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With our latest solution, VoPay 360, we're offering businesses a comprehensive system that integrates, automates and simplifies the entire Accounts Receivable and Accounts Payable operation for their business—leading to speedier workflows and a better experience on all fronts. For a streamlined accounts payable and receivable process, a company needs to easily access, manage and interpret payments data. And yet, complex workflows and old-school practices become the biggest obstacles to efficient financial management.
68% manually key invoices into the ERP/Accounting software
56% of respondents spend over ten hours a week processing invoices and supplier payments
Organizations constantly look for ways to improve efficiency and streamline operations in today's fast-paced business environment. VoPay recognizes the area that often requires a significant amount of time and resources is the management of accounts payable and accounts receivable. That's why we're excited to announce the launch of VoPay 360, an end-to-end solution that strengthens these critical operations by offering real-time visibility and lending accuracy and speed to the process. VoPay 360 bridges the gap between accounting software and the payment platform in one centralized platform. Meaning no more trying to match received funds to the invoice or annoying clients with follow-up requests for money that may have already been delivered. VoPay 360, customers will have a complete 360-degree view of their financial transactions.
“The introduction of VoPay 360 was a result of direct feedback from our customers who were experiencing inefficiencies in their current AR/AP processes and needed a more innovative approach. In this day and age, managing collections and reconciliation should be easy, but that’s not the reality. We want to help businesses eradicate the friction associated with multiple disconnected systems by maximizing digitization and bringing all the necessary tools into a single platform. I expect our customers to see immediate benefits from this 360 solution.”
Hamed Arbabi, Founder and CEO at VoPay
This gives businesses a clear and comprehensive view of their financial transactions, making it easier to manage their cash flow and make informed decisions. With VoPay 360, companies can finally say goodbye to the frustration of time-consuming invoice matching, zero visibility into financial transactions, and data entry errors.
Freshbooks, Quickbooks, Xero? We got you covered. VoPay 360 can integrate data from multiple sources. This means businesses can easily access and manage all of their financial information in one place without requiring multiple systems and manual data entry. Save time, reduce errors and get more accurate reporting and forecasting.
From one unified platform, connect to alternative payment rails, speed up Days Sales Outstanding (DSO), get real-time status updates, and automate reconciliations. No more struggling to keep track of open invoices and bills. Eliminate the need for cheques and missed payments, decrease processing times and obliterate delayed cash flow challenges.
Did you know that 7 out of 10 finance teams spend up to 10 people-hours per week on account payable-related tasks? That's about 520 hours a year. Elon Musk is not the only CEO looking to maximize company efficiencies in 2023; it is top of mind across the sectors.
“I know what needs to be paid, but how do I pay it? In QuickBooks, I can see my customers owe me $10,000. Now I have a way to collect.”
Traditional payment systems often require businesses to use separate systems for invoice payments and bill payment withdrawals. Or companies have only two payment solutions available.
VoPay 360 solves this problem by allowing businesses to issue both invoice payments and bill payment withdrawals through one system using alternative payment rails. Account-to-account payments are fast and cheap.
Ask yourself, what is more critical, collecting the funds owed or paying your bills on time? Every organization understands the vital importance of cash flow. Who has paid? Have we been paid? Track all payments in process in real time. Tracking payments is complicated, especially when dealing with large sums of money and multiple clients. Understanding where your business stands financially is critical. The ability to track payments in real-time can help you quickly identify and address any issues that arise. For example, if a client is overdue on a payment, you will be able to easily see this on your dashboard and take action to follow up with them. This can help prevent delays in cash flow and keep your business running smoothly.
We fixed one of the biggest problems businesses face—the time-consuming and error-prone process of updating their ERP systems with financial transaction data. We do this by automating the process of closing open receivables and payables. Businesses cannot afford the thousands of dollars in labour and lost time that is wasted every year. Human errors, inefficient business processes and repetitive tasks take too big of a chunk out of your bottom line.
Discover the difference VoPay 360 can make for your business today. Learn more.
