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Bank Feeds vs Automated Payables

Accounts Payable
CFO
Technology
By
Karolina Jarosinska
|
May 19, 2024
Automated Payables | Fyorin

Top accounting platforms today partner with fintechs and banks to streamline the flow of banking data into the accounting platform, so that the transactional data appears automatically and in real time, enabling faster reconciliations.

In order to achieve this, open banking legislation and smart reconciliation modules in accounting tools allowed finance professionals to match debits and credits from bank statements with open bills and invoices, reducing manual work and saving time in the process.

Although this solution eliminates manual imports and matching, it does not fully automate the payables and reconciliation process. Particularly since invoices, bills, and transactions are rarely simple value matches - you have to consider multiple scenarios, including broken bank payment references, payments covering several invoices, or multiple invoices for the same supplier. Those situations may require additional manual input or documentation.

Ultimately, while bank feeds are valuable to finance professionals, they do not significantly automate processes or save time. Here’s where automated accounts payable come into play.

But what is the difference?

Automated Payables

With Automated Payables, the entire process is automated from start to finish. Once you integrate your accounting platform with your accounts payable tool, all you need to do is enter the bills and from then onwards, it's all automated. Banks pull the bills to be paid, and intelligently determine the best route to pay suppliers. Once completed, the system automatically reconciles the invoices as paid.

In summary, with automated payables you get:

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    Automated import of bill payments (including attachments) into the bank.
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    Automatic reconciliation of paid bills in the accounting platform - also available for bulk payments!
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    Less back and forth with the bank thanks to the attachment being readily available on the banking platform.

You can take the process one step further by posting invoices into the accounting platform using OCR (optical character recognition) technologies. It is even possible to route your invoices to an email inbox that automatically enters them into your accounting.

Fyorin Accounting Automation

Fyorin payments and financial operations platform helps finance professionals automate their day-to-day payables tasks and focus on more strategic endavours. We offer a suite of accounting automations that range across payables, receivables, and card expenses. Automated Payables works seamlessly across various accounting platforms such as Xero, QuickBooks, Netsuite, ZohoBooks, Microsoft Dynamics and Sage.

Bank Feeds Accounts Payable | FyorinAutomated Accounts Payable | Fyorin

Fyorin’s Automated Payables allow you to:

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    Centralise all bills in one place and match them with the right suppliers in your contacts to automatically create a payment, without manual data entry.
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    Amend the payment amount to pay the deposit or make a partial payment. Our system will automatically create a new payment for the remaining account and mark the bill as partially paid.
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    Automatically reconcile paid bills in your accounting platform thanks to the two-way-sync.
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    Easily switch the bank account to send payments to avoid delays and failed payments.
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    Merge full or partial bills for the same supplier into one payment to save money and reduce manual work while our system correctly posts it in your accounting tool against all matching bills.
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    Create deep links from Fyorin directly into the bill in the accounting platform for easier navigation between the two systems.

Ready to streamline your payables at global scale? Register with us by emailing [email protected] or book a demo.


Fyorin, your financial partner

Fyorin, a financial operations platform for digital businesses, automates and monetizes the movement of money, making financial operations smoother, faster and more efficient. The platform eliminates 90% of manual work, allowing businesses to connect with their preferred accounting platform to automate receivables and payables.

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