Power AP automation in minutes video transcript

Shaune Leung (00:01):

Hi, my name is Sean and I'm one of the account executives here at Finofo. Within the next few videos, we'll be going over some of the ins and outs of the Finofo platform. To kick it off, we're going to go through some of the details of what happens once you finalise sign up. So the first step typically is going to be opening your account. Your screen will look a little bit different. It'll default to open up the initial currency account. I've already accepted the Canadian one as the funds and added some funds in there. For the demo, I'll showcase how easy it is to open up an account in something like US dollars. You'll just click on that open account and then here, when you click on open should take a matter of seconds just like that, it's already being created. Now, once you've created your first account, you'll probably want to go either towards adding funds or adding beneficiaries.

(00:55)
So to add funds, we'll just be able to go into the top right, we'll go say from either inside United States or outside of the us. The initial amount will be a hundred thousand, and then from here, it just showcases the different methods of how you can put the currencies in your account. Now keep in mind Finofo will not charge anything in terms of fees from us to fund your own account. That might be different from the bank account you're transferring from. Now, once you go forward with choosing the option, you'll be able to see the ACH instructions. This is the details of how you would want to follow of putting the funds in there. This is also the details that you can have in order to start receiving money as well, but we'll go in depth in terms of how you can access that later as well.

(01:48)
So from the dashboard, the next step that you might want to take is importing something like beneficiaries, and so these are all going to be the suppliers or people that you'll be paying right here in the top left. This is what it's going to look like if you've integrated something like NetSuite or any other ERP. What's going to happen is once it starts talking to your ERP, it will populate any new beneficiaries that's found and so that way you're not having to do something like double entries. You're putting in the beneficiary in your ERP and you have to put it into Finofo. We streamline that process for you. The other option is something like upload the CSV files. Now in that situation, you can take it from an ERP that perhaps is not fully integrated yet, or you want to have offline. You can create that CSV file.

(02:41)
You'll be able to map any of the columns to one of the fields within Finofo and very easily import it that way. The next portion after you've set up your beneficiaries is probably going to be to issue payment to your suppliers or pay for your bills. Now, right here in Bills, it will provide you with a high overview of anything that's still unpaid. And so for this one, we'll show you how you can import mass bills. If we go to import instead of beneficiaries, you're on bills. Very similar story of if you have the ERP integration, it will start automatically pulling any new bills that's found. The other option, and I'll walk you through this one, is uploading the CSV file. Now we'll have all of our unpaid global bills when we go next. This is the visualisation that you'll see in beneficiaries and also in bills.

(03:44)
And so we'll be able to very easily provide you a visualisation on how to format. It's not like the traditional banking platforms where you're set up with a black box that doesn't provide you any type of view to see if there's any errors or duplicate payments or duplicate bills. To upload all of these, I'll just be able to select all and initiate import. There's a quick confirmation that you want to do this and then sit back and it will process. So 76 bills were imported just like that. Now when we go done, it'll automatically default from the import function to your bills. Here you'll be able to see any of the due dates. You can can filter, take a look at things like pending approval in progress paid, et cetera. Now the next step is to show you how to actually issue payment for those bills.

(04:40)
In pay bills. You'll be able to see all of the invoices here and to showcase the functionality of what we offer is that if you start creating multiple currencies and creating multiple accounts, you'll be able to select all. In this instance, it'll provide you a breakdown on the bottom right of all the bills that you want to pay and all of their different currencies totaled up. If you don't want to pay all, you also have the ability to pay a single supplier or you'd be able to go in and create even more customization and select one or two bills. Now, once you've had the bill that you wanted to pay selected, you can go continue payment and then from here you'll be able to see that it's just to verify the dollar value, where it's going to, who you're paying, et cetera. And then you go pay beneficiary.

(05:32)
On the second screen is just to verify that information and then also it provides you the ability to send a confirmation email to your supplier. This way they'll get notification and they'll be able to expect payment. There's no further communication needed to confirm that. Once you click confirm, it'll show that this payment has successfully been paid. The balance is going to be adjusted within the dashboard right here and an audit trail for you to be able to keep for your ERP on the other side. Now the next portion is send money. Here, you'll be able to send any one-off payments and be able to manually customise the payment reason. Depending on the situation, perhaps it's just a payment that's being requested. You'll be able to send it here with real time transfers. This is a function where if you have multiple entities within your platform, you're going to be able to move your currencies around.

(06:34)
And so with real time transfers, you're going to be able to select the perhaps ffo US office and send currencies over there as well. And so for this, I'll show you really quickly on how to convert the currencies. I want to maybe send $10,000 Canadian to US entity. So I'll come into here and I'll convert, I'll do that 10,000 to USD. It will provide me the updated and live rate. Every 45 seconds, you'll get another updated rate. Once you click continue, you'll be able to confirm, and that's how easy it is for me to transfer from my own account from a Canadian dollar balance to a US dollar balance. And then when I want to move it over to my next entity, I'll be able to select Finofo US. I'll say it's a business expense.

(07:35)
To move the full balance over. I'll click confirm. And then for demo purpose, I'll switch over to the US account just to show that the balance is immediately there. So we utilise local payment rails in order to make real time transfers, and so that's but also pay your other entities. We'll be able to just have a quick overview of account details. There's two ways to visit or to confirm what the banking information is from accounts. You'll have the PDF here or from the dashboard, you'll be able to go very quickly. Account details. You have two instructions here as well. The other portion is transactions. This is going to be your audit trail. It's really to help you reconcile any accounts, any money in any money out, or any other type of details that you'll need to funnel back into your ERP. You'll have a few options, which is to select the currency, and then you'll be able to select date range as well, fully customizable.

(08:45)
So you can do month over month or for the previous full year. The data is all yours to utilise. The next portion is in your settings, so you'll have the ability to go manage your bank accounts, accounting for integrations, and then also the permissions. For permissions. You'll have two roles, well three roles, but most likely you're going to have collaborator and admin collaborator provides you the ability to have the more administrative aspect of putting in the invoices, managing the platform itself, and then the admin would provide the approvals to actually issue out payment. There's a breakdown here for role permissions that you can browse through, but that could be viewed after you've signed up. And then there's a couple more details, but outside of that, that's the overall scope of the ffo platform. That's a quick introduction to getting started with accounts payable with Finofo. Check out more of our content and videos for a deeper look across all our futures to help you get the absolute most out of Finofo's powerful platform.