Why all S’pore companies should automate their invoice payment

Why all S’pore companies should automate their invoice payment

Why all S’pore companies should automate their invoice payment

For a busy entrepreneur, five minutes can seem like precious moments.

That’s because a day in the life of an entrepreneur usually means irregular work hours, impending tasks, and the constant drive for profit.

For small business owners and startup founders, since the business is still small, they spend a lot of time managing administrative and financial tasks. This is because the scale of the company does not guarantee an additional staff for administrative or financial functions.

While managing a company’s finances is not difficult, the process is tedious and time-consuming.

The traditional invoice payment process generally involves collecting the invoices, launching your internet banking platform, entering the payment details such as the recipient’s name and bank account number, approving the transaction, and finally reconciling the balance of the invoice. account and ensure that each transaction is supported by the corresponding invoice.

And this is just a checkout process. Imagine having to process multiple payments every day; This requires valuable time that could be used for other strategic business functions.

Accounts Payable Manual Processing / Image Credit: Vulcan Post

Recognizing this problem, Singapore fintech startup Aspire has implemented a new feature to help eliminate this problem.

Call Bill Payment, the service is useful for any company that receives receipts or invoices to pay, such as rental invoices, invoices for goods or services rendered and payment of self-employed invoices.

Why all S’pore companies should automate their invoice payment

How Aspire Bill Pay Works / Image Credit: Aspire

The way it works is that instead of the startup founder or SME business owner needing to manually process payments and invoices, they simply forward the invoices to a unique Aspire Bill Pay email address and the payment process will be automatically managed for you.

It’s like having a free virtual accountant – all you need to do is log into your Aspire Bill Pay dashboard and approve the transactions, and Aspire will take care of the rest.

How to get started with Aspire Bill Pay

Aspire Bill Pay is free for any business owner.

You can easily set up an account using SingPass authentication, which only takes five minutes.

Why all S’pore companies should automate their invoice payment

Sign up for an Aspire account in the app / Image Credit: Aspire

Once you have access to the app, you can make a deposit to your Aspire business account, just like any other bank account.

The unique details of your Aspire business account can be found on the dashboard and you can start making payments in the Aspire app with the balance in your account.

To create an invoice payment, it is as fast as sending an invoice to [email protected] and the system will set up the payment on your behalf.

Creating an Invoice Payment / Image Credit: Aspire

After sending the invoice to Aspire, the user, usually the company director or account administrator, will almost immediately receive an email acknowledging receipt of the payment request.

The approver can then deliver the payment to the recipient. This payment approval can be done from both the desktop application and the Aspire mobile application.

What this means is that instead of the traditional process of manually entering the details of each payment, startup founders and SMB owners now have additional help from Aspire’s artificial intelligence (AI) -based digital assistant, which it has no additional cost.

This provides significant time savings and also eliminates the hectic work of manual invoice entry, as well as potential data entry errors.

Why all S’pore companies should automate their invoice payment

Aspire Payment Dashboard / Image Credit: Aspire

Additionally, companies can schedule the payment to be paid on its relevant due date when they receive the invoices from the vendors. This is a more efficient filing process that would allow the company to maximize its payment terms, which can translate into better cash flow.

Founders of startups and SME business owners will be happy to know that Aspire accounts allow users to seamlessly integrate their accounting software, such as Xero and Quickbooks. This speeds up the time for accountants and business owners to close their books with payment data automatically synced with their books.

Single business account, virtual cards

In addition to the free AI-based digital assistant, Aspire also offers other services that are useful for businesses.

On the one hand, companies can manage other financial activities, including borderless payments, corporate cards, credit solutions and expense management in a single integrated platform.

Aspire also allows business owners to create virtual corporate VISA cards that can be used for cashless payments, as well as issue new cards for each employee for cash overhead.

A one percent refund is given for eligible payments, and there are also low exchange rates for international purchases.

Why all S’pore companies should automate their invoice payment

Comparison table of Aspire’s commercial account with that of other banks / Image credit: Aspire

According to the comparison found on the Aspire websiteAspire’s business account offers zero monthly fees, compared to monthly fees of between S $ 3 and S $ 18 for accounts offered by local banks DBS, OCBC and UOB.

There is also no minimum deposit requirement for the Aspire business account, compared to other similar accounts that require a minimum deposit of S $ 1,000 like the DBS business digital account and UOB business SGD checking account.

Why all S’pore companies should automate their invoice payment

Aspire App / Image Credit: Vulcan Post

All in all, there’s really no reason startup founders or business owners shouldn’t give Aspire a chance. In addition to the zero monthly fees, they can enjoy a virtual assistant that can help them save valuable time in a typically tedious accounting process.

Join 10,000 other Singapore businesses and try Aspire’s Bill Pay service here. New users will also receive a refund of S $ 100 on their first two Bill Pay transactions (with a minimum transaction of S $ 50 each) when they sign up with the code “Billpay100”.

This article was written in collaboration with Aspire.

Featured Image Credit: Vulcan Post