To a busy entrepreneur, five minutes can seem like precious moments.
This is because a day in the life of an entrepreneur usually means erratic working hours, impending tasks, and the constant drive for profit.
For small business owners and start-up founders, as the business is still small, they spend a lot of time managing administrative and financial tasks. This is because the scale of the company does not guarantee an additional count for administrative or financial functions.
While it is not difficult to manage a company’s finances, the process is tedious and time consuming.
The traditional process of paying invoices usually consists of collecting invoices, launching your online banking platform, entering payment details, such as the name of the recipient and the bank account number, approving the transaction and, finally, the reconciliation of the account balance and the guarantee that each transaction is supported on the corresponding invoice.
And this is just a payment process. Imagine having to process multiple payments each day; this is valuable time that could be used for other strategic business functions.
Recognizing this problem, the launch of Singapore fintech technology Aspirate has launched a new feature to help eliminate this concern.
He called Payment of invoices, the service is useful for any business that receives invoices or invoices payable, such as rental invoices, invoices for goods or services rendered, and payment of self-employed invoices.
How it works, instead of the startup founder or SME business owner having to manually process payments and invoices, just forward invoices to a single Aspire Bill Pay email address and Payment process will be handled automatically for you.
It’s like having a free virtual accountant, all you have to do is log in to your Aspire Bill Pay dashboard and approve the transactions, and Aspire will take care of the rest.
How to Start Using Aspire Bill Pay
Aspire Bill Pay is free for the registration of any business owner.
You can easily set up an account using SingPass authentication, which will only take five minutes.
Once you have access to the app, you can make a deposit to your Aspire business account, just like any other bank account.
You can find your unique Aspire business account details on the dashboard and start making payments in the Aspire app with your account balance.
To create an invoice payment, it is as quick as forwarding an invoice to [email protected] and the system will set up payment on your behalf.
After forwarding the Aspire invoice, the user (usually the company director or account administrator) will receive an email almost immediately confirming the payment request.
The approver can release the payment to the recipient. This payment approval can be done from the Aspire application for computers and mobiles.
This means that instead of the traditional process of manually entering data on every payment detail, start-up founders and SME business owners now have additional help from the artificial intelligence-based digital assistant. (IA) of Aspire, which incurs no additional cost.
This provides significant time savings and also eliminates the busy work of manual invoice entries as well as possible data entry errors.
In addition, companies can schedule the payment to be made on the corresponding due date when they receive invoices from suppliers. This is a more efficient filing process that would allow the company to maximize its payment terms, which can translate into better cash flow.
Startup founders and business owners will be delighted to know that Aspire accounts allow users to seamlessly integrate their accounting programs, such as Xero and Quickbooks. This speeds up the time for accountants and business owners to close their books with payment data automatically synced with their books.
Single business account, virtual cards
In addition to the free AI-based digital assistant, Aspire also offers other services that are useful for businesses.
On the one hand, companies 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 one percent refund is paid for eligible payments, and there are some low exchange rates for international purchases.
According to the comparison found on the Aspire website, Aspire’s business account offers zero monthly fees, compared to monthly fees of between $ 3 and $ 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 $ 1,000 S, such as the DBS Business digital account and the UOB Business SGD checking account.
All in all, there’s really no reason why business founders or business owners shouldn’t try Aspire. Aside from zero monthly fees, they can enjoy a virtual assistant that can help them save valuable time in a typically tedious accounting process.
Join another 10,000 companies in Singapore and try Aspire’s bill payment service here. New users will also receive a refund of US $ 100 on their first two transactions with Bill Pay (with a minimum transaction of $ 50 each) when they sign up with the code “Billpay100”.
This article was written in collaboration with Aspire.
Featured Image Credit: Vulcan Post