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Cash flow is the lifeblood of any business, because with poor cash flow it ultimately becomes impossible for any business to function properly. When cash flow becomes tight, many tend to draw on other sources of funds – including banks and personal finances – just to stay on top of their bills.

Chasing late invoice payments is a burden for any business, and still, more than half of B2B payments in Australia continue to be processed late, costing businesses, on average, $115 billion every year.

Today, Spenda, a B2B payment and lending solutions provider, has announced a full company rebrand that represents and aligns the continued evolution and growth of the business.

Chasing late invoice payments is a burden for any business, and still, more than half of B2B payments in Australia continue to be processed late, costing businesses, on average, $115 billion every year

Digital payments helped businesses get paid safely and efficiently throughout the COVID-19 lockdowns and associated restrictions. But as economies reopen many challenges still face businesses including supply chain disruptions, the ‘great resignation’, rising inputs such as fuel, and the expense of reopening. These business challenges make now an opportune time to build on the processes optimised throughout the pandemic, especially across B2B trade.

In an increasingly cashless society, how can sellers easily and cost-effectively receive payment? One answer is using Pay Invoice By Link technology.

Automation helps businesses to realise efficiencies while providing a range of other benefits. If you’re like most businesses, accounts payables is likely an area that could benefit from automation to reduce manual processes and the need to manage each invoice one-by-one.

Late payments expose your business to significant financial risk. According to data from the Australia Financial Security Authority (AFSA), people recently entering personal insolvency owe 32 per cent of their debts to a business, sole trader or individual, while 35 per cent is owed to banks. With trade credit almost as high as bank debt, it’s an important reminder of the risk to businesses when they provide goods and services on credit.

To create efficiency in B2B transactions, a buyer’s accounts payable and the seller’s accounts receivable teams should connect to ensure invoices are issued properly, and payment times and amounts are correctly adhered to.

Ensuring your cash flow is strong can be a challenge for any business, especially when you don’t have integrated systems that give you a real-time view of your finances. Spenda’s seamless integration for MYOB provides real-time transaction updates, reduces manual data entry burdens, and delivers more efficient reconciliation and reporting processes, so you can keep track of your business’s finances anywhere, anytime.

Automated solutions deliver a range of efficiencies to businesses. Whether your business is looking to make financial reporting faster, eliminate tedious procurement processes, or make payments faster and easier, technology that automates business workflows is a must-have for every business. In this post, you will learn how to unlock business efficiencies with automation.

Late payments are one of the most difficult things to deal with as a business owner. Not only is it an administrative burden to chase overdue invoices, but the resulting cash flow challenges can impact your business’s stability.