It takes around 1:30 minutes to find an invoice in your email, pay it and pass on the details (IBAN, amount, reference, due date) to our accountants. Trust me; I just did this.
As I am an average-speed typer, the task took me 1:47 min. Some may take longer; some will do it faster. But let's keep 1:30 in pure processing time as a rule of thumb, ignoring the pre-and post-treatment of the bill.
Now, assume you have 30 freelancers working for your company. You are also in charge of the internal payroll and handling invoices from the Marketing consultancy and your suppliers. You still need to find all the documentation in your email for each payable to keep Accounting happy.
Suppose you need to make just 60 payments every month. You must go through the same routine of finding bills, paying them and preparing the accounting materials for each. In that case, you are occupied with manual work for at least half a day.
Here lies the value of unifying payments in one place: the more complete the tool you use to manage your payables, the fewer steps and time you take, the fewer interfaces you need to operate, and the less exposure to potential errors you have.
If you are a CEO or a CFO reading this article, and the scenario above sounded hauntingly familiar, Friday Finance is just the time saver you are looking for.
How to Set up a Friday Finance Business Account?
On the Overview tab, go to "Open a Friday Finance Pay Account" in the top right corner. Submit the required documents to verify your company and start using your new business account. Refer to our step-by-step guide in case of any questions.
Single Payment
The most straightforward alternative: type in the recipient and let us populate the IBAN if it is already stored. Fill in the transaction details of the open bill, confirm, and that's it.
Bill Pay
When you upload a payable bill at Friday Finance, you will be offered the possibility to pay the bill now or at the bill's due date, straight from your workspace. When managing documents with payment dates in the past and no matching synched transaction, you can also sort the liability with one click.
Scheduled Payments
Schedule your transactions to be executed as soon as you receive the bill. This way, you won't miss deadlines and, because of the automatic integration with the Cash Flow tab, instantly have the future payable predicted in your forecast.
Soon… Bulk Transfers
You will soon be able to process multiple transactions simultaneously by adding them in bulk on a CSV file and only giving consent once. This will let users make several payments within minimum time and maximum efficiency.
Closing the cycle in financial management
Friday Finance bundles administrative tasks you are used to handling across two, three, or even more different systems. These niche tools force you to switch contexts whenever you jump between software. Here's how your workflows can look like when it all comes together:
The comprehensive multibanking hub is the ideal start to navigating your finance processes. Connect your bank accounts to your workspace and have an immediate understanding of your cash position.
A cash flow statement with forecasted in-and-outflows is fundamental for any business's survival. By integrating liquidity planning with your connected bank accounts, Friday Finance spares you from switching between bank accounts and filling sheets for hours to understand your consolidated position. Automating this process means you avoid errors associated with manual tasks that deal with many numbers and tabs simultaneously.
Then, on the other end of the line, uploading your bills in Friday Finance allows you to have reliable and exhaustive transaction documentation for your accountants to close your books. The automatic reconciliation, the process of matching uploaded bills with transactions from bank accounts, saves you hours of time and patience in what is likely the dullest task in pre-accounting.
Now, with payments, we tie up the knot. You will no longer miss deadlines or switch between different bank accounts. Your payable is instantly scanned, updated in your cash flow, stored with your bills and paid, all at once and in one place. Business account holders can also issue corporate cards to themselves and their teams.
If you are convinced that saving time with manual routines is what you need to unlock your performance and start dealing with tasks that add value to your business, look at Friday Finance. Book a demo or take a tour through our product to learn more about simplifying your finances today.
