Finofo’s bulk payments feature is now live!
Bill payments are a crucial task for Accounts Payable teams, and we've noticed how business finance teams spend countless hours on this.
From creating payment templates on online banking platforms for global payments to performing manual data entry and reconciling these payments back to ERPs, the process is incredibly time-consuming. This inefficiency has significantly impacted productivity across various industries in Canada, leaving teams overworked and exhausted.
If there are hundreds of bills to process, can you imagine the time AP teams spend creating templates for every bill?
To eliminate manual tasks and make global finance operations smoother for businesses, we’re thrilled to announce the launch of ‘Bulk Payments’ with Finofo
What are bulk payments in Finofo?
Bulk Payments in Finofo enable you to pay multiple global bills from different suppliers in various currencies all at once.
This feature significantly reduces the manual workload on finance teams, making the bill payment process more efficient. By using Bulk Payments, you can save time and close your books faster by easily reconciling these payments back to your ERPs.
For example, let’s assume you have multiple bills from different suppliers in USD, CAD, and EUR. With Finofo, you can easily select the bills you want to pay from the list and process them all together.
Here is a quick glimpse of how you select the bills on Finofo:
Once the bills are selected, the next stage displays the suppliers of the associated bills.
Here is what the ‘batch payment’ section looks like:
The beneficiary information and the selected bills are displayed, allowing you to pay these bills using the available payment methods (Finofo multi-currency accounts).
If you're tired of manually creating templates and paying your global bills one by one on outdated banking platforms, get onboard with Finofo and experience a better, more intuitive, and efficient way to manage your global finops.
Stop spending time on manual tasks and start automating your accounts payable process!
