SMEs in UAE use ERP/business tools to manage their day-to-day transactions, which serves the purpose of accounting and recording. SME businesses usually work in silos as they handle multiple ERPs, accounts, users, and payment gateways.
SMEs in the UAE encounter the major challenges in their daily transactions:
- Juggle between different software to record and reconcile a transaction
- Chasing invoices
- Inefficiency in collection
- Raising invoices on time
- Managing working capital
- Inability to track business health
- Remembering due dates
- Manual reconciliation
Hylobiz is a fintech platform with active operations in India, UAE, and Bahrain. It offers small and medium businesses to connect their existing ERPs such as Zoho books, tally, and Quickbooks with zero set-up cost. SME businesses in UAE can also integrate their accounts and accounting platform/business tools with the Hylobiz platform.
How Hylobiz helps SMEs in UAE to boost and digitize collections:
Easy and automated reconciliation
With the help of business tools, reconciliation has become easy for businesses. As it is automated, the transactions from the ERP are recorded and reconciled in the bank accounts as well.
A business can now easily track its transaction, its payment status, send reminders with payment links which have improved the collection process. It also saves them from manual reconciliation along with more transparency and better cash flows.
Multiple payment options
With the Hylobiz, businesses have improved their collection efficiency. SMEs in UAE/India can collect payments from their customers using multiple payment options such as bank transfer, debit, and credit card. A business is no more required to chase invoices or remind due dates. Also, send automated reminders when payment becomes due.
Hylobiz offers plug and plays solutions to businesses, which comes with an integrated payment gateway. It also provides API connect to E-commerce, where they get digital storefronts for their buyers at zero integration cost.
Easy to use
Fintechs are building solutions to solve the pain point of SMEs in UAE/India. Now, a business need not move from ERP to bank software to track and collect payments.
Businesses also enjoy access to real-time transactions, business health which improves their relationship with business stakeholders. The best part is that they can track and manage their payables and collections from phone/web 24*7 at their convenience.
It helps businesses gain a high degree of control by streamlining their payables and collections, providing insights and business reports.
Also, help them in gaining their customer and supplier’s health report based on transactions, which improves decision making. Businesses can manage their inventory on the go and can get notified about the low-running items. It helps in forecasting its future sales and working capital requirements.
The biggest problem faced by SMEs is the collection of payments. Hylobiz solves this problem of SMEs by digitizing their collections through which businesses save their time and cost and thus improves efficiency.
SMEs can use their saved time to grow their business and in building a better customer experience.
Also, with ERPs, there are no chances of duplication. All business data are easy to access, safe, and secure as stored on the cloud.
Hylobiz is trying to solve SMEs in UAE/India’s pain point with its tailor-made solutions.
Once a business integrates its existing ERP with Hylobiz, Hylobiz syncs its invoices, automates its payments and reminders. Hence this will improve business collection efficiency and cash flows.
Hylobiz offers a digital ledger with all the transactions updated on a real-time basis. Also, it supports auto reconciliation into ERP, through which businesses enjoy higher control and access to real-time cash flows.
On Hylobiz, a business can collect payments using multiple modes like debit/credit card, IMPS, net banking, and a cheque. Also, create invoices with attached payment links, which helps in getting paid faster.
Other top features of Hylobiz:
To support SMEs in UAE/ India their growth Hylobiz is looking for banking partners in UAE to build tailor-made solutions for small and medium businesses. Hylobiz can help you in automating your vendor payouts, utility payouts, and salaries. It also boosts your working capital and helps you in building a healthy credit score.
Hylobiz is an ISO-certified organization and maintains bank-grade security. Hence all the transactions performed through the platform are safe and secured with two-factor authentication.
Hylobiz helps SMEs in simplifying and managing their business effectively. Hylobiz ensures payment collection on time.
Read more: https://hylo.biz/6-ways-fintech-and-bank-partnerships-can-improve-sme-businesses-in-uae/
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