Accounts payable processes are quicker than ever
Managing your accounts payable should be one of the primary focuses of your accounts payable software. With Volopay, the Bill Pay dashboard handles these payments and reports in an efficient manner.
You can stay in full control of all the due payments, report processed ones, and even set up advance payments to avoid missing deadlines. Automated accounts payable software can save you tons of time and money.
Invoice submission on the platform automatically creates a bill for you to process. Submit the invoices through manual uploads, email attachment captures, or extract them from your accounting software.
Invoice payments on our accounts payable automation software are approved by a multi-level approval system so that there is no discrepancy between what needs to be paid and what is being sent. Receipts get attached as soon as the payment is done, and all data is included in the expense reports.
Automated accounts payable software also lets you manage and add vendors with ease. Vendors can add their own accounts so that you don’t have to request payment details every single time a payment needs to be made.
Due dates are a lot more manageable, with early payments earning you discounts and savings. Since everything takes place on the same dashboard, reconciliation and vendor tracking are possible.
Any time you make a payment to a vendor, it gets logged immediately on the portal. Whether it’s payment through one of your Bill Pay wallets or any of your generated cards - everything takes place in real-time.
The accounts payable software makes it so that all the vendor information is categorized for you to filter and assess, as and when you please. From the PO till the final receipt, it takes place as it happens.
Need to pay a vendor by card? Perhaps it’s just a one-time payment? You can create virtual burner cards that expire as soon as the payment is made. If it’s a recurring payment to a vendor, you can set up a reload cycle on the card, along with a set limit for payments so that there are no losses. Advance payments through Bill Pay wallets can also be scheduled.
Good accounts payable software comes with a maker-checker capability. Payments made to vendors go through multi-level approval systems, and the workflows are designed by you. This way, multiple people are responsible for verifying a payment before any money is deducted from your account.
The best part? You can set up auto-decline rules for payments that go against company policy!
International transactions can be less of a hassle when you’re using accounts payable automation software. With Volopay, you can make cross-border payments to vendors and employees in over 130 countries.
We support multi-currency wallets so that you can manage your funds easily. Moreover, you get low exchange rates for more economical payments.
You don’t even need to ditch your accounting software or juggle two systems. You can integrate your accounting software to sync seamlessly with the Volopay platform. That way, all the recorded expenses get transferred automatically to your accounting system for better reconciliation.
Closing books becomes faster than manually collecting data, statements, and sheets. Our integrations with systems like Xero, Deskera, Netsuite, Quickbooks, and MYOB allow you to close books almost 10x quicker.
No more switching between multiple bank accounts and tools to run your smart business. We have combined great software with every service you are using a bank for, to produce a state-of-the-art financial platform.
Empower your employees with physical and virtual cards
Manage and track every dollar that leaves your company
Open a global account with multi-currency payments.
Manage vendors, approve invoices and automate payments.
Save hours daily, and close your books faster every month.
Integrate with the all the tools and software that you use daily.
We’re a one-stop shop for all your expense management needs. Need a card? Need to manage reimbursements? Need approval systems? Need accounting made better? It’s all in one place.
Manage invoices with sleek, modern software. Make payments in any country, to any vendor, with the help of better invoice verification and payment syncing. Invoices can be manually uploaded, sent through email attachments, or even transferred from accounting. OCR technology makes the process quicker.
Zero hassle vendor payouts through Volopay corporate cards and Bill Pay dashboard. Easily manage wallets in different currencies, and make payments all over the world. On-time, cheaper, and recorded in real-time for easier reporting. Nothing flies under the radar, and everything is reconciled faster.
Get to know what proforma invoice is, its benefits for businesses and how to create one for your business.
Choose from the list of ideal payment methods that are flexible, scalable, and secure for making business payments.
Know how to seamlessly manage B2B payments with features like Virtual cards, and multi-currency digital wallets from Volopay.
Read up on snippets of the latest news and reports on accounts payable in Singapore.
The period leading up to 2027 is expected to witness significant growth in the Accounts Payable Automation market. This growth can be attributed to factors such as an increase in consumer spending and a reduction in fraudulent transactions, which are key drivers fueling the expansion of the AP automation market.
The advantages of invoice approval automation are 1. Faster validation, 2. Automated approval routing, 3. Faster invoice approvals, 4. Help avoid duplicate payments, 5. Prevents loss of documents, 6. Prevent fraud.
1. Prioritizing invoices 2. Checking cash payments 3. Reconciliation 4. Choosing alternatives to cash 5. Creating supplier portals are the best practices to manage accounts payable for your business.
Accounts payable process steps in any business is, 1. Setting up vendor details, 2. Receive invoice and update records, 3. Invoice approval and payment, 4. Repeating the process every week/month.
To save time and money, always look for an accounts payable automation software that helps you set up and auto-schedule payments on the go. An ideal AP automation software must offer fluid integrations with leading accounting systems as well as top-notch security. Choose an accounts payable software such as Volopay that can effortlessly customize to your existing approval processes, payment methods and workflows.
Volopay is an all-in-one accounts payable automation software that digitizes your invoices onto the platform while streamlining other AP processes such as approval workflows and payment procedures. From invoice generation to payment, you can automate all processes through our unified dashboard.
Yes, automatic Bill Pay is a great idea for businesses that deal with a large volume of invoices on the daily. AP automation software like Volopay take away the stress of manual payments, helping you process invoices on time and foster healthier relationships with your vendors.
Automated accounts payable facilitates vendor invoice management by digitizing vendor invoices and uploading it in your account database for faster tracking, managing and payments across local and international suppliers. With an automated invoice management software like Volopay, companies can easily collate, approve, and audit invoices on the go, all through one convenient location.
In order to minimize bad data or fraud, Volopay allows you to use two-way and three-way matching verification systems for your accounts payable transactions. Invoices and bills (and receipts, if needed) can all be matched to each other to ensure everything is in order. If you’d like, POs can also be attached as supplementary documents for the fourth level of verification.
Volopay allows you to make every constituent process of the accounts payable process much quicker, making the overall process more efficient. You can capture invoice data, set up payments, set approval lists, and automate expense reporting. Moreover, using cards allows you to make FX transactions at lower rates. Not only is your system improved, but it is also more cost-effective. Above all, having a well-oiled accounts payable system also positively affects your vendor relationships.
Volopay integrates with global leaders in accounting software. We have integration options with Xero, Netsuite, Deskera, Quickbooks, MYOB, and more. If you don’t use any of this accounting software, then there is also the option to create templates that match your software requirements and export the files.
Yes, Volopay’s software has OCR (optical character recognition) technology implemented into it. Any invoice uploaded to the system automatically has the line data entered into the report without needing to manually transfer from the receipt image/file to the data fields. If your receive invoices directly to your accounting software, you can integrate it with Volopay so that it captures the data from there. Alternatively, if you receive invoices as email attachments, these can be auto-forwarded to Volopay for automatic upload.
Vendor payment initiated from our platform is a lot quicker and no-nonsense than wire transfers through banks. Domestic payments and non-SWIFT payments (from locally held accounts) are processed within a few hours. International payments generated through the SWIFT network might take a little longer - up to 2 working days depending on the vendor’s country and bank. You can set up advance payments to avoid any last-minute hassles.
Yes! You can make international payments very easily through Volpay, even outside Singapore. You have the option of activating a multi-currency wallet, which lets you hold funds across different currencies other than SGD. Additionally, our corporate cards are enabled for international payments. Utilizing these options will give you much lower FX rates and remittance fees, and you can send money to over 130 countries.