Moneyworks Automation that will bring you to the next level of digitisation. In going digitisation and automation, it is not just about the software features and functions that you want. It is how you make your operations smoother, faster, easier and more accurate.
Here are some of the featured special automations achievable by Moneyworks through automation script:
Payment – Bank File Automation
You must have been doing bank payment recording in accounting software first, then followed by printing out payment voucher, write the company name on the cheque, use a cheque printer or write on the cheque, write on envelope, paste stamp, mail out the cheque which take us easily 15min, cost about $1 per payment (stamp, envelope and bank cheque processing fees) per payment.
You improve a little with new process by recording payment, login to internet banking, create supplier, create payment, and approve payment which will cost you 5 – 10min per payment and incur $0.5 per internet banking charge.
How about going further to improve your process by recording payment, download 1 bank file for all the multiple payments, upload to bank, and approve all the payment which will cost you 10min for all 5 supplier payments and still costing you the same $0.5 per internet banking fee.
See the article on Moneyworks – OCBC Bank Payment File and below video:
Receipts or receiving payment – PayNow QRCode on Invoice
Besides pampering ourselves by improving our own internal process, we can also do more to help customers pay us faster and easier. Customers will pay us the same way we process our payment to supplier. How about making life easier so that they are happy paying customers, at the same time you get paid faster?
Imagine your customers have mobile banking with Paynow application on their mobile phone. They need to key in your UEN (or scan your QRcode), key in the amount to pay you, your invoice reference number before clicking on “Submit” button. If they key in wrong UEN, you don’t get paid. If they key in the wrong amount, you need to call them to transfer again, and if reference number is wrong, you do not know what the customer or worst – which customer is paying!
What if you can generate full detail QRCode, so that customer just need to scan the QRCode and all the details including UEN, Payment Amount, Reference Number of Invoice are automatically appended into their banking app without much intervention and error? Just scan and pay, not only save your customers time, you also get paid faster without going back for a another round of requesting for correct payment amount.
Read the article on Moneyworks PAYNOW and video below:
InvoiceNow or E-Invoice – Invoicing and Purchasing
By now many of you should have registered for Peppol E-invoice or InvoiceNow as IMDA paid out $200 for anyone who registered. But what is it really good for?
For your end, you should be interested to get your suppliers to send you Peppol E-invoice (we call it InvoiceNow in Singapore). If your supplier send you invoice via InvoiceNow, you can download the invoice directly into your accounting software (must be InvoiceNow ready accounting solution). This will save you lots of time keying in supplier purchases into your accounting software and can ensure accuracy as you do not have to key in manually.
Likewise if you send out your customers’ invoices via InvoiceNow, and they have InvoiceNow accounting solution, they will enjoy the same benefit of downloading your invoice into their accounting solution. Being good supplier does help them pay you faster!
Read the following article E-Invoice READY! and watch the video below for more information: