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MonstarBill is a full-fledged Accounts Payable (AP) automation software developed to streamline bill management and accounts payable workflows, enhance accuracy & transparency, and drive operational excellence. The core features of MonstarBill are:
MonstarBill also offers the following exclusive features catering to wider range of business needs:
MonstarBill works as an integrated cloud-based platform designed to automate and streamline the accounts payable, spend, and expense management processes. Operating similarly to other SaaS (Software as a Service) applications, MonstarBill allows you to sign up and log in to your account from anywhere in the world, providing flexibility and real-time financial operation management. You can sign up from http://stgsite.bill.monstarsuite.com/free-trial/ Once you have an account, you can sign in at http://stgsite.bill.monstarsuite.com/login/ and access the application.
MonstarBill is used for automating and managing the accounts payable and bill management process, including the management of expenditures and expenses through a secure, cloud-based system. The system facilitates global access to financial operations and streamlines the invoicing and tax compliance aspects of businesses and works as a full-fledged SaaS bill management and AP automation tool.
MonstarBill provides a robust solution for controlling purchases and expenses by centralizing the entire bill management and accounts payable process. The system streamlines bill and invoice payments, ensuring that all financial commitments are transparent and approvals are efficiently processed. Business owners gain critical insights for decision-making with the ability to review essential documents, such as vendor contracts and proof of work, directly alongside each invoice. From the initiation of payment to the final reconciliation, MonstarBill allows for comprehensive management and oversight of every invoice’s life cycle within its platform.
MonstarBill improves the relationship between the AP team and suppliers by:
MonstarBill comes with three subscription plans (Basic, Premium and Enterprise) designed to cater to the specific needs of small and medium-sized businesses (SMBs) as well as startups.
The pricing for MonstarBill subscription plan depends on the features and the number of user seats.
You pay for the core features that you need in the subscription plan and seamlessly upgrade to exclusive functionalities at any time. This pricing structure ensures that pricing is transparent and fair, aligning the cost with the actual value derived by the customer.
Please visit the pricing page to learn more about our current pricing structure.
MonstarBill allows you to pay in United States Dollar (USD), Japanese Yen (JPY), Bangladesh Taka (BDT), Great Britain Pound (GBP), Indian Rupee (INR) and soon to support local currency of over 160 countries.
With MonstarBill, payees receive payments directly in their local currency, fostering a seamless transaction experience. This feature not only grants instant access to funds but also eliminates the additional steps and fees associated with currency exchange. By eliminating the need for bank visits to convert currencies, MonstarBill significantly simplifies and accelerates the payment process for global transactions.
MonstarBill supports multiple payment methods including wire transfer, Global ACH (eCheck), PayPal, prepaid debit cards, Bkash payment. Payers can find a variety of payment methods from the Admin dashboard and choose the payment method that works best for them.
No. However, MonstarBill currently offering a Free Trial offer to selected regions till August 2024 and the pricing will be revised per user basis.
**The prices are for unlimited subsidiary but comes with a single invoice email for a single subsidiary. To use invoice email, for other subsidiary, the client needs to pay extra USD 14.00 for each one of it.
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:
* 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:
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.
