Three ways to transform your business payments before the new Financial Year

A new financial year is like hitting the reset button for your business. It’s the perfect time to tidy up, especially when it comes to business payments. By giving your accounts receivable (AR) and accounts payable (AP) a digital makeover, you can strengthen cash flow, cut down on paperwork, and feel more in control of your finances.

Here are three simple ways to get your business ready for the new Financial Year:

1. Streamline your business payments processes

Let’s start with the basics: accounts receivable (AR) is the money your customers owe you, and accounts payable (AP) is the money you owe to others, like suppliers. Managing these can be a headache if you’re still doing things the old way with paper and spreadsheets. Switching to digital tools can change that fast.

eInvoicing has revolutionised AR. When you digitise AR, you’ll send invoices online via a secure link, instead of by PDF or paper and post. It cuts out mistakes like typing the wrong amount and gets your invoices to customers quicker, so they can pay you faster. Additionally, eInvoicing enhances security, and provides real-time tracking of invoice statuses, ensuring a more efficient and transparent process.

Digitising your AP processes means automating the end-to-end payables process. It enables users to use reconciliation tools that simplify month-end reporting by matching payments and invoices automatically, saving you from the hassle of finding and correcting errors. And, by restricting any tampering with ABA files and payment information, digital AP solutions help reduce fraud, making payment processing much safer and more secure.

2. Make business payments easier and more flexible

Next up, let’s talk about how your business handles payments. Offering more digital payment options will make it easier and more convenient for your customers to pay their invoices on time. Options like card payments, bank transfers, or third-party financing help customers manage their cash flow while ensuring timely payments.

A third-party solution, like Spenda, will digitise and streamline your invoice to payment process, allowing your business to offer flexible options that benefit both your business, and your customers. This helps you turn your receivables into cash faster.

On the flip side, digitising AP processes gives finance teams greater flexibility in how and when they make invoice payments. AP software provides access to more payment options, such as split payments and the ability to pay via credit card, even if your supplier doesn’t accept card payments. Additionally, it allows businesses to utilise unsecured business loans through a virtual credit card facility, offering even more financial flexibility and security.

3. Get smart with data and insights

Finally, smart technology allows you to monitor your finances in real time. While data and analytics might seem complex, they are simply tools to help you understand your business better.

By connecting your AR and AP data to your accounting software or ERP system, you centralise all your information. This ensures that your business, and all trading partners, are working from the same accurate data source. And with in-built AI-powered technology you can make informed decisions about when to invest in new opportunities, manage your cash flow more effectively, and ensure you have the funds available when you need them.

Get paid faster and boost cash flow with Spenda

Digitising your AR, AP, and payment processes with Spenda makes everything run smoother and helps you get paid faster. You’ll cut down on errors, boost security, and offer flexible payment options that work for everyone. Take control of your cash flow and make your financial operations more efficient.

Book a demo and discover how Spenda can transform your business payments today.

We serve as both a software solutions provider and a business payment processor and deliver the essential infrastructure to streamline business processes before, during and after the payment event. Our connected platform displaces multiple disparate systems in favour of one collaborative solution that improves transactional efficiency between businesses. 


This article is for general information purposes only. Consult a qualified financial advisor regarding any changes to or decisions about your business’s finances.