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Xero & Parakeet: 
Automate your Bills & add Early Payment Discounts to Invoices & Bills

Xero and Parakeet have partnered to automate 100% of your bill payments and add real-time early payment discounting capability into your invoices & bills.

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:

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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:

Don't discount what you sell

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:

What's in a handshake?

and 

Are you a good customer and does it matter?

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"Fantastic software! ...this software is a one of it’s kind and saving my time and money!."

See our Xero App Store reviews here

Remove 76.9% off your Bills Workload &
Save with Early Payment Discounts request
As re

Features

  • 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. 

  • 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.
     

  • Automated request of Early Payment Discounts from vendors.
    Save money by making custom offers to pay your vendors early, in exchange for a discount.
     

  • 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.  

Powering Australia's business community

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Getting started is easy

1. Sign up

2. Configure Parakeet & Connect to Xero

3. Approve your bills and/or invoices

Sign up HERE.

After you sign up. you will receive email confirmation with pre-onboarding video instructions to help you get started quickly.

We take the guess work out of setting up Parakeet & connecting to Xero with this simple to follow video below. 

Select our 'Recommended' Option to quickly set up your Chart of Accounts or configure your own settings and you are ready to go. 

Once you have finished steps 1 & 2, you are ready. 

Approve your bills and/or invoices as you normally would in Xero and we take care of the rest.  

Xero is world-leading online accounting software built for small business.

About Xero

  • 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.

  • It’s small business accounting software that’s simple, smart and occasionally magical.
     

  • Run your business on the go.
    Use our mobile app to reconcile, send invoices, or create expense claims - from anywhere.

  • Get paid faster with online invoicing.
    end online invoices to your customers - and get updated when they’re opened.

  • 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.​

FAQ

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. 

 

You can see a demonstration of this here

 

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?

All our plans include a 14 days free trial. 

Refer to our latest pricing offers here.

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. 

6. Can I use any Bank Accounts or Credit Cards to pay my bills?

Yes, as long as your bank account or card is held / issued bay an Australian Bank.   

Once you load and prioritise your bank accounts and cards into the Parakeet wallet, we will auto match your preferred payment method with your vendor's compatible payment acceptance method. 

7. Can I request early payment discounts from my vendors?

Yes.

 

We can request a discount from a vendor on your behalf. We handle the request in a manner that values your vendors and participation by your vendor is optional.


We understand, not all vendors are the same, so at any time, you can create custom discount configurations based on your relationships.

 

Invoices

1. 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. 

2. How does it work?

In 3 steps.


1) Ensure your customers details are updated in Xero (4 fields required - contact name, primary person, email & ABN)
 

2) Configure your Parakeet account & Connect to Xero
 

3) Approve your invoices in Xero
 

From this point onwards, our platform automates the rest. 
 

We update each invoice with the appropriate discount rate for the day and if your customer chooses to pay early to capture the discount, they can.  


Once the invoice is paid, we post the entries back into Xero. 

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.   

Invoices
Bills

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:

  • If it's an invoice collected via Parakeet, undertake a "Transfer" to Parakeet AR Clearing (Final) Account.

  • 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.  

Reconciliation

Start your 14 days free trial. 

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