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Are you tired of spending hours chasing down overdue invoices from clients and customers?
Are you constantly worried about cash flow because of delayed payments?
Don’t worry you’re not alone.
Efficient invoice collection is a critical aspect of running a successful business.
However, traditional methods of collecting payments can be time-consuming, inefficient, and frustrating for both seller and buyer involved.
Challenges in traditional invoice collection methods
According to data from the Ministry of Cooperatives and Small and Medium Enterprises, there were around 64.2 million small and medium enterprises (SMEs) in Indonesia as of 2020. SMEs are an important part of Indonesia’s economy, contributing to around 60% of the country’s gross domestic product (GDP) and employing around 97% of the country’s workforce.
However, despite their significant contribution to the economy, SMEs in Indonesia often face challenges such as limited access to financing, inadequate infrastructure, and a lack of digital skills. These challenges can make it difficult for SMEs to keep up with the rapidly evolving e-commerce market and effectively manage their invoicing and payment processes.
Inefficient invoicing and collection can lead to delays in payment, which can ultimately lead to cash flow problems and put a strain on the business’s operations. Traditional collection methods can be time-consuming, tedious, and prone to errors. Manual invoicing, payment reminders, and reconciliation using bank statements can be a significant drain on resources, especially for businesses with limited staff. In addition, traditional methods often lack visibility into the status of invoices, making it difficult for businesses to keep track of which invoices have been paid and which are still outstanding. This can result in missed payments and lost revenue.
How Hylobiz simplifies invoice collection
Hylobiz is a fintech platform that simplifies the invoicing and payment collection process for businesses. The platform offers several features that make it easy for businesses to automate their invoicing and payment reminders, gain real-time visibility into invoice status and payment history, and seamlessly integrate with their accounting software for easy reconciliation.
Here are some of the key features of Hylobiz
Automated Invoicing and Payment Reminders
Hylobiz allows businesses to automate their invoicing and payment reminders, saving time and resources. Businesses can set up automatic payment reminders, which are sent to customers at regular intervals until payment is received. This helps to reduce the number of late payments and frees up staff to focus on other tasks.
InvoiceXchange for Ledger Visibility
Hylobiz’s InvoiceXchange feature provides B2B SMEs with real-time visibility into the status of their invoices and payment history. This allows businesses to track which invoices have been paid and which are still outstanding, reducing the risk of missed payments and lost revenue.
Real-Time Visibility into Payment History
Hylobiz provides businesses with real-time visibility into the status of their invoices and payment history. This allows businesses to track which invoices have been paid and which are still outstanding, reducing the risk of missed payments and lost revenue.
Integration with Accounting Software for Seamless
Reconciliation
Hylobiz seamlessly integrates with popular accounting making it easy for businesses to reconcile their accounts and keep track of their finances.
Secure and Compliant Payment Gateway
Hylobiz uses a secure and compliant payment gateway to ensure that payments are processed securely and in compliance with industry standards.
An easy solution to your problems
If you’re a B2B SME owner in Indonesia looking for an efficient and streamlined way to collect invoices and improve payment collection efficiency without any change to your existing invoicing process/system, Hylobiz is the solution you’ve been looking for.
Hylobiz simplifies the payment collection process, allowing businesses to automate their payment reminders, gain real-time visibility into their ledger status and payment history, and seamlessly integrate with their accounting software for easy reconciliation. With Hylobiz, B2B SMEs can improve their collection efficiency without changing their existing invoicing process or system. Don’t let late payments hold your business back any longer.
Sign up with Hylobiz today and experience the difference it can make for your business.
We encourage you to try out Hylobiz for your invoice collection needs. With its comprehensive and user-friendly platform, you can streamline your invoicing and collection processes and focus on growing your business.
Book a demo today: https://hylobiz.id/book-demo/
Visit our website: https://hylobiz.id/
In case of any query, reach out to us: support@hylobiz.com
Frequently Asked Questions
What is Invoice Collection?
Invoice collection refers to the process of collecting payments from customers for unpaid invoices.
What is the Invoice Collection Process?
The invoice collection process typically involves sending initial payment reminders, escalating communication if payment is not received, and exploring various collection methods to recover the unpaid invoice amount.
How do I Collect an Unpaid Invoice?
To collect an unpaid invoice, you can start by sending reminders and follow-up communications to the customer, offering payment options, negotiating a payment plan, or considering legal action as a last resort.
What is the Difference Between Billing and Invoice Collections?
Billing refers to the process of generating and sending invoices to customers for products or services rendered, while invoice collection focuses on the subsequent efforts to collect payment for those invoices.
How do I Collect Past Due?
To collect past due payments, you can reach out to the customer with reminders, provide clear payment instructions, offer incentives for early payment, establish a payment plan, or consider involving a fintech platform that provides a reminder feature.
How can I Improve My Invoice Collection?
To improve your invoice collection, you can implement clear payment terms and policies, send timely and professional reminders, offer multiple payment options, maintain good customer relationships, and consider automated invoice and payment tracking systems.