Bill Automation

Bill Payment Automation can significantly enhance the way a business manages its financial obligation. This enhancement adds speed to the process, minimizes the likelihood of human error and offers improved oversight.

The following are various business cases where implementing automated bill payments can have a substantial positive impact:

Operational Efficiency

Manual bill payment processes are time-consuming and labor-intensive, requiring a dedicated team to manage invoices, approvals and bank transfers.

By integrating with Payables API you business systems can automate the entire bill payment process, When a new bill comes in your System of Record can automatically create a payable calling Create Payable API endpoint with the payment details.

Moreover, the system can evaluate the best method of payment for each bill using predefined rules or AI algorithms. If there is a proffered method of payment for a particular Payee, the system can set this method as default for the payments.

If the bill hasn't yet received approval for payment within your internal workflow, you can configure the API to set the new Payable's status to "hold". This ensures that the funds are not transferred until all necessary checks and approvals have been completed.

Once a bill is approved within the internal workflow, your system can automatically trigger the payment by calling Update Payable API Endpoint setting the Payable status to "release".

Benefits

Cost-Effectiveness

One of the standout benefits of integrating the Payables API is the marked reduction on operational overhead. By transitioning from manual to automated processes the business can eliminate many labot0intensive tasks. This means that stuff members previously dedicated to handling invoices and payments manually can now focus on more strategic initiatives.

Time Efficiency

Another advantage is the time-saving potential that automation affords. Manual bill payments often involve multiple steps, from invoice approval to fund transfer. With the Payable API these processes are automated reducing the time it takes to complete the transactions. This enables faster payment cycles, enhancing relationships with suppliers and improving cash flow.

Scalability

As businesses grow, the value of transactions they have to manage often grows exponentially. This can be a significant challenge when relying on manual processes. By integrating the Payable API the business can handle an increasing number of transactions without a potential increase in effort or resources.

Enhanced Compliance & Auditing

Traditional manual methods of bill payment can introduce complexities in maintaining compliance and make auditing an inefficient process. This can lead to inconsistent records and the risk of non-compliance with regulations.

Incorporating the Payables API into your financial operations offers a more structured and auditable approach. The API has built-in features that enforce compliance with financial and data regulations.

Advanced Cash Flow Management

Traditional methods of managing bill payments often fall short in adaptability, making challenging to align payments with the fluid nature of a business cash flow. This can result in costly financial missteps, such as overdraft fees or lost investment opportunities.

Integrating the Payables API provides a new layer of flexibility and control in managing cash flow. Ability to schedule payments ensures that payments are made at the most financially opportune times, optimizing your cash reserves.

In situation where the payee's bank details are unknown or if it's unclear which payment method would be suitable, SMART-Disburse product comes into play. By using this method , the payee can select their preferred payment method and provide the necessary details. This not only reduces the risk of delays but also takes advantage of instant payment methods available to the payee.

Enhanced Supplier Relations and Transparency

In traditional payment systems, lack of transparency and inconvenient payment timing can strain relationships with suppliers. Delays and lack of information can create mistrust and disrupt the supply chain, impacting both parties.

The Payable API offers features designed to improve transparency and convenience for suppliers. With Create Payable API Endpoint payments can be scheduled to occur on the bill's due date, offering predictability and reducing administrative burden for suppliers.

In addition, the SMART-Disburse method of payment provides an extra layer of transparency. When this option is selected there is the capacity to attach related bill documents. These documents can include invoices, contracts, or any other relevant paperwork, providing a transparent view of the transaction for suppliers.