How to Automate Invoices, Collections and Payments Efficiently?

Every business demands smooth operations and cash flow visibility for better working capital efficiency and improved ROI. Manual processes consume a lot of effort and time which ultimately hinders business growth. For better productivity, it is crucial for businesses to avoid repetitive tasks and automate invoices, adapt real-time collections and accurate payment tracking.

By automating these processes with Hylobiz, businesses can significantly improve efficiency, reduce costs, build stronger customer relations, and enhance overall financial performance. Here we have mentioned the hurdles of overdue invoices and delayed payments and how Hylobiz digitizes and automates them all with smooth integration with the existing accounting systems.

The Challenges of Invoice Management

SMBs and corporates dealing with manual and repetitive tasks often face several challenges, including:

• Delayed Payments: Offline tracking of invoices with rigorous reminders and follow-ups may result in delayed payments.
• Poor Cash Flow Visibility: Lack of real-time updates on collections and reconciliation hinders cash flow. Lack of positive cashflow declines growth. 
• Cost consumption: Traditional business processes require a huge amount of labour, time and costs to carry out multiple tasks at a time.
• Human Error: Manual data entry can lead to errors, delays, and inaccuracies. Fixing these errors results in major delays and other relevant issues.
• Lack of real-time updates: Offline transactions and collections cannot be carried out seamlessly as they demand physical presence and may even cause fraud and disputes due to lack of proper evidence.

How to Automate Invoices and Payment Tracking?

Hylobiz seamlessly connects with the business’ existing ERP, business network and bank accounts to promote sustained business growth and operational efficiency. Here’s a step-by-step guide for SMBs and corporates to automate invoices and payment tracking processes with our B2B account receivables and collections automation platform:

1. Digitalized and Automated Invoices:

• Traditional paper invoices must be converted into digital format with a specific template to standardize the process. Businesses must switch to electronic invoicing systems to create and send invoices directly to customers.

• Connect the existing ERP with Hylobiz in easy steps to auto-sync invoices.

2. Automated Invoice Distribution:

• Send out invoices, automated payment reminders and payment links via SMS, WhatsApp, Email to customers for instant collections.

• On-time collections will result in positive cash flow.

3. Track Payments:

• Hylobiz helps track automated payments in real-time, including online and offline payments, checks, and bank transfers.

• Accept payments via multiple payment modes like Net banking, Debit/Credit cards, Aani, Direct debit, POS and Virtual accounts.

• Buyers and sellers can update and track offline collections.

4. Automate Payment Reminders:

• Businesses can set their own rules and frequency of automated payment reminders to be sent out to their chosen list of customers with outstanding invoices for quick collections.

5. Reconcile Payments:

• Use automated invoice reconciliation feature of Hylobiz to track every transaction with reference numbers and also avail automated transaction status updates in real-time reconciliation.

• Automate client Statement of accounts.

• Real-time sync and reverse sync with ERP.

• Avail of Automated settlement benefits with payments and identify discrepancies. 

6. Generate Business Reports:

• Generate detailed reports on invoice status, payment history, and cash flow to gain valuable insights instantly and make important decisions.

7. Record keeping:

• Hylobiz automates record keeping with the help of algorithms by correlating supporting documents with Source documents and sending them out digitally for safe record keeping.

Benefits of Automating Invoice and Payment Tracking

Automating invoice and payment tracking with Hylobiz offers numerous benefits to enterprises by bringing in enhanced accuracy, transparency and efficiency:

• Enhanced Cash Flow Visibility: Automated invoice collections and configurable payment reminders and follow-ups accelerate payment cycles and transform cash flow and financial management processes.
• Better Decision-Making: Real-time data and analytics provide valuable insights for informed decision-making.
• Reduced Costs: Automation can lead to significant cost savings by reducing labor costs and minimizing errors.
• Digitization of the Delivery of Invoices and Delivery Notes: These can be shared from the ERP system to buyers’ mailboxes, with unprecedented speed, accuracy and convenience.
• Bring transparency to Field Collections: Enhanced business reputation with real-time insights, builds trust and satisfaction among the business network and empowers the teams with transparent field collection solutions.

Case Study: Collection Automation for a Large Corporate

Hylobiz streamlined a large UAE conglomerate’s invoice and collection processes by automating invoice distribution, payment tracking, and reminders. This significantly improved efficiency, reduced manual effort, and accelerated payment cycles. By integrating with the ERP and providing real-time insights, Hylobiz empowered the client to make data-driven decisions, optimize cash flow, and strengthen customer relationships. 

The corporate saved 20% of costs by automating processes and manual tasks of invoice management, collections, and payment reminders and follow ups. Their collections increased by 40% leading to enhanced cash flow and working capital.  

Automate Invoices and Payments with Hylobiz

Businesses gain a competitive edge by automating invoicing and streamlining their payment collections with Hylobiz. This all-in-one platform is easy to connect to and works with zero down time and no change in current processes. It helps businesses build a strong and transparent buyer-seller network of businesses and ensures controlled cash flow with an improvement in ROI.

Ready to automate invoices and payment tracking for your business?

Contact us today to learn more about our solutions.

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