Digitisation of manual processes has become more common as technology permeates all aspects of life. With this permeation also comes increasing access to the internet and automation of work processes.
Xelar by Exin Versa is one digital software that creates ease for businesses. Xelar is a business-to-business (B2B) supply chain management and finance solution. Xelar helps businesses automate the supply process and management by switching them from manual documentation of their daily processes to digital record keeping and also grants them access to financing.
Founded in March this year, Exin Versa was initially created to be an invoice financing company. Typically, before issuing payment, businesses have to verify invoices through a three-way matching system. This involves reconciling the purchase order, goods receipt, and invoice. This can take anywhere from weeks to months for some businesses, causing delays, costs in manpower and sometimes there are discrepancies in records. With manual documentation, there are sometimes mistakes and omissions, important dates and info that can come up missing stalling payments and the smooth running of business. Some business owners have trouble keeping track of their business documentation and this makes it hard to solve the finance problem without solving the management problem first. This was the problem co-founders Folorunso Williams and Oluwasegun Adekunbi encountered while getting Exin Versa off the ground and this led to the birth of Xelar to take care of the supply chain management and documentation side of things. Now with Xelar, Exin Versa can finance invoices and purchase orders.
Xelar automatically reconciles each transaction creating a single transaction flow from quotation, to purchase order, to goods receipt note. This helps companies save time and cost, and also reduces manual inputting errors. This automated system eliminates fraud and reduces personnel costs. Instead of hiring staff to input manual data and reconcile invoices, companies can save on operating costs by using Xelar and channel their resources to other things. This error-free, easily accessible documentation also makes credit application and auditing easier.
Unlike other supply chain platforms which cater to just one part of the supply chain, Xelar caters to both buyers and their suppliers. Buyers who register and subscribe to the platform can invite their suppliers to collaborate with them free of charge. Invited suppliers can receive e-purchase orders and issue e-invoices, and all details relating to payment are readily available to each party on the platform and can be easily pulled up. This removes the need for constant back and forth between parties.
Xelar thrives on affordability and simplicity. To use the product, a company representative has to visit the platform and sign the company up and the Xelar team grants backend access right away. Each new sign-up comes with a free 30-day trial. After the 30-day trial, to continue having access to the platform a subscription fee will be required and some business details. More in-depth background vetting will be done when a business seeks financing after subscribing.
For those with an already existing system, Xelar is easy to adopt and user-friendly. For those without a digital record system, Xelar is cloud-based so you only need a web browser to use it and anyone with basic computer knowledge can easily use the platform.
Exin Versa plans to relaunch its finance product by the first quarter of 2023. This time the product will be separated into two categories which are:
- Supplier finance, for suppliers with pre-qualified buyers. These suppliers can request instant payment on their invoices and after a minimal fee deduction, Exin Versa pays them the full balance of their invoice.
- Payables finance, for buyers. When a buyer has an invoice with, for example, a 45-day payment term, when the invoice is due, Exin Versa pays the supplier and extends the due date by an additional 30-60 days after which the buyer pays Exin Versa.
To use Xelar, visit the website here and visit Exin Versa here to find out more.
