Hylobiz powering Professionals and Freelance Business

Meet the business person “Dina” who is an event manager working to promote, create, and organize brand events.  As part of her day-to-day activities, she has to deal with suppliers that include venue location, staging equipment, audio-visual and lightning assistance, caterers, furniture, etc., and her team that manages each of the departments. But most importantly she needs to get her “cash flow” in place to get her business running.

As the below diagram represents the outline of her inflow and cash flow, the balance is mostly out of place because of the delayed payments for Professionals and Freelance, which eventually affect payouts to the team, her own living, suppliers’ payments, and most importantly “innovation” in her own business.

Freelancer inflow and cashflow

In terms of her Digital health, she has partnered with

  • A payment gateway for smother transactions
  • Uses an ERP to handle her leads and sales
  • Registered with business sites like Nabbesh.com [ in UAE] and IndiaMART [in India] to get more business/clients
  • Uses social media like Instagram and FB to gain traction for her business
  • Uses communication channels like Whatsapp, Microsoft Team to communicate with the team, suppliers, and customers

But still, she struggles with

  • Tracking her payables and receivables
  • Often forgets the reminders to be sent to her customers for the payments
  • Creation of Invoices
  • Manual reconciliation
  • No tracking of cash/cheque payments, she[or her team] has to call the person to know the status.
  • The long settlement cycle delays the money
  • And all of this leads to lesser time in actually growing her business.

All the above challenges consume a lot of her energy and she has to hire more manpower to manage her business. That’s where Hylobiz can assist Dina and let her focus on growth by effectively managing the working capital.

Let us have a look at how Hylobiz is assisting Freelancers

How Hylobiz is helping Professionals and Freelance

Track your Payables and Receivables

In spite of being a solopreneur, you might be handling “good” enough customers. Ability to track what you owe to the supplier, what you have sold to the client, and how much he owes you is indeed a tough task. Managing Receivables and Accounts payables is a kind of juggling act. As a business, if you can keep track of your payables and receivables you can manage your business efficiently. Hylobiz dashboard helps businesses in viewing all their receivables and payables on one screen.

The dashboard also provides on how much amount is due, receivables, payables breakup [Digital, Cash, Cheque, Pending], and you can also do a comparison from last month.

Track payables and receivables

Track Cash and Cheque Collections

Many customers still prefer the “Cash Collection” mode, where the service provider needs to send a collection agent, and the customer hands over a cheque/cash to him. If the agent is in the same city may be tracking the collection could be easier, but in different cities, the owner has to every time wait for the agent to come to him, or call him to get the status. With Hylobiz, that problem could be solved.

Our unique feature of Cash and cheque collection helps microbusinesses in tracking the exact location where the collection agent is and whether the payment was received in partial/full mode. Again a step closer to maintaining business working capital more efficiently.

Configure Reminders

Being a freelance business how often do you have to send those payment reminders, and it often appears that you begging for money when it is your right to get paid on time. Payment Reminders are a “digital way” of chasing money from overdue invoices. With Hylobiz set up automatic reminders in seconds or simply pick the invoices you want to send reminders for. The customization in Hylobiz helps you can also select the mode of communication as SMS or email and the text message you want to send.

Customize reminders for your freelancing business

Invoice Creation for Businesses

An invoice or payment advice assists businesses in getting paid on time for the products and services used by the customers. It’s a kind of legal binding that obligates the client to pay for the services/product consumed by him. A detailed invoice aids in listing the terms and conditions and offers transparency to the client on “how much to be paid”. Hylobiz simple and easy Invoice creation feature can help Dina and other micros businesses owner in getting paid on time for their work and keep a tab on your business finances.

Invoice creation for freelancers

Opt for Automatic Reconciliation

Dina has been asking her employee to reconcile manually, which is not only the least efficient but also the most cost-demanding process in any organization. One of the surveys by EY, states that almost 59% of financial team manpower is spent on managing transaction-intensive processes. And ~ 95% of this effort gets wasted on transactions that already match, rather than problem entries that actually require attention.

This seriously needs to change, and for small businesses like Dina’s a need for cost-effective automatic reconciliation products is an absolute necessity. That’s where Hylobiz can help you –

Automating your reconciliation process with Hylobiz ensures accuracy and frees your time to focus on other important tasks.

Automatic Reconciliation for businesses

Connect Your ERPs

Dina although an owner of a small business but uses two ERPs to handle her sales and leads, at the end of the day reconciling all the transactions from two different systems is a mundane job prone to human error.  Hylobiz with its unique offering of a “network of ledgers” can certainly help business owners struggling with multiple ERPs. You can connect to any third-party application like ERP and opt for automatic reconciliation of all your transactions as EOD.

Integrate ERP's

Apart from the “core unique features to speed up business growth”, Hylobiz also offers Purchase orders, bulk invoice upload, 24*7 support, tracking of cash and cheque collection, offline data processing, live location tracking and most importantly offering unified banking with Hylobiz. To know more about our offerings you can contact us here or register on-site here.

Hylobiz focuses to empower solopreneurs, freelancers, homepreneurs in India, and the UAE with quick digital collections of payments. With Hylobiz you can activate, initiate, settle, collect and transact faster. So register now for our free trial here.

How Hylobiz has reduced payment delays, read our case study here

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