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It’s no secret that accounting tasks can be notoriously time-consuming and drain company resources. A study from Sage showed that small businesses, on average, spend around 120 days per year on admin and accounting tasks. Even as companies scale, they build entire departments around essential accounting and administrative tasks, representing vast time and capital expenditure.
VoPay’s latest product, VoPay 360™, aims to reclaim many of these wasted resources with a simple yet effective solution: connecting accounting platforms to our payment ecosystem. Almost all software companies and modern enterprises use both systems to power their business, yet 95% of these platforms do not talk to each other.
Our Accounting Software Integration product bridges the gap and allows companies to bring invoices and bills from their accounting software into VoPay’s ecosystem. Here they can pay bills in real time, collect recurring payments powered by our bank connection tools, and accurately manage AR/AP activities with our reporting and analytics suite.
Building out a custom integration between complex financial systems is not always feasible, even for larger organizations with the resources.
We wanted to keep this product easy to use and time-efficient, so we developed a no-code setup process from within the VoPay Portal.
The system uses dedicated chart accounts for payables and receivables, which can be updated anytime.
Many businesses spend hours chasing overdue invoices that slow down their cash flow and throttle their growth potential. With VoPay 360, companies can collect outstanding invoices using various payment methods directly from the VoPay Portal.
VoPay 360 users can collect payments in bulk to speed up their AR processes using just a few clicks in the online Portal. Open Receivables can be managed under their tab, and Closed Receivables will appear under a different tab, including those settled outside of the VoPay platform.
A payment method can be specified at the time of collection, or users can use our eLinx Connect product to connect customer bank account information and tokenize the details to speed up future payments.
Alternatively, users can even use Interac e-Transfer Request Money to allow their Canadian customers to make faster payments, with status updates and notifications of when someone initiates a payment.
Paying bills from multiple sources using disjointed payment methods can slow down many businesses' AP side. Accounting teams often use multiple business cards when a transaction is more urgent, relying on legacy banking rails for most of their outgoing payments, which can take up to 5 days to settle.
VoPay 360 allows these teams to centralize all their payment methods, hosting them all under a single platform. It also enables companies to tap into our proprietary real-time payment rail, VoPay Instant, which can be used to send funds to bank accounts in Canada.
All paid bills will be associated with their respective contact within the VoPay platform, meaning businesses can automate the reconciliation process without having to match paid bills with a separate transaction.
VoPay 360 cuts out a massive amount of the traditional admin and reconciliation work and replaces them with a consolidated process that automates day-to-day cash flow management.
VoPay 360 connects the dots between two essential business processes: payments and accounting. It allows teams to spend less time chasing payments and manually reconciling transactions and more time expediting cash flow and deploying capital in productive ways.
The highlights of the product’s functionality are:
With every new product and enhancement, our platform aims to go beyond just payments, creating an expansive ecosystem for optimized financial management. Accounting Software Integrations perfectly complement our platform, allowing VoPay customers to combine two layers of their financial activities and utilize multiple products to achieve even better results.
In addition, paying bills can be layered with our Transaction Approvals product, so managers can approve payables before they are paid. This gives accounting teams a lot more flexibility in managing their outgoing payments and added security since high-value payments can be approved by senior staff.
Our Fintech-as-a-Service platform allows companies to utilize these services internally or resell them to their customers as part of our partner network. VoPay partners can deploy new products and services to the market at a fraction of the cost of building and maintaining them.
