Top five ways Hylobiz Payables can support the Accountants

The payables feature available in Hylobiz automated platform is exclusive and can make the pay-out process in an organization across industries smooth and more efficient than ever before.

If you are an Accountant or a professional carrying out a role in Accounting and Finance and regularly shuffling with manual entries, multiple ERPs, accounting software, and payment gateways, then perhaps you are looking for exactly an integrated and automated platform we got to offer.

The manual work you do today can reduce significantly and becomes easy and error-free when you sign up on https://hylo.biz/neobank/Register and you get a complete overview of the transactions any time and from anywhere when you download the mobile app from https://play.google.com/store/apps/details?id=com.hylobiz.biz&hl=en

A business owner knows well how tedious the job of his accountants is and how the accounts department works hard to make heavy and critical payments for multiple accounts. Since paying out is directly connected to maintaining healthy relationships across the business line and affects the reputations and revenue of the business, the slightest mistake can create havoc and face large overpayments and hazards when an audit rolls around. We can assure that business owners or personnel in the accounting department would be highly delighted once they start experiencing the magic of automation in the connected banking platform and enjoy at the time of audit through a clear presentation of the balance sheet.

The Accounts Payable process

However, making a payment is not easy. Yes, we understand that. Payable being a liability to the organization should be properly tracked and as the volume and value of transactions are usually high and varied, payout involves a series of steps.

• Receiving bills or invoices
• Verifying the details of the bill including company name, unit cost, calculations, etc.
• Matching the requirements with the purchase order
• Authorization
• Updating the ledgers and making entries
• Getting approval
• Managing and scrutinizing payment details including bank account details, cheque details
• Making payment within the due date

Why Hylobiz Payables?

Hylobiz payables module helps you to prevent fraudulent, inaccurate, and duplicate payments remind you of your payable, and allows easy and quick single/ bulk payouts from anywhere and at any time. You can be sure that all vendor payments are well-considered. After receiving your invoices and getting them authorized and scrutinized smoothly through Hylobiz platform, you need not do your payments separately via bank or payment gateways.   

With Hylobiz payables

• You will be able to maintain a long-term relationship with suppliers or vendors by paying them on time
• You can get an easy and continuous supply of goods as vendors rely on the transparent system
• You get a good track of the invoices and avoid fraudulent and duplicate payments
• You avoid penalties
• You get a good fund flow to your business

The highly transparent and safe Hylobiz platform with a distributed system of digital ledgers (account statement distribution) integrated business tools (already integrated with our ERP partners like QuickBooks, Oracle ERP, coral ERP, ZOHO, Botree Software, Xero, and Tally)

and automated distribution of reminders can help accountants in steadily managing the critical business functions.

The businesses using the Hylobiz platform can

• maintain and organize financial records,
• track and analyze business health,
• collect payments in part or in full online or offline through cash/ cheque,
• maintain better relation
• payout on time digitally to
  • vendors or suppliers and other creditors,
  • make utility bill payments and petty cash
  • rent
  • salary payments and reimbursement
  • internal payments for business expenses

easily and efficiently promoting stronger business growth and revenue through auto-sync, auto reconciliations, reverse reconciliations, and settlements. No more manual work!!!

We would love to see you work smarter but not harder. Its high time you make use of the one-stop curated solution of the Hylobiz platform to make payouts more efficiently singly or in bulk and beat the competition in business.

How Hylobiz Payables function?

When you click on the Payables menu and then on the Make Payments tab, you will be allowed to make a Single Payment to the vendors for a single invoice and to pay EMIs.

When you click on the Payables menu and click on the Expense management tab, you will be allowed to make Bulk Payments to the vendors for multiple invoices, pay utility bills and pay out salaries to employees and pay EMIs.

Hylobiz Payables/Payouts can support Accountants to work more efficiently

You can payout to the vendors from anywhere and can track and manage records and take prints of the reports seamlessly. The system is transparent, safe, and fast and enable you to keep pace with the ever-changing market especially when the world is going digital.

Try and use the Hylobiz payables to get your important payments done more easily, efficiently, and accurately and there will be no more cases of losses due to omission/deletion/double entry. The recording and tracking of payments become easier.

The accounts department pays out smoothly with Hylobiz in the proven five ways as under

1. Office supply/ utilities payment can be done smoothly with Hylobiz. You pay for electricity bills, phone bills, pay for stationaries anytime just in few clicks.
2. Salary payouts to employees and reimbursements can be done very easily without bank interference mostly through bulk payment option.
3. Rent for the office space and loan EMI payments can be done accurately within due date.
4. Payments to suppliers or vendors or contractors on time through single or bulk payouts mode.
5. Manage and pay for business expenses including travel for employees/ business partners/ contractors, administration and petty cash for meeting lunch, and sudden office requirements effortlessly through the Hylobiz payables.

Interested? If you want to know more and want to try this unique solution, please contact us at support@hylo.biz