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.
Read up on snippets of the latest news and reports on accounts payable in Singapore.
The Monetary Authority of Singapore (MAS) and India’s International Financial Services Centres Authority (IFSCA) has signed an agreement to facilitate regulatory collaboration and partnership in fintech.
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.
Some of the key features of an accounts payable software are 1. Invoice handling capabilities, 2. Automated approval workflow, 3. Real-time expense reporting, 4. Integration with other accounting software.
1. Automation will make accounts payable more efficient, 2. Increase in virtual card payments, 3. Growth of online billing management and e-invoicing, 4. Data science to improve accounts payable, 5. Streamlined reporting with deeper data insights.