Why all S’pore businesses should automate their invoice payments

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

This is because a day in the life of an entrepreneur usually means irregular working hours, looming tasks, and a constant search for earnings.

For small business owners and startup founders, since the business is still small, they spend a lot of time managing administrative and financial tasks. Indeed, the size of the company does not justify an additional workforce for administrative or financial functions.

While it is not difficult to manage a business’s finances, the process is tedious and time consuming.

The traditional process of paying invoices usually involves collecting invoices, launching your online banking platform, entering payment information such as recipient name and bank account number, approving the transaction and finally, the reconciliation of the account balance and the verification that each transaction is justified by the corresponding invoice.

And this is just a payment process. Imagine having to process multiple payments each day – it takes up valuable time that could be used for other strategic business functions.

Manual accounts payable process
Manual accounts payable process / Image credit: Vulcan Post

Recognizing this issue, Singaporean fintech startup Aspire has rolled out a new feature to help eliminate this issue.

Called Bill Pay, the service is useful for any business that receives bills or bills to pay, such as rental bills, invoices for goods or services rendered, and paying freelance bills.

aspire to pay the bill
How Aspire Bill Pay Works / Image Credit: Aspire

How it works is that instead of the startup founder or small business owner needing to manually process payments and invoices, all you need to do is forward invoices to a single Aspire email address. Bill Pay and the payment process will be automatically handled 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 on Aspire Bill Pay

Aspire Bill Pay is free for any business owner.

You can easily create an account using SingPass authentication, which will only take five minutes.

Creating 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 on the Aspire app with your account balance.

To create an invoice payment, simply send an invoice to bills@aspireapp.com and the system will set up the payment on your behalf.

After forwarding the invoice to Aspire, the user – who is typically the company manager 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 the Aspire desktop and mobile app.

This means that instead of the traditional process of manually entering the details of each payment, startup founders and small business owners now get additional help from the artificial intelligence (AI) -based digital assistant of Aspire at no additional cost.

This saves considerable time and also eliminates the tedious work of manually entering invoices as well as potential data entry errors.

aspire to payments
Aspire Payments Dashboard / Image Credit: Aspire

Additionally, businesses can schedule payment on the corresponding due date when they receive invoices from vendors. This is a more efficient deposit process that would allow the business to maximize its payment terms, which can result in better cash flow.

Startup founders and small business owners will be happy to know that Aspire accounts allow users to seamlessly integrate with 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 syncing with their books.

One-stop business account, virtual cards

Besides the free AI-based digital assistant, Aspire also offers other useful services for businesses.

On the one hand, businesses can manage other financial activities including borderless payments, corporate cards, credit solutions and expense management on the 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 general cash expenses.

A 1% cashback is given for qualifying payments, and there are also low exchange rates for international purchases.

Aspire's business account compared to other banks
Comparison table of Aspire’s business account versus other banks / Image credit: Aspire

As per the comparison found on the Aspire website, the Aspire business account has no monthly fees, compared to a monthly fee 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 the current UOB Business SGD.

Aspire app
Aspire app / Image credit: Vulcan Post

Overall, there’s really no reason that startup founders or business owners shouldn’t give Aspire a try. Besides the zero monthly fee, they benefit from a virtual assistant that can help them save valuable time in a usually tedious accounting process.

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

This article was written in collaboration with Aspire.

Featured Image Credit: Vulcan Post

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