Life Style

Why all S’pore businesses should automate their invoice payments

For a busy entrepreneur, 5 minutes might seem to be treasured moments.

That’s as a result of a day within the lifetime of an entrepreneur often means irregular working hours, impending duties, and the fixed push for earnings.

For small enterprise homeowners and startup founders, because the enterprise remains to be small, they spend lots of time managing administrative and finance-related duties. It is because the dimensions of the corporate doesn’t warrant a further headcount for administrative or finance roles.

Whereas it’s not exhausting to handle an organization’s funds, the method is tedious and time-consuming. 

Conventional bill cost course of often entails gathering the invoices, launching your web banking platform, keying within the cost particulars such because the identify of the recipient and the checking account quantity, approving the transaction, and eventually, reconciling the account steadiness and guaranteeing that every transaction is supported by the corresponding bill.

And this is only one cost course of. Think about having to course of a number of funds day by day — this takes up priceless time which could possibly be used for different strategic enterprise features.

Handbook accounts payable course of / Picture Credit score: Vulcan Put up

Recognising this drawback, Singapore fintech startup Aspire has rolled out a brand new function to assist get rid of this concern. 

Known as Invoice Pay, the service is beneficial for any firm that receives payments or invoices to pay, akin to payments for rental, invoices for items or providers rendered, and paying freelancers’ invoices. 

aspire bill pay
How Aspire Invoice Pay works / Picture Credit score: Aspire

The way it works is that as a substitute of the startup founder or SME enterprise proprietor needing to manually course of the funds and invoices, you merely must ahead the invoices to a singular Aspire Invoice Pay electronic mail handle and the cost course of will probably be mechanically managed for you. 

It’s like having a free digital accountant — all you should do is log into your Aspire Invoice Pay dashboard and approve the transactions, and Aspire will care for the remainder. 

Easy methods to get began on Aspire Invoice Pay

Aspire Invoice Pay is free for any enterprise proprietor to enroll in. 

You’ll be able to simply arrange an account utilizing SingPass authentication, which can solely take a mere 5 minutes. 

Signing up for an Aspire account in-app / Picture Credit score: Aspire

After getting entry to the app, you may make a deposit to your Aspire enterprise account, similar to some other checking account. 

Your distinctive Aspire enterprise account particulars may be discovered on the dashboard and you can begin making funds on the Aspire app with the steadiness in your account. 

To create a invoice cost, it’s as fast as forwarding an bill to payments@aspireapp.com and the system will arrange the cost in your behalf.

After forwarding Aspire the bill, the person — who’s often the corporate director or account administrator — will nearly instantly obtain an electronic mail acknowledging the cost request. 

The approver can then launch the cost to the recipient. This cost approval may be carried out from each the Aspire desktop and cellular app. 

What this implies is that as a substitute of the standard means of manually coming into the main points of every cost particulars, startup founders and SME enterprise homeowners now have further assist from Aspire’s synthetic intelligence (AI)-based digital assistant, which comes at no further value. 

This supplies important time financial savings and likewise eliminates the busywork of guide bill entries in addition to potential information entry errors.

aspire payments
Aspire funds dashboard / Picture Credit score: Aspire

Moreover, corporations can schedule the cost to be paid on their related due date once they obtain suppliers’ invoices. This can be a extra environment friendly submitting course of that might permit the corporate to maximise its cost phrases, which might translate to raised money stream.

Startup founders and SME enterprise homeowners will probably be comfortable to know that Aspire accounts permit customers to seamlessly combine their accounting softwares, akin to Xero and Quickbooks. This hastens the time for accountants and enterprise homeowners to shut their books with cost information mechanically synced to their books.

One-stop enterprise account, digital playing cards

Apart from the free AI-based digital assistant, Aspire additionally presents different providers which are useful to companies.

For one, companies can handle different monetary actions together with borderless funds, company playing cards, credit score options, and expense administration on the one built-in platform.

Aspire additionally permits enterprise homeowners to create digital company VISA playing cards that can be utilized for cashless funds, in addition to problem new playing cards for every worker for basic money bills.

A cashback of 1 per cent is given for eligible funds, and there are additionally low change charges for worldwide purchases.

Aspire’s business account versus other banks
Comparability desk of Aspire’s enterprise account versus different banks / Picture Credit score: Aspire

In response to the comparability discovered on Aspire’s web site, Aspire’s enterprise account presents zero month-to-month charges, in contrast with month-to-month charges of between S$3 and S$18 for accounts supplied by native banks DBS, OCBC and UOB. 

There may be additionally no minimal deposit requirement for the Aspire enterprise account, in contrast with different related accounts which require a minimal deposit of S$1,000 just like the DBS Enterprise Digital Account and UOB Enterprise SGD Present Account. 

Aspire app
Aspire app / Picture Credit score: Vulcan Put up

All in all, there’s actually no purpose why startup founders or enterprise homeowners mustn’t give Aspire a go. Apart from the zero month-to-month charges, they get to get pleasure from a digital assistant that may assist them save priceless time in a usually tedious accounting course of.

Be part of 10,000 different companies in Singapore and check out Aspire’s Invoice Pay service right here. New customers can even obtain S$100 cashback on their first two Invoice Pay transactions (with a minimal transaction of S$50 every) once they enroll with the code “Billpay100”.

This text was written in collaboration with Aspire.

Featured Picture Credit score: Vulcan Put up

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