How does digital invoicing streamline procurement for businesses?

In today’s business landscape, efficient procurement processes are critical to stay ahead. However, businesses continue to struggle with manual invoicing and outdated procurement methods that hinder cash flow, create workflow inefficiencies, and strain supplier relationships.

As a B2B account receivables automation platform, Hylobiz offers digital invoicing solutions to corporates and enterprises. Hylobiz enables businesses to streamline procurement, automate workflows, and ensure controlled cash flow across the supply chain.

Here’s how Hylobiz helps businesses achieve these goals.

What is a digital invoice?

With evolving technology, manual invoices are turning into digital invoices. By digital invoicing, we refer to creating, sending, and receiving invoices electronically, in an automated manner.

The fintech platform seamlessly connects to your existing ERP for invoice and collection workflow automation. This comes with zero process changes and zero downtime.

Hylobiz assists corporates with digital invoicing to streamline procurement by –

• Automating Procure-to-Pay – With Hylobiz, businesses can auto-sync invoices and payment processes, ensuring that procurement workflows are streamlined and free from bottlenecks.
• Ensuring Controlled Cash Flow – Hylobiz provides real-time visibility into the entire procurement cycle. By automate collection cycle, businesses can predict and control their cash flow more accurately.
• Improving Cash Flow in the Supply Chain – Digitized invoice collections ensure prompt and accurate payments are processed. This improves cash flow in the supply chain and fosters stronger business relationships.
• Building a Robust Business Network – By providing a platform that connects buyers, suppliers, and financial institutions, Hylobiz enables seamless collaboration and communication across all stakeholders.
• Enhancing ROI – Businesses can significantly reduce operational costs to enable businesses to take advantage of early payment discounts and other financial incentives resulting in a tangible increase in ROI.
• Ensuring Compliance and Reducing Risks – Hylobiz’s platform ensures that all invoices are processed in accordance with applicable laws and regulations, reducing the risk of non-compliance and associated penalties.

What are the benefits of digital invoices?

By digitizing invoicing and automating complex workflows involving multiple stakeholders and approval processes, Hylobiz strives to enhance efficiency and transparency and minimize critical errors. Corporates achieve major success with us through –

• Digitization of Invoice Delivery and Relevant Documents – With Hylobiz, businesses digitize and effortlessly send out invoices, supporting documents, and delivery notes. They also send reminders and payment links via SMS, WhatsApp, and e-mail for instant collection with accuracy and convenience.
• Transparent Field Collections – Businesses can record multiple modes of collections (online/offline) on a real time basis. Enterprises can link invoices with delivery challans and other documents to share in their network.
• Integrated payment links – These are effective for digital collections, recording online / offline (cash, cheque) collections on a real time basis.
• Efficiency Gains – With automated digital collections and configurable payment reminders, corporates can monitor their network interactions on comments, disputes and invoices.
• Access to Real-time Updates – Automating the Statement of Accounts sharing process with customers is easier with Hylobiz. The business dashboard shows real-time insights to assist in decision-making.
• Enhanced accuracy – Corporates observe reduction in the likelihood of human error, ensuring that procurement activities are accurate, transparent, and aligned with company policies.

Hylobiz Use Cases for Corporates and Enterprises

Businesses make the most out of Hylobiz’s digital invoicing solution for streamlining procurement and –

• Record Keeping of Invoices and Documents – Manually tracking and acknowledging supporting documents is challenging and can delay customer payments. Hylobiz automates this process with algorithms that allow for quick correlation and digital record-keeping, ensuring timely and secure document management.
• Payment Reminders and Acknowledgements – The fintech platform automates timely reminders of statements of accounts, invoices and acknowledgement messages using Information APIs.

Why choose us?

The comprehensive platform automates and digitizes procurement workflows, ensures controlled cash flow, and improves supply chain efficiency. By adopting Hylobiz, businesses can build stronger networks, enhance ROI, and position themselves for long-term success in an increasingly digital world.

Moreover, no CAPEX investment is required for Hylobiz integration with your business ERP via APIs to auto-send invoices, delivery notes & other documents. We have flexible SaaS payment options and allow enterprises to track online/offline collections in real-time with reverse sync to ERP.

Join hands with the Cloud-Ready Platform

Streamlining procurement is a necessity for all enterprises. As a cloud-ready solution, Hylobiz is tailor-made to meet their various business requirements. The fintech platform is 100% secured with best industry practices. For businesses in GCC, Hylobiz supports invoice process automation via connected ERP and connected banking.

Book a demo to avail yourself of the best solutions.

Hylobiz Digital Invoicing – Accelerates Collections, Strengthens Cashflow

Frequently Asked Questions