Automated vendor payment entry

3 Simple Steps in Which Payout Enables Automatic Vendor Payment Entry

As a business owner, no matter the size of your business, you might find yourself in situations where you have multiple vendor accounts payable. When this number of accounts payable is a single-digit number, you might not face a lot of difficulty in logging into your traditional bank account and making each vendor payment entry manually.

It is when this number goes twofold that the complexity increases in making such payments and maintaining records of the same.

There are countless examples of organizations that start suffering and ultimately shut down, due to the huge rate of cash burn. This primarily happens because their traditional banking platforms do not provide them with advanced analytics and artificial intelligence to track and understand spending patterns of the entire organization as a whole.

Huge MNCs might be able to plough through huge amounts of funds and still be relatively unaffected by it. But as a Startup/SME business owner, you need to be very watchful of the spending patterns of your company as a whole. If you do not pay attention to the way in which you are spending your money, it can lead to disastrous consequences for the organization that you have built from the ground up. That said, the most important factor that comes into play when you are trying to scale your business – is to have a complete CONTROL on your spends.

What is CONTROL and why is it so important for financial operations?

Control is an inherent need in financial operations. Control means monitoring and acting on the direction, allocation, and usage of the business’ financial resources. The only way that this can be achieved is through an intelligent system that enables smart monitoring and decision making.

avoid manual vendor payment entry

Since the very conception of the idea of banks, there has been an increasing demand for simplifying making payments in the most secure of ways. The ways in which we have been making payments using paper, has remained the same and the process has largely stayed unaffected.

Making payments in paper or checks is a very time consuming and slow process, which also poses a threat of security in a lot of cases. In the last 5 years especially, there has been an increasing demand for secure online payments, which were solved by the big banks. The technology around payments has since never stopped evolving and now digital payments have transitioned from being a want to it being an expectation.

As there has been unprecedented growth in the payments technology worldwide and most of the big traditional banks have, in some ways, failed to keep up with the advancements. They failed to realise that digital payments have become an expectation and now users are looking for even an increased amount of convenience and control when it comes to making vendor or bulk payments.

Allow us to Introduce Payout – the ultimate tool that avoids manual vendor payment entry.

Karbon Card’s Payout reinforces complete control over your business spends by providing accurate reports and enables you to constantly track it in any customized way you want. Simply put, Payout is a payment system using which customers can make all business related payments, track their spends and establish a complete control over their spending. This is essential in case of making payment to vendors. By avoiding manual vendor payment entry, you can optimize your own time and ensure you focus on what’s really important – the growth and survival of your company.

automated vendor payment entry with payout

Payout is a power packed platform that comes with – 

Payroll, Vendor Payments, Partner Payments, all Integrated

One dashboard to access and track all the funds flowing out of the company. Track your spending from only one place and generate meaningful insights into your spending trends. Making payments has never been easier

Smart like you wouldn’t believe

Depending on the payment amount and the time of day, our intelligent Payout system shortslists a payment method out of all available options. This ensures a very minimal transaction failure or error rate among all our customers.

Attach invoices to send to your vendors

Automatically generate PDFs and send it to the vendors once the payment has been made. Reduce manual hassle of sending each invoice.

Karbon Payout is the perfect solution for all your bulk payout and B2B payment requirements, across all possible use cases.

Here is one such use case – vendor beneficiary addition

There are cases when you have to wait for your vendor furnish their account details so you can add them to your accounting software. Once you get the details from your vendors, there is further waiting involved in terms of addition of beneficiaries details to your payment system. This entire process is highly unoptimized and time consuming.

We have revolutionized the process of vendor beneficiary addition by introducing Payout Links. You or your accounts payable team will never have to add another vendor manually again. Payout links have made the entire vendor payment entry process obsolete. Here is how it works –

  1. Generate Payout Links and send them to your vendors
  2. Vendor receives the link & inputs the necessary details
  3. Viola! Vendor is added to your accounts payable list.
manual vendor payment entry is avoided by using Payout

It is that simple. But this is not all. Karbon payout serves a much larger purpose and acts as a complete vendor management solution. Here is why businesses love transacting with us to make their vendor payments on a regular basis –

  • Bank Holiday? Not for us!

We work hard on all the days of all the weeks, year round to ensure that your transactions are safe and quick.

  • Sit back and let us choose the best payment method for you.

Based on various factors, we will decide a payment method for you which does not result in a transaction failure.

  • Quick 1-minute sign up

We understand the value of your time and do not want to waste any!

  • Banks may be busy or slow, but Karbon is never so!

We work 24×7 round the clock to ensure that you do not end up suffering any performance issues when it comes to processing your payments. A sound financial operations ecosystem speaks for the company itself

  • Leave tax calculation upto us

All tax calculations are automatic to ensure that there never is any form of discrepancy in your books. This has proven to reduce a major pain point of our customers.

All said, here is how you can make your business smarter by moving to Karbon Today!

  • Cost Efficiency

Because of the absence of physical checks, implementation of buik payments through Payout is highly cost effective. This also allows your business some flexibility to change Payout options based on need.

  • Quick disbursement of Payment

Bulk disbursement does not mean slow payments. Payout’s intelligent payment system ensures that the best payment channel is selected and bulk funds are transferred lightning fast.

  • Much less prone to errors than traditional banking

Because everything is digitised and automated, it is a much easier task to manage a massive number of vendor transactions and bulk payments. Payout is your saviour and allows you to complete bulk and vendor payouts with zero errors.

  • Complete Control

Payout enables you to establish complete control over your organization’s spending and even lets you blacklist certain merchants where payments cannot be made. At the same time you also get accurate reports into your spending, allowing you to truly have complete control over your organization’s finances.

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Written By

Nikitha Reddy
Growth VP @ Karbon


FAQ

What does payout stand for and how can I avoid making manual vendor payment entry?
How to pay multiple vendors simultaneously?
What is the use of Payout links?
Payout access rules – members.
How can Karbon customers make automatic vendor payment entry?

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