Vault, the leading digital financial platform for Canadian Businesses, released their automated vendor payment functionality designed to increase payment accuracy with enhanced accounting software integrations. This new addition is set to transform how businesses manage their payable processes, offering a true 2-way sync. In early testing, businesses were able to reduce the time required to pay their vendors by 70%.
The Accounts Payable feature integrates with existing accounting softwares like Quickbooks or Xero, allowing businesses to sync and import bills directly into Vault. Prior to this, businesses told us they “were stuck going back and forth to confirm payment details, often leading to inaccuracies”. The 2-way sync ensures correct amounts, release dates, memos and attachments are all included through an automatic import.
Businesses can now manage and pay hundreds of bills simultaneously, significantly reducing the time spent processing payments. Additionally, Vault’s smart-FX feature automatically matches currency if possible, prior to converting at market leading rates.
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To further enhance financial control, Vault provides multi-level payment approval workflows. This feature ensures that all payments comply with internal payment processes prior to funds being sent to different vendors.
An added advantage of the Accounts Payable feature is its ability to auto-categorize paid bills, reducing the administrative burden on accountants and finance teams, ensuring accurate record-keeping.
“We heard from our customers that they were spending multiple hours per week paying bills,” said Ahmed Shafik, Co-founder at Vault. “The Accounts Payable feature is designed to make financial operations more efficient, giving businesses the tools they need to scale.”
Vault has become Canada’s only AP platform to offer this feature through a wide variety of payment methods such as EFT, ACH, SEPA, and international wires (SWIFT).
Vault’s Accounts Payable feature is now available to all businesses, marking another step in the platform’s mission to support the daily financial operations of every Canadian business.
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