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Enterprises cope with recession risks in 2023: Focus on managing liabilities

The year 2023 with the economic recession will be one of the problems that are threatening the development of many businesses. In this situation, debt management becomes more important than ever. However, payables are listed as the top digitization priority of the financial team. 

Businesses must focus on managing their liabilities effectively, to avoid financial risks and to help businesses continue to thrive in this difficult economic environment. In the article below, Bizzi will send you information to help manage liabilities to ensure the sustainable development of the business in 2023 and the coming years.

1. What is debt management?

Accounts payable management or in other words accounts payable management is the management of payments and debts to suppliers. The accounts payable process includes everything from collecting invoices, obtaining approvals, updating records and supplier information, initiating bill payments, and reconciling accounts.

What is accounts payable management?
What is accounts payable management?

2. Challenges in debt management 

>> See more: Top 5 benefits of automating accounts payable

3. Effectively manage liabilities through Automation

As technology evolves rapidly, keeping manual processes inefficient, AP departments can become a hindrance to the flow and progress of a business. To avoid this, organizational leaders should consider adopting automation platforms and evolving their processes to better meet the needs of the modern market.

Here are 5 steps that can help your team effectively manage accounts payable with automation.

3.1. Scan bill

There are many ways to capture invoice information using digital processes regardless of how the invoice is received. Invoices can be submitted directly to the AP platform by the vendor through the vendor portal. Invoices received via email can be sent straight to your business's dedicated invoicing inbox. With automation, the entire invoice is processed from receipt to payment: 

>> See more: The first automatic invoice processing software in Vietnam

3.2. Faster Invoice Approval

Using automated processes allows for much faster invoice approvals. Invoices can be routed to the right approvers, reviewers can receive instant notifications and submit their approvals from any internet-connected device – whether they're at the office or away on business.

3.3. Storage and management

With all the information in one system, document management becomes much easier. Everything is accessible from one centralized location, and anyone with access can instantly identify where any invoices are being processed.

3.4. accreditative

By automating the accounts payable process, your business can easily arrange payments in installments with similar priority or payment deadlines to allow for approval and scheduling of payments. based on existing cash management priorities. In addition, payment authorization can be activated from any device, meaning that even if your authorizer does not have access to their computer, they can easily approve payments. from their phone.

3.5. Analysis of accounts payable data 

By having all the details and data in one system, it is possible to combine tools that enable analysis of this data. Detailed analytics provides powerful insights that can help businesses optimize cash flow, view KPIs and internal metrics, and improve supplier relationships.

Dealing with recession risks is a challenge for all businesses. Managing liabilities is one of the effective ways for businesses to deal with this risk. The use of automated payables management technologies and processes can also help reduce recession risk by improving the accuracy and speed of the payables management process.

4. Quản lý tốt hơn với Bizzi – Nền tảng Quản lý công nợ phải trả dành cho doanh nghiệp

Quản lý tốt hơn với Bizzi – Nền tảng Quản lý công nợ phải trả cho doanh nghiệp

Thanks to the application of AI and machine learning technology, the Bizzi Cost Management & Automatic Control Platform for businesses with the automatic input invoice processing solution (Bizzi IPA) has Supports businesses to automatically receive, process, analyze, compare and store electronic invoices with a quick invoice download and management process.

Với Bizzi, những hóa đơn chưa hợp lệ hệ thống sẽ gửi cảnh báo cho người dùng, đồng thời tự động thông báo qua email cho nhà cung cấp các lỗi sai trên hóa đơn. Thông qua hệ thống đối chiếu 3 chiều thông minh giữa hóa đơn – đơn hàng – phiếu nhập kho, Bizzi hỗ trợ nhóm AP tất cả các thông tin có trên hóa đơn, trạng thái hoạt động của người bán giúp hạn chế tối đa các rủi ro, sai sót trong quy trình thanh toán. Bizzi cũng giúp lập và duyệt đề nghị thanh toán nhanh chóng, dễ dàng, hỗ trợ thanh toán cho nhà cung cấp đúng hạn.

After more than 3 years of establishment and development, Bizzi is serving more than 1,200 corporate customers, major corporations/organizations including Genshai, Kohnan Japan, Matsumoto Kiyoshi Grab, GS25, Tiki, Guardian, Sabeco, Pharmacity, P&G, PNJ, Mondelez, VNG, Circle K, Family Mart,… and 38,000 suppliers are using the platform every day.

After more than 3 years of establishment and development, Bizzi is serving more than 1,200 business customers.

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