Ensure On-Time Bill Payments Automatically, Every Time!

The bill payments module allows the business to organize the payment of all their bills on time with a one-time process to register and set up the process. Once the process is set, you will have an auto-fetch option and a simple and streamlined process to ensure the bill is checked, approved, payment made, and real-time entries updated.

The billing software parses the bills or invoices that need to be paid so that it can be matched with the purchase order, order details, goods receipt, and other documents. When the details are matched using the billing software, making the process of making payments will become easier.

When your business pays bills on time by automatically setting payments, it helps boost your credit score. A good credit score positively affects your business processes as you can easily avail of a loan. The higher the credit score, the better it will be for your business processes in the future.

Yes, the bill payment module helps improve the finance team’s performance by speeding up the process of retrieving, checking, approving, and making payments.

The terms ‘invoice’ and ‘bill’ are used interchangeably in business transactions. While the meaning of both terms is similar, they are not the same in the strictest sense of the word. Bills are often associated with the sale of goods or services that offer immediate delivery and request payment at the time of the transaction. At the same time, an invoice implies delayed delivery of goods and a certain credit period before payment.

Unlike invoice payments, bills payable often refer to regularly recurring expenses like utility bills, rent payments, etc. In most cases, these bills are core to business operations and must be paid on time to ensure business continuity.

It is important for startups to consider streamlining their bill payments for the following reasons:

You can use the bill payment module to make utility bill payments by registering on the portal. The portal will remind you of the payments due, retrieve the bill, and ensure the maker-checker-approver steps are completed before enabling payment. Using the module to make utility payments is an excellent way to ensure payments are made on time with all the approvals for audit trails.

The digitized bill payment module works on verified and encrypted payments through different payment modes, such as net banking, credit cards, etc., and is preferable over cash or a check sent in an envelope from a security standpoint, which helps cut down the business fraud.