Product Questions

MonstarBill makes it easy for your vendors and suppliers to submit their bills and invoices. Vendors and suppliers have the option to send invoices to accounts payable aliases through email. Each accounts payable approver aliases get a dedicated email address. When vendors send an invoice to the users’ dedicated email, the system automatically reads and imports the invoice directly in the MonstarBill hub. For this, you need to set up an invoice receiving email from the admin dashboard.

You can also give your vendors and suppliers the option to upload bills and invoices directly into MonstarBill’s portal, where they can also monitor the status of their invoices. The approval process is further enhanced by letting your suppliers attach relevant documents, such as vendor contracts and work verification, to each invoice. 

Update: MonstarBill is soon to integrate Optical Character Recognition (OCR) technology which will automatically capture and extract invoice data accurately. 

The entire invoicing process, from the initiation of payments to the final reconciliation, is efficiently handled and tracked within the MonstarBill Hub or its web portal.

MonstarBill is set to launch more extensive features upcoming month for the Vendor Portal through which, vendors can even communicate directly with the account payables team. This feature will let vendors and suppliers call and chat directly and ask about invoice and bill payment updates.

Once a purchase request has been made, there are three options for approving and rejecting the request:

1. Admin users get email notification from MonstarBill whenever a purchase request has been made. The admin users can approve or reject purchase requests directly from the email and the system will automatically update MonstarBill.
2. The admin users can approve or reject purchase requests directly from the MonstarBill web portal by clicking on the Approve and Reject button from the Approval navigation on the left side bar from the MonstarBill dashboard.
3. MonstarBill also comes with a Self-Billing option and you can set an automatic workflow that requires bills to be approved by both the internal finance team, payer and payee.

* Note: Admins can also set approval preference for threshold amounts and can change Next Approver from the Awaiting Approval page.

Click the Purchase Requisition navigation from the left side and open the Purchase Requisition view mode. Next, click on the Approval button to send the Purchase Requisition request to admin roles for Approval. Clicking on the Approval button will change the status of Purchase Requisition to Pending Approval.

You can view the list of purchase requisition (PR) pending approvals by clicking on the arrow down icon from the Approval navigation located at the left side bar. Next click on PR Approval. Now you can see the list of pending approvals.

MonstarBill handles tax compliance for accounts payable via user-defined settings, allowing organizations to adapt to changing tax laws and regulations globally. MonstarBill simplifies tax calculation and application for invoice payments in the following key ways:

1. Global Tax Calculations: For countries outside of Bangladesh, MonstarBill uses straightforward tax calculations and standard rates (e.g., 20% for the UK and 25% for Denmark). For the Czech Republic, there are three rates applicable service-wise. You can input any tax rate, as per the service, in the dashboard, and MonstarBill will calculate tax rates and apply them to invoices accordingly.
2. Customizable Tax Rates: Users have the flexibility to input custom tax rates specific to the services purchased, which MonstarBill uses to compute and append the correct tax amounts to invoices.
3. Tax Rate Rule Function: This feature allows users to set up tax rates for different regions or types of taxes, ensuring accurate calculations when creating invoice payments. Once configured, MonstarBill automatically calculates the appropriate taxes when generating invoice payments, ensuring accuracy and compliance with regional tax laws. 
4. Manual VAT Input: Users can manually enter VAT amounts when creating invoice payments, and it will automatically adjust the tax calculations accordingly.
5. Tax Automation: MonstarBill is set to integrate Tax Automation in its next phase, which will further streamline the tax compliance process. This feature shall facilitate direct bank payments and direct invoice submissions to suppliers.

That said, MonstarBill is the first-ever AP management tool in Bangladesh that incorporates tax and VAT automation features, marking a significant milestone in financial technology for the region.

Yes! MonstarBill is built to seamlessly integrate with popular ERP and accounting systems such as Oracle NetSuite, QuickBooks, Sage Intacct, Xero and Tally. Thanks to our intuitive drag-and-drop interface and ERP connectors, you can seamlessly integrate MonstarBill with your existing ERP and accounting systems and reconcile accounts payables.

The Early-Bird/Trial subscription allows you to integrate MonstarBill with NetSuite. The Premium and Enterprise subscription allows you to integrate MonstarBill with QuickBooks, Sage Intacct, Tally, Xero and the system is always adding more ERP integrations. This streamlined integration enables automatic synchronization of vendor details, invoices, and payment data, ensuring a smooth and rapid data flow within your financial ecosystem.