Like to save up to 10% simply by paying your invoices early?
All you have to do is ask.
We make it easy to automate request for discounts from your vendors in exchange for paying the invoice early, straight from Xero.
Already have existing discount arrangements in place?
We can automate those for you too, saving you more time & effort.
Bank your savings and support your vendors cashflow with early payment discounts.
Save more on every invoice by asking for an early payment discount...
We request & manage discounts so it's even easier for Australian businesses to help each other
Straight out of Xero, no effort required
Our integration with Xero means we take your approved bills from Xero and automatically ask your vendors if they like to accept an early payment discount payment offer from you.
Request new discounts
You do not need to have any discount arrangements in place. Our software will automatically generate discount requests to them based on your configuration (more below).
If they accept, we deduct the agreed discount, bank your savings & pay your vendors the reduced amount, early.
If they don't take any action or choose to decline, we schedule & pay the full amount of the bill on the due date.
No problems. We can customise your vendor settings so it'll reflect your current arrangements.
Whether it's a new or existing arrangement, the end-to-end process is automated and customisable, so you can tailor the discounts to reflect available cash flow and vendor relationships, without any extra work.
Maximise your opportunity to save
Customise the discounts to suit your business
Global and Vendor level
Our software helps customise the discount rate (also called 'Returns rate') you like to offer either at a global or vendor level.
With custom rate and ability to to toggle on / off vendors participation, you are in full control.
Don't miss a discount with auto approval
Auto discount approval can be configured either at a global or vendor level. if a discount is accepted, the early payment is automated without you taking any further action.
Never miss a discount again.
Discount too small?
We thought of that too. if the discount savings is less than $10 (customisable), no offers are made to your vendors.
Discount or no discount, we take care of the payment
We make sure the invoice is paid at the right time
You and your vendors will be notified of daily discount offers that is available.
All invoices paid at the right time
We will automatically pay your invoices for you so you don't need to worry about missing a discount or being late paying an invoice.
Learn more about auto pay here.
Customise your payment preferences
Load the bank accounts and/or cards you like to use.
Drag & Drop to prioritise them in the order you like and we will match your preferred payment method with your vendor's.
What to use it as a budget tool? Set the limit and a 'reset' date and the system will make sure you stay within your budget.
Save time and money
This is the easiest way to save money through discounts and save time with our auto pay & reconciliation.
Which brings us to reconciliation...
We help create your chart of accounts in Xero and...
Sort out the book keeping entries too
Every bill paid early is individually marked as paid in Xero and closed out correctly to save you time and effort.
We automatically create a 'Receive money' transaction in Xero, to record the discount against an interim clearing account (we establish for you) and book it under your new Discounts revenue (we establish it as default or you can customise where you like to book the discount).
Finally, we 'net' the amount you paid into a 'Final Clearing' account (we establish for you) so when you download and reconcile your bank statement, you will see the net amount, ready for you to 'match' off.
In this example, you paid 8 bills totalling $6,670.00 and you received $482.50 discount for paying early. This means the net payment was $6,187.50.
Now instead of your allocating the $6,187.50 entry to the 8 bills and accounting for the discount manually, you simply have to do a "1 - click transfer" to your 'Parakeet AP Clearing (Final)' account.
Vendors participation are optional
Customisable for your vendors too.
Always invited & Easy to participate
Vendors are invited to join the program with a free guest account. Simply set a password and they are enrolled.
Vendors can view, customise and accept discounts at no cost.
Discount & Payment advice
Vendors are notified once a day by email if an early discount offer is available.
If they don't want to receive any more offers, simply toggle their configuration to 'off'.
Customisable to suit their needs
Vendors can also customise & the discount rate they like to accept for early payment.
So now, Parakeet creates offers that best matches BOTH you & the vendors' preference.
What's the potential savings from paying your invoices early?
Estimate your discount savings in 30 seconds
The information which you calculate from this calculator is intended for use by you as a guide only. This simulation, resulting calculations, figures and formulae used within this calculator may change at any time without notice. Parakeet accepts no responsibility for any losses arising from any use of or reliance upon any calculations or conclusions reached using the calculator. This calculation does not take into account fees which may apply to the services provided by Parakeet.
What users think of our features
Asking for discounts
"This is a game changer because we have the chance to save on our bills, all without any effort!
No discount, no fee
For All Plans
20% of the discount savings
Original bill: $250
Net Payment: $230
20% x $20 = $4
This fee is in charged in addition to the monthly membership plans you selected.
* For existing discounts please refer to FAQ below.
Unlimited discount offers to vendors
Unlimited discount rate customisation
Free to receive & accept discounts
Free to customise discount rates
Free to load up BYO merchant facility.
Xero Integration and upload of invoices and bills.
Transfers to Casual membership if a bill or invoice is uploaded to Parakeet via Xero by your Vendor
All membership packages include:
14 days free trial
Automated chart of accounts entries
(Watch the bills module demo here)
Cost to automate your bills
Reduce your bills administration
All inclusive Fixed Fee pricing
$80 per month
1,000 Bills / invoices per year
After 1,000th Bill / Invoice
$1.10 per bill / invoice
Inclusions resets every 12 months
Monthly Memberships Plans
Start with 14 days free trial
Then select one of the plans below
$50 per month
500 bills/invoices per year
$1.30 per bill/invoice thereafter
$80 per month
1,000 bills/invoices per year
$1.10 per bill/invoice thereafter
$250 per month
3,500 bills/invoices per year
$1.00 per bill/invoice thereafter
$400 per month
6,500 bills/invoices per year
$0.90 per bill/invoice thereafter
Price on application
>6,500 bills / invoices per year
Enquire for Custom Pricing
Optional extras (for all memberships)
BPAY requiring OCR:
Price on Application
Returns (discounts) brokered via Parakeet:
20% of the savings (e.g. if you save $10 by paying early, the fee is $2).
Card related charges (for all memberships)
0.25% per bill or invoice processed via Cards (exclude surcharges)
Where the vendor is the merchant:
As passed on by vendor.
Parakeet Merchant (to pay BPay bills):
Other charges (for all memberships)
Direct Debit dishonours & Payment Returns:
$15 per transaction
All fees quotes excludes GST.
Frequently asked questions
1. Can you help me set it up?
Yes, in fact that is our preference.
We will help you set up existing discount arrangements as well as new arrangements.
2. Do you cater for flat rate discount?
Yes, we do and we will customise this for you on a per vendor basis.
We call this static discount where you get a flat discount for paying by day xx (e.g. 5% if paid by day 20).
We also offer dynamic discounting which means the savings is the highest the earlier the payment is made.
We will help you customise these settings so it's easy and fast to start saving.
3. What are your fees?
There are 2 part to our fees.
1st part is the monthly membership fee, which gives you access to our bills automation payment, reconciliation as well as the discounting features.
2nd part is the discount fee, which is only payable if we successfully negotiate an early payment discount savings/payment for you through the software. No discount, no fee.
4. What if I have a lot of existing discounting arrangement in place and I just want to automate those?
Yes, we can do that for you too.
In this case, we will reduce/review the discount fee that would apply to automate just these existing arrangements.
Contact us to discuss this.
5. If a discount is accepted by my vendor, does Parakeet make the payment?
We automatically take the payment from the accounts you set up with us.