To a busy business owner, five minutes can seem like precious moments.
Because a day in the life of an entrepreneur usually means irregular working hours, upcoming tasks and the constant urge to earn money.
Since the company is still small, small business owners and startup founders spend a lot of time on administrative and finance-related tasks. This is because the size of the company does not warrant additional staffing for administrative or financial functions.
While managing a company's finances isn't difficult, the process is tedious and time-consuming.
The traditional bill payment process usually involves collecting the bills, launching your internet banking platform, entering the payment details such as the recipient's name and bank account number, approving the transaction, and finally, reconciling the balance and making sure that each transaction takes place evidenced by the corresponding invoice.
And that's just a checkout process. Imagine having to process multiple payments every day – this wastes valuable time that could be used for other strategic business functions.
Manual Accounts Payable Process / Photo Credit: Vulcan Post
Singapore-based fintech startup Aspire has recognized this problem and has introduced a new feature to eliminate this problem.
The service called Bill Pay is useful for any business that receives bills or invoices for payment, e.g.
How Aspire Bill Pay Works / Image Credit: Aspire
Instead of manually processing the payments and invoices from the startup founder or SME owner, you simply have to forward the invoices to a unique Aspire Bill Pay email address and the payment process is automatically managed for you.
It's like having a free virtual accountant – all you have to do is log into your Aspire Bill Pay dashboard and approve the transactions, and Aspire takes care of the rest.
How to get started with Aspire Bill Pay
Signing up for Aspire Bill Pay is free for all business owners.
SingPass authentication makes it easy to set up an account in just five minutes.
Sign up for an Aspire account in-app / Photo credit: Aspire
Once you have access to the app, you can fund your Aspire business account just like any other bank account.
You can find your individual Aspire business account details in the dashboard and you can make payments with the account balance in the Aspire app.
To create an invoice payment, all you need to do is forward an invoice to email@example.com and the system will set up the payment on your behalf.
Create invoice payment / Photo credit: Aspire
After the invoice is forwarded to Aspire, the user – usually the company manager or account administrator – receives an email confirming the payment request almost immediately.
The approver can then approve the payment to the recipient. This payment approval can be done through both the Aspire desktop and mobile apps.
This means that instead of the traditional process of manually entering the details of each payment detail, start-up founders and SMB business owners will now have additional support from Aspire's artificial intelligence (AI) -based digital assistant, available at no additional cost.
This leads to considerable time savings and also eliminates the tedious manual entry of invoices and potential errors in data entry.
Aspire Payments Dashboard / Image Credit: Aspire
In addition, companies can schedule payment on their respective due dates when they receive invoices from suppliers. This is a more efficient filing process that would allow the company to maximize their payment terms, which can result in better cash flow.
Startup founders and midsize business owners will be delighted to learn that users with Aspire accounts can seamlessly integrate their accounting software such as Xero and Quickbooks. This cuts the time for accountants and business owners to close their books, with payment details automatically synced to their books.
Business account from a single source, virtual cards
In addition to the free AI-based digital assistant, Aspire also offers other services that are helpful for businesses.
For one, companies can manage other financial activities such as borderless payments, corporate cards, credit solutions and expense management on the single integrated platform.
Aspire also enables business owners to create virtual corporate VISA cards that can be used for cashless payments, as well as issuing new cards for each employee for general cash expenses.
One percent cashback is granted for eligible payments and low exchange rates are available for international purchases.
Comparison of Aspire's business accounts with other banks / Photo credit: Aspire
According to the comparison on Aspire's website, Aspire's business account offers no monthly fees, compared to monthly fees of between S $ 3 and S $ 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 S $ 1,000, such as the DBS Business Digital Account and the UOB Business SGD Current Account.
Aspire App / Image Credit: Vulcan Post
All in all, there is really no reason why startup founders or business owners shouldn't try Aspire. Aside from zero monthly fees, they can enjoy a virtual assistant that helps them save valuable time in what is usually a tedious accounting process.
Join 10,000 other companies in Singapore and try Aspire's Bill Pay service for free here. And there's more – new users will also receive S $ 100 cashback on their first two invoices processed through Aspire Bill Pay (with a minimum transaction of S $ 50 each).
Sounds like it's too good to be true? It really isn't, just sign up with the promo code "Billpay100" and start earning your cashback immediately.
This article was written in collaboration with Aspire.
Highlighted Image Source: Volcanic Contribution