6 Benefits of Faster Invoice Collections for Businesses Hylobiz expedites invoice collections in UAE

6 Benefits of Faster Invoice Collections for Businesses – Hylobiz Expedites Invoice Collections in UAE

What makes a business unbeatable?

Faster invoice collections processing is the best way towards making a business invincible.

Advantages of Faster Invoice Collections processing:

Hylobiz, a Fintech of this era, can ensure faster invoice collections or payment processing for businesses in UAE. You can manage various types of invoices of high volume and can enjoy a good cash flow once the payment and collection speed up.

  • Connected ERP helps maintaining financial records accurately and invoice distribution and reminders gets completely automated

Manual processes of invoice distribution and reminders are fully automated straight through your ERP integration with Hyobiz. Automated faster invoice processing can save you from skipping key information and can ensure recording every detail without a miss.

  • No chance of late payments

Manual processing of invoices is challenging. A faster invoice collections solution guarantees faster payments and collections. Hence you need not pay out penalties to your vendors or need not charge extra from your clients for late payments.

  • To improve cash flow

Faster invoice collections or processing achieved through an automated solution of Hylobiz can improve cash flow as there is a good track of real-time financial reports and both incoming and outgoing payments happen well on time.

  • To maintain good relations with suppliers and with clients

With automated invoice processing, payments are received from clients on time and thus allowing you to pay out to vendors on time. This helps maintain healthy relations with suppliers/vendors as well as with customers/clients. 

  • To satisfy employees and make them free to concentrate on analysis and decision making

The manual process involving keying of data, payments, collections, reconciliations, and rectifying error is time-consuming and need hours of hard work by the employees. The automation of invoice processing allows employees involve in other important aspects of the business.

  • Saves from inappropriate payments and collections

Inappropriate payments and collections can adversely affect the revenue and goodwill of a business. With faster and automated invoice processing you can completely get rid of wrong payments and can overcome the limitations of the billing system.

How can I process invoices faster?

  • Set payment terms clearly regarding fees and due dates,
  • Set and mention the mode of payments,
  • Clearly state the additional charges and penalties

However, with Hylobiz, you can process your invoices faster automatically.

Hylobiz ensures faster invoice processing in UAE: Key note

Digitizing the accounting system in business with correct tools, managing invoices efficiently with the support of an automated system, automating the accounts payable process, paying out accurately on time, and collecting payments within due date are some of the most important steps towards growing a profitable business and managing a business to incur revenues consistently at a growing pace. Hylobiz helps achieve these seamlessly and can help avoid risks of invoicing.

Hylobiz offers Connected Banking services, enabling businesses to integrate their ERP seamlessly, to collect payments digitally on time, automate reconciliations in real-time, and benefit from quick settlements. The automated reminders allow businesses to collect payments easily without delay. The one-stop solution ensures paying out to vendors and suppliers well on time and efficiently manage cash flow in the business.

Hylobiz as a Pricing and Payment gateway solution: Hylobiz is a plug and plays portal, with Nil set up fee, NIL integration, NIL monthly cost. It’s a one-stop single solution for all your business needs like invoice generation, connected ERP, Invoice reminders, Reminders via WhatsApp, SMS and email, integrated payment gateway, real-time business health, etc.

The web (Sign up) and the mobile app (Download the app: Android and Apple store)  allows you to

  • create branded invoices,
  • send invoices to your clients/ customers over WhatsApp, SMS, and Email,
  • receive payments in multiple modes via Debit/ Credit cards, Net banking
  • pay out digitally singly or in bulk to vendors

What is reconciliation of invoices?

Invoice reconciliation is the process of comparing and matching the outgoing and incoming invoices with the bank statements.

Why is invoice reconciliation important?

  • To eliminate error
  • To detect fraud
  • To maximise the return on investment
  • To maintain cash flow

What are the benefits of accounts payable automation?

The reasons to consider automating accounts payable invoice processing are as under:

  • To reduce manual work like data entry
  • To manage audit trails better
  • To reduce duplicate payments and wrong payments
  • To encourage secured payment system
  • To track and compare payments and invoices.
  • To save cost and time for late payments.

An accounts payable automation software or an efficient Fintech like Hylobiz can help in faster invoice processing with the aid of accounts payable automation. Automated reconciliation, quick settlements in just 2 business days, and automated reminders are the other features on Hylobiz promising faster invoice processing and ensuring control of risks associated with invoicing.

Interested? Visit https://hylo.biz/uae/. Ask for a free demo.

Email at hylosales@hylo.biz

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