Handling payments is a hassle every time. First you have to check your emails/messages for invoices you have received, go to the banking app to make the payment and then log in to your accounting software to create a purchase and payment voucher. For a business that handles over 50 invoices a day, this becomes a gruelling task. Settling invoices in this scenario becomes a full-time job for you or your accountant.
What if this entire invoicing flow could be automated??!! With TallyPrime’s new release, you can automate accounts payable and recording of transactions, payments, and bank reconciliations will happen in one place. The things you will most enjoy is:
- No more switching screens
- No more repetitive data entry
- No more delays in vendor payments
Connected Banking 2.0 - Secure connected payments with PrimeBanking
With TallyPrime, you can take advantage of automated accounts payable and direct payments right inside TallyPrime. This isn’t just about keeping books synced with bank statements anymore, it’s about automating how businesses pay, track, and reconcile.
With Connected Banking 2.0, you can:
- Make vendor payments directly from TallyPrime
- Fetch bank statements instantly
- Reconcile your books with bank statements automatically
All while ensuring bank-grade security.
Whether you are entering bills, initiating payments, or reconciling transactions with your bank statements, TallyPrime makes the entire flow automated and error-free. Now your vendors can receive instant notifications, so payments can reach you without delay. You can move funds in real time, verify balances, and ensure your books always remain accurate and up to date, without switching screens or systems.
Features of Connected Banking 2.0
Have a look at the features of connected banking with TallyPrime:
- Direct payments via partner banks
Automate and authorize vendor payments securely through integrated bank APIs.
- Real-time status tracking
Get instant payment status updates and see them reflected automatically in your books.
- Automated payment reconciliation
Fetch bank statements in a click and reconcile payments immediately.
- Instant vendor notifications
Share confirmations with vendors instantly including bill details
- Secure connect
Link your bank accounts safely to TallyPrime with bank-grade encryption
How does TallyPrime Connected Banking work?
Here is how TallyPrime automates your payment and bank reconciliation workflow:
Step 1: Record vendor bills
Enter purchase invoices in TallyPrime.
Step 2: View and select bills to pay
Check your payable list and choose which vendor bills you want to settle.
Step 3: Log into connected banking
Log into connected banking with your credentials from TallyPrime.
Step 4: Make payments
Make a payment from within TallyPrime using your linked bank account.
Step 5: Track status and notify vendors
Get real-time payment status updates and instantly share payment confirmations with vendors.
Step 6: Auto-fetch bank statement and reconcile
Fetch bank statements in a click and auto-reconcile payments
This is how TallyPrime automates the entire accounts payable workflow. TallyPrime customers of Axis Bank, Kotak Mahindra Bank, and State Bank of India can now unlock seamless connected payments and reconciliation. More partner banks will continue joining the ecosystem, expanding convenience for businesses for completing their payment workflow.
What’s more. You can now connect TallyPrime to BharatConnect and automate the entire invoicing and payment workflow from sending invoices to buyers to getting a payment confirmation from them right within TallyPrime. To know more about BharatConnect with TallyPrime click here.
