Finance managers deal with numerous daily tasks, and processing operations one by one, manual input by manual input, is not an option. The focus is to do the most with the least amount of time.
Few activities evolved better in this sense than making payments. Companies that deal with multiple suppliers, vendors, freelancers or refund processes cannot afford to input information manually and sort each payable individually. This is where bulk payments come into play.
Bulk payments, also known as batch transactions, consist of processing several payments to multiple recipients with only one authorization. The more complex an organization gets, the more needed such an asset is. Over the following sections, we will present our offering of bulk payments in Friday Finance, some use cases you may relate to, how to operate it in your workspace, and why you will extract the most value from an all-around financial operations tool.
Bulk payments in Friday Finance
Business Account holders can run two types of bulk payments with Friday Finance: manually entering the recipient details or uploading a CSV or XML file containing a list of counterparts. What you should know:
- You are able to execute up to 100 payments with one authorization
- Payments from Friday Finance are instant by default, arriving in seconds on the recipient’s bank account
- In a single file, you can have payment dates in the past, today, and in the future – to be scheduled and paid when they are due
- When you pay via Friday Finance, the software automatically integrates the transactions in your cash flow statement and optimizes your accounting preparation, given that payments occur in the same place you store your bills.
Use cases
Bulk payments are the most efficient solution for businesses that must make many transactions simultaneously. Among others, they are commonly used to:
Paying suppliers
Many businesses pay their suppliers in batch transactions based on an open item list, a list of payables that still need to be cleared, as well as their due dates, values and recipients. During each pay run, finance admins will export the list of payables as bulk payment files and settle the balances.
Paying salaries
Using bulk payments to pay salaries saves time and reduces the risk of errors. Rather than processing each payment separately, you can upload a sheet file containing all the necessary payment information, such as IBAN, reference, currency and execution date, and approve all payments with just one click.
Processing refunds and reimbursements
The easiest way to deal with bureaucratic refunding processes is to issue corporate cards for your team members and actually give them control while overseeing their expenses. However, many managers prefer to optimize this process by executing several reimbursements at one go with a batch-type transfer.
How to use it
All payments done in Friday Finance must be originated from a Friday Finance Business Account. Users should then go through the following steps to update bulk payment files in their workspaces:
- On the Payments tab, click on Make a Transfer → Upload XML/CSV file
- Review the transactions to see if any fields are missing
- Click Confirm and pay all
Why pay with Friday Finance
Imagine if you could see all your critical financial metrics together at once instead of navigating between Excel, Google Drive, a separate spend management solution, and multiple bank accounts. Friday Finance facilitates your administrative tasks by consolidating them into a single system, eliminating the need to switch between multiple tools.
With our integrated bulk payments solution, you immediately reconcile the corresponding bills, while updating your cash flow position and having all the relevant documents at your accountant's disposal. Account owners can allow workspace administrators to make payments through Friday Finance. This enables financial managers to delegate and reduce the burden of activities over them while still controlling the process.
The Friday Finance and DATEV integration brings efficiency to managing payable bills. Open, unpaid positions can be either settled when scheduling the payment after uploading the bill or through imports of bulk payment files from DATEV into Friday Finance.
Come us out and see how we are simplifying payments for entrepreneurs all around Europe. Book a call with one of our experts or take a quick self-service product tour to learn more.
