How The M-PESA Bill Manager Will Help You Sort Out Your Business Finances

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M-PESA Business app. Image from https://www.techafricanews.com/2020/06/18/safaricom-launches-lipa-na-m-pesa-business-app/

Many businesses in Kenya are sole proprietorships which means that one person has to wear many hats so as to run the business. One of these hats includes being the financial manager. As the financial manager, you have to ensure that you’ve received every payment and reconciled your books among other responsibilities. If you’re not business savvy, this can be a challenge and could cost your business lots of money. Similarly, paying bills could pose a problem if you haven’t managed your finances well. You can avoid feeling bamboozled every month with Safaricom’s M-PESA Bill Manager.

Safaricom introduced a new service, M-PESA Bill Manager, that allows its customers to stay on track with their finances. Whether it’s receiving payments, sending invoices, or simply sorting out your monthly expenses, the service makes it easier to do so. With this service, you don’t have to go through your contact list to know who owes you money. You also don’t have to turn your pockets inside out to pay your bills. It especially targets businesses with repeat payments such as schools and landlords. Individual customers will also enjoy some of its perks including reminders and automatic payments.

Pay Bills On Time

Paying bills is one of the most frustrating things in life. They always seem to crop out of nowhere and don’t get me started on that pesky landlord who doesn’t seem to understand what next week means. We’ve all felt frustrated and at times defeated when the bills come knocking at the door. However, you can avoid all of this with good financial planning. You can now set a reminder to alert you when your bills are due and pay them automatically through the M-PESA Bill Manager.

Customize Your Bills

It can be hard to keep up with every bill that your customers/clients send to you especially if you run a complex business such as a school. From tuition fees to lunch money, when they all mix up, it becomes difficult to account for different payments. To avoid this, it’s important to have different accounts for different payments. If you receive money for a specific purpose, you should have a system where you can separate it from the rest of your money. This reduces the risk of spending money meant for something else. You can do so on M-PESA Bill Manager which offers a feature to customize any payments received.

Minimize Paperwork

It’s easy to misplace paper receipts and invoices thus losing your proof of payment or claim. With cashless receipts and invoices, you don’t have to worry about that. Cashless invoices and receipts are safer, more convenient, and effective than paper ones. You can send them from the comfort of your phone and are assured that your customers will receive them. This helps business owners consolidate payments and claims that they received and sent respectively. Also, this is a good step in making your business eco-friendlier.

The M-PESA Bill Manager will be offered free to all businesses with a Lipa Na M-PESA Pay Bill. SMS bill requests and invoices will be automatically generated and sent by the system at no cost to the business. Some of the other benefits are

  1. You will be assured of making a payment to the correct paybill number.
  2. After registering you will not need to cram your account number or paybill number for subsequent payments.
  3. It will be easier to manage several bills by setting weekly or monthly reminders.

All M-PESA customers can manage their bills through the Bill Manager option under Lipa Na M-PESA on *334#, and on the upcoming M-PESA App. The platform will be offered free to all businesses with a Lipa Na M-PESA Pay Bill who can log in at https://billmanager.m-pesaforbusiness.co.ke/login.

Check out the video below on how one school is using this service.

Have you tried using Pochi La Biashara for your business. If you haven’t check out this article – My Experience With Using Safaricom’s Pochi La Biashara For My Business

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