Best Reasons to Manage Accounts Payables Online

June 8, 2021
by
NextPay Editorial Team

Keeping tabs for your small business

It may seem simple but running a small business is no walk in the park. Dealing with all your accounts payables and other business banking obligations can be tedious, to say the least. 

How do you efficiently track your spending? 

Which accounts do you draw expenses from? 

How do you solve discrepancies?

Even for solopreneurs and freelancers, keeping tabs on where their money goes can get pretty toxic.   

During the past year, when a health crisis disrupted things in global business, more MSMEs were forced to work remotely or in quarantine. This posed a huge challenge in how companies usually track their expenses and settle their payables despite bank leniencies. Worse, some employees experience delays in salaries at a time when they most need their money. 

This is the reason why we stepped up to remedy the many online and business banking challenges faced by small businesses during the pandemic.

Here’s how we can help:

Schedule your payments

Payment scheduling for small business banking

Most small businesses and sole proprietorships in the country usually have a hard time managing and balancing their cash flows. There’s a fine line between paying early and depleting your accounts of cash too soon, and there’s no need to reiterate how late payments can be a pain with high interest rates that can create a dent in your piggy bank. Ugh!

The online banking solutions that we offer enable MSMEs to schedule periodic payments in advance so business owners can have better control over their cash flow.  

You’ll have a reliable financial management system

Reliable financial systems for small business banking

Managing your accounts payable with NextPay also allows you to oversee everything within one platform so you don’t lose track of the money that goes in and out of the company. Our platform is easily accessible anytime and on any device you prefer, whether on a desktop or a smartphone making it accessible when you’re on the go. Monitoring your cash flow and doing some accounting has never been this easy and safe with our platform’s financial tools and soon, integration with HRIS systems.

Our platform also conveniently tracks your invoice status so expect to increase your team’s productivity with faster turnarounds in processing, and same-day money transfers, and digital invoice issuances.  

You can take advantage of every opportunity

Person taking advantage of opportunities with small business banking

Our main priority is to help and equip underserved businesses with the financial tech tools they need to scale their businesses and achieve growth. Allowing these businesses to properly manage their business payments conveniently online minimizes the risk of wayward money transfers, forged authorizations, and even both cyber and postal theft for issued checks via mail. With our security protocols and encryption features in place, more business owners can have peace of mind when it comes to dealing with their money matters in a cashless method. 

More importantly, our services are super cost-efficient for MSMEs with a pay-per-use approach whether you need multiple employee bank account management and salary disbursements, accounts payable tracking and batch payment options, payment collections through digital invoices, analytics, reports, accounting tools, or all of the above, NextPay’s singular yet versatile fintech platform has got your business covered. 

Secure your business money today 

In the past, traditional banking has always helped businesses but oftentimes at more costs than MSMEs can handle. Fast forward to today, technology has made its way to financial systems and continues to redefine how entrepreneurs and banks work together. 

Thanks to the birth of online banking and fintech companies, small businesses now have the power to manage their accounts payables using reliable and easy-to-use systems. With NextPay you can finally simplify how to track your accounts payables, disburse salaries, and more while working with less to no paperwork in every process using digital banking solutions that are right at your fingertips. 

Learn more about how NextPay can help you face your accounts payable challenges today!

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