  support@hylo.biz

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