So, what is Bill Payment? It's a feature that helps you manage and pay your invoices, bills, and other regular pay-outs. Are you constantly getting recurring bills or vendor invoices for services that you're manually paying for? Need a better management tool? Well, Bill Payment helps you do that! Manage, review, and schedule your bills ahead of time. Bill Payment can manage local and international invoices. Modes of payments available are local bank transfer, JomPay and foreign disbursement.
The Feature is segmented into 3 parts
Bill (or invoice) Capture
Scheduling and making payments
Watch the video here to see how it works, or you may go through the step-by-step in detail below!
1. Bill (or invoice) Capture
All PDF, excel, word or similar files that are forwarded to email@example.com get auto-captured and presented in Swipey's Bill Payment section in Kanban view.
Things to know about Bill Capture
Attachment can only be forwarded by users registered with a Swipey account. Bills will not be processed if sent by non-registered email addresses
Only send ONE attachment per email
Only send invoices or bills [EPF, salary slips, payroll reports will not be processed]
Processing usually takes 5 mins but could take up to 2 hours.
A processing label will be visible whilst a bill is being processed like shown below
02. Managing Bills
This is when bills can be managed and approved before payment. Users can review, put on hold and when happy, schedule the bill for payment
The different stages
There are 5 stages in the kanban. They are;
First state when bills are received. Users should review the accuracy of details, due date and banking details. more vendor banking details are shown in the section below
All key information such as vendor name, amount, and banking details need to be entered before proceeding to the following status
If the vendor exists in Vendor Master List, then the banking details are auto-populated
if the new vendor is found, select 'Add New Vendor' to register the vendor and save the necessary details
The stage is when bills are reviewed and ready for approval by the appropriate person in the company.
The date bill should be paid 'must' be entered before moving to the scheduled status
Invoices in this state are ready for payment and will get paid on the date listed in bill tile in the "Pay On Field"
Company Master Account will be deducted when a bill is in this status to ensure bills can be paid without interruption.
Bills can be moved out of schedule before the 'Pay on date" and funds will be released back to your master account. eg, if bill is scheduled for 15th Sept 2023, it can be moved out of this status any time before 15th o Sept 2023
when bills get disbursed, bills are moved to this location and will remain here for 30 days. All past bills that are paid can be seen fund tab
when bills are rejected by user or due to payment failure resulting in incorrect bank account or details
What to do when a new bill is received
All new bills will fall under "To Review". The platform reads and learns invoices receives to extract data to present in a tile.
The tile will require review to ensure data is accurate and to be moved to the next status.
fields critical for review are
All the above is captured by Swipey AI however as the platform is continuously learning, there is a possibility it may get pick up incorrect details. The onus is on the reviewer to make sure the data is correct.
Clicking on the bill brings out the view below
➝ Check vendor or add vendor as needed
➝ Check Charged Amount and Currency
➝ Ensure there is bank details are auto-captured, and if not, manually fill them in. This will save vendor details in your Vendor Master List
When a new bill is captured, its vendor details are auto-populated and recorded if this is the 1st time the system is capturing this vendor. If it is a repeat vendor, all vendor details are prepopulated.
Adding Vendor to your Vendor Master List
Adding Vendor to Vendor Master List the first time can be done in 2 ways
After forwarding a bill to firstname.lastname@example.org, create vendor details from the inner bill page