A Complete Guide to Digitizing Vendor Payouts for Your Modern Business

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Are you still stuck with the age-old process of receiving and tracking invoices manually for your organization?

Don’t you think validating invoices manually from multiple vendors received either physically or by email is too error-prone and time-consuming?

If that’s not enough, re-entering and reconciling the data afterward in the various software to process those invoices adds to the burden of this process, doesn’t it?

Typically, the entire manual vendor payout process is extremely tedious. There can be many problems that arise solely because of the manual work involved. Some of these are:

  • Data entry: Entering data in a sheet is not only time-consuming, but it also comes attached with risks of manual errors. A single mistake at any point in the process can be a burden on a company.
  • Processing is time-consuming: With new vendors, you need to start from scratch – adding them as beneficiaries, waiting for the cooling period to end, and then making a payment. Many numbers also bring many errors that might lead to delayed or wrong payments.
  • Manual reconciliation can be tedious: Businesses have to constantly make manual checks on the due dates of invoices which can be long, time-consuming, and error/fraud-prone with less real-time visibility and some guesswork involved.
  • Excel sheets can be complicated: Maintaining sheets as records work well when you have a limited number of vendors is simple. However, once your vendors start growing, sheets start to get complicated.

But what if we tell you that we have brewed a fully digital one-stop solution for all your vendor invoicing needs?

The Vendor Invoice Management System by Paytm Payouts brings in a keen eye to your business payables that you, of course, need. Once you start automating your payables with Paytm Payouts, we promise you there is no going back!

What is the Paytm Payouts vendor invoice system?

The Vendor Invoice System by Paytm Payouts is exclusively created to seamlessly automate all of your vendor payments, and account payables. 

All of this, from a single, robust dashboard.

Which essentially consists of:

  1. Managing invoices – Easily add invoices in bulk and keep all your vendor invoices in one place. These are easily accessible and searchable on the go!
  2. Providing Visibility – View all your payables in a single panel, with reminders of upcoming payments. You also get to easily search for any previous invoices and payments.
  3. Providing Quick Approvals – An explicit approval with automated assignment, tracking, reminder, and notification process to ensure timely payments.
  4. Easy-To-Make Payments – Pay all your invoices directly. All payout modes are covered, from wallets and bank transfers to UPI. Quickly pay invoices in bulk or schedule the payments with a no cool-off period.
  5. Automatic Reconciliations – A single panel to quickly manage, view, search, & export all your invoices payments. This helps you never lose track of your invoices and payments, even those that you have archived for over seven years!

How does it work?

All it takes is 4 simple steps!

Step 1: Collect and Record your vendor invoices using the Paytm Payouts dashboard

Step 2: Auto-Validate each vendor invoice

Step 3: Get all your Approvals in one place

Step 4: Make 24*7 Bulk Payments in a single click

What does it bring to your business?

Here’s why you need to get the Paytm Payouts Advantage for your vendor invoicing system:

  • Easy to use: Automating tasks relieves time so team members can concentrate on other aspects that the software cannot manage.

You could save hours by delegating manual tasks to the software, like invoice management.

The user-friendly and robust Paytm Payouts dashboard allows you to manage all your vendor invoices in one place.

  • Well-knit approval system: Approvals are a big part of any organization. Employees are constantly sending requests to set teams for approval. This process is delayed without a proper design, and employees are left with a poor impression of your organization.

But worry not, as the Paym Payouts dashboard comes with a built-in approvals system. Your employees can, therefore, easily manage and process invoices and their approvals as per their set roles and hierarchy.

  • Reduced errors: Automation reduces the chance for human error, helping to ensure consistency, adherence to processes, compliance, and increased security by eliminating mistakes that lead to misconfigured systems.

With less manual keying of data and automatic data fetching, you vastly reduce the scope of manual errors and discrepancies while managing your vendor invoices.

  • Detailed reports: Small businesses often find themselves preparing business reports in the process of evaluating and planning for their long-term performance.

Business reports are a powerful tool if used correctly, but only if those operating reports are aware of their disadvantages.

With Paytm Payouts, you get to save time as the system automatically prepares these precise and customized reports to analyze your data.

  • Payment reminders: We’re sure you have customers that always pay their invoices late. Odds are, you probably even remember their middle name. While this may seem humorous, late payments from your end can slowly eat away at your finances and make you lose significant vendors.

Surprisingly, a solution to this issue exists in the form of automated payment reminders. With the invoice management system by Paytm Payouts, you get timely reminders for your upcoming payments. Because keeping your vendors happy is one hell of a task, and we are here to make it easier!

  • Multiple payment modes: In today’s payment environment, vendors prefer to have a range of choices to accept your payments. Businesses only offering to pay through one payment method are viewed as outdated.

With Paytm Payouts, you can opt for any payment mode, any time including NEFT, RTGS, IMPS, UPI, Paytm Wallets, and more. Funds can then be transferred to Bank Accounts, Utility Payments, Digital Gold, etc. You can thus pay your vendor invoices through their most convenient method of payment.

  • Easy reconciliation: In bank reconciliation, the bank statement balance is reconciled, with the book bank account balance in the client’s books of accounts, resulting in the tallying of the two balances, where the calculated adjusted bank balance should be equal to the figure of the adjusted book bank balance.

Didn’t even read all of the above, right? That’s why you need Paytm Payouts! The robust dashboard allows you to record all your payments made in cash or through any other method. You can thus easily and automatically reconcile all payments in one place, phew!

  • Better resource planning: Resource plans (which are responsible for outlining all of the equipment, finances, personnel, time, etc., required to complete a specific task) are necessary for any business looking to operate at world-class levels.

Since Paytm Payouts allows you to wave goodbye to so many manual tasks, you very well have an opportunity for the most optimum utilization of your resources.

Additionally, you get to enjoy…

  1. An extremely easy signup process
  2. 24X7 payments, anywhere, anytime- even on bank holidays and weekends
  3. 99.5% success rate* of transactions, with in-house technology

Last but not least, payment offers and discounts never lose their charm, do they?

Vendor Payouts are one of the critical modes of funds movement in business operations.

With us, you can avail the benefits of early payments to all your vendors instantly. If this got you curious, it’s time for your business to open doors to error-free and smooth vendor payouts!

So, what are you waiting for? Click here to start now!

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