Xero & Parakeet:
Automate your Bills, add BPAY and Early Payment Discounts to Invoices & Bills
Xero and Parakeet have partnered to automate 100% of your bill payments, add BPAY to Xero invoices and add real-time early payment discounting capability to your payments.
Enjoy the freedom of having your bills automatically paid & reconciled in seconds, including bulk BPAYs and vendors payments via bank account or cards.
Experience the ease and joy getting paid early without chasing or borrowing.
Together with:
Make your job easier & spend less time paying bills.
Reward your customers to pay early.
Reduce time paying bills and chasing invoices
Integrated Accounts Payable and Receivable
Winners all round, seriously
Parakeet's Xero-BPAY & EFT bills automation makes paying your bills a breeze. Read more here.
Only interested in BPAY batching? Read more here.
Offer early payment discounts and reward your customers for paying early. Everyone is rewarded for doing the right thing. Read more here.
Related blog:
Pay & reconcile bills, invoices or both, only with Parakeet.
Parakeet is the only payments hub connecting your bank accounts, cards & merchant facilities with Early Payment Discounts, invoices, bills and accounting.
Related blogs:
How accounts and finance gives businesses the freedom to grow. and Players that focus on both sides will win
Every invoice or bill paid early or on-time is a financial and emotional contribution to the wellbeing of you, your vendors and your customers.
It's a win-win made easy by the Parakeet-Xero partnership.
Better relationships all round.
Related blogs:
and
See our Xero App Store reviews here
Remove 76.9% off your Bills Workload &
Save with Early Payment Discounts requestAs re
Features
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All bills automated - BPAY Billers, Vendor Payments via Bank or Cards.
Save yourself the process of 'doing the banking', making manual BPAY payments or batching vendor payments.
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Make payments the way you want.
Put an end to the game of 'matching' vendor to payment methods. You can drag and drop to prioritise your preferred payment methods and Parakeet will auto match your preferred payment method with your vendor's compatible payment methods.
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Automated request of Early Payment Discounts from vendors.
Save money by making custom offers to pay your vendors early, in exchange for a discount.
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Reconcile bills, discounts and surcharges in seconds with "1 click-n-transfer".
Parakeet automates the reconciliation of your bills, from applying payment to adjusting for early payment discounts (existing or new arrangements) and surcharges. So your only task is to reconcile your bank statement to a Clearing account. It's literally 1 click-n-transfer.
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See it in action below or learn more about Making Payments.
Helping Australia's business community
Xero is world-leading online accounting software built for small business.
About Xero
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Get a real-time view of your cashflow.
Log in anytime, anywhere on your Mac, PC, tablet or phone to get a real-time view of your cash flow.
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It’s small business accounting software that’s simple, smart and occasionally magical.
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Run your business on the go.
Use our mobile app to reconcile, send invoices, or create expense claims - from anywhere.
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Get paid faster with online invoicing.
end online invoices to your customers - and get updated when they’re opened.
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Reconcile in seconds.
Xero imports and categorises your latest bank transactions. Just click ok to reconcile.
Find out more or try Xero Accounting Software for free.
Frequently asked questions
Bills
1. Does you app make BPAY & vendor payments out of Xero
Yes. We take away the need for you batch vendor payments as well as manually create, pay and reconcile BPAY payments back into Xero. We also offer the ability to create BPAY batches out of Xero and send it directly to your inbox for uploading to your banking platform.
Only interested in BPAY? See our BPAY page here.
2. Can we use any approval app or digital capture tool for our bill review and approval process?
Yes. As Parakeet is pre-integrated with Xero, it works with any approval apps (e.g. Approval max) or data capture tools from the Xero App community (e.g. Hubdoc).
So if you have a complex workflow, you can use any of the apps to reach the 'approved for payment' stage. Once it reaches this stage, Parakeet takes over.
3. How much does Parakeet cost?
4. How does it work?
In 3 steps.
1) Update biller and vendor details into Xero Contacts
2) Configure your Parakeet account & Connect to Xero
3) Approve your bills in Xero
From this point onwards, our platform automates the rest.
We schedule the bill, then on due date, we use the accounts set up in your Parakeet wallet to pay the bill.
Once paid, we post the entries back into Xero.
5. Where do I provide the BPAY or bank account details?
You input the BPAY or bank account details into the 'batch payments' section of your Xero contacts.
Invoices
1. Does you app add BPAY to Xero invoices?
Yes.
Once you set up your BPAY facility with your bank, we will help you with generating a unique CRN (customer reference numbers) and get that information into your Xero invoices.
Now your customers can pay via BPAY.
2. Does you app add early payment discounting to Xero invoices?
Yes.
Once you register & configure your Parakeet portal, we will automatically apply your invoices with the early payment discount rate that you have chosen to use.
3. Can I use different discount rate for different customers?
Yes.
To have customise discount rate, your customer needs to be registered as a user in the Parakeet portal.
We find this is really useful for regular clients that you deal with as they receive a customised rate whilst you also know that your customer has set up a Parakeet Wallet, which gives you certainty of payment. They also get the benefit of setting up auto acceptance which means discounts are automatically taken and paid.
For non-registered clients, you can continue to offer them your 'global' discount rate under one-time payment invoices.
4. What's the difference between incremental & static discounts?
Discounts for invoices come in two styles: Incremental and static.
We recommend incremental, which means the discount decrease percentage points each day until the due date.
That said, we give you the ability to select a static discount — a single offer amount for the entirety of the invoice lifecycle to cater for any existing arrangements you have.
5. What happens if my customer doesn't pay early, do they still get a discount?
No.
Our system calculates and updates the discount every day based on your rules.
So if they only pay after the invoice is due, then no discounts will apply and the full invoice amount will be payable.
Reconciliation
1. Do I need to set up any new Chart of Accounts?
Yes, however we automate this for you.
During your Parakeet set up, you will be asked if you like to use our 'recommended' set of accounts. If you answer yes, we take care of it for you.
You can see the full list of accounts in our support portal here.
2. What do I need to do from a reconciliation perspective?
When it it comes time to reconciling, you now only need to undertake the '1 click-n-transfer' as per below.
When the line entries from your bank statements are shown in Xero:
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If it's an invoice collected via Parakeet, undertake a "Transfer" to Parakeet AR Clearing (Final) Account.
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If it is a bill paid via Parakeet, undertake a "Transfer" to Parakeet AP Clearing (Final) Account.
In the background, we have taken care of all the surcharge, discounts & payment allocations against the bills/invoices & chart of accounts.
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