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.
When you’re running a large operation with hundreds of invoices processed each month, the resources required to manage your payments grow quickly, especially when ageing receivables become a problem. While customers may not pay their invoices for various reasons, it happens too often, causing a range of challenges and increased risk.
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.
As technology develops, businesses have ever-growing opportunities to realise new efficiencies, improve their systems and processes, and grow.
With the year coming to an end, you’ve most likely started thinking about your business goals for 2022. No matter what these goals are, having the right systems in place to realise operational efficiencies, get paid faster and strengthen your cash flow will set you up for success next year. Keep reading to learn how to get your business ready for 2022.
Bookkeeping, accounting, financial reconciliation, reporting and audits — it’s a lot to keep up with in any business, and can be especially challenging when you don’t have integrated systems that give you a real-time view of your finances.
Consumer behaviour has changed as payment technology and eCommerce has developed to provide more convenient shopping experiences. COVID-19 accelerated these developments, and it’s reshaping the face of retail, from in-store experiences to how customers expect to checkout and pay.
A point of sale system, more commonly referred to as POS, is a system that allows businesses to perform transactions such as a sale, return or exchange of goods and services.
Many personal finance books such as Robert Kiyosaki’s classic, Rich Dad, Poor Dad, state that cash is king. It’s true — having ample cash reserves is a key part of having strong finances, both personal and business.
Point of sale (POS) systems are an excellent tool for taking and managing payments in your business. Payment features, however, are just the basics of a POS system.
The introduction of Point Of Sale (POS) systems revolutionised how people conducted business.
Buy now pay later (BNPL) services have quickly become commonplace for consumers. Company reports for ASX-listed BNPL providers outline that the value of BNPL transactions grew by 55 per cent in 2019-20, and in the last two financial years, BNPL transactions have tripled.
Manually sending invoices or purchase orders between your business, suppliers and customers causes inefficiencies. From data-entry errors to documents simply getting “lost” in someone’s inbox or during postage, relying on manual processes to share business information is cumbersome and costly. Electronic Data Interchanges or EDI solves this problem by automatically transferring information between trading partners.
E-invoicing has transformed how businesses send and receive invoices. It automates the exchange of invoice information directly between a supplier’s and a customer’s accounting software.
For businesses built in the cloud, pivoting, scaling and expanding to new countries can be achieved at a very low cost. These companies also implement some of the latest systems and processes in payments technology — think instant payments, secure payment networks and the ability for customers to choose from a range of options in how and when they pay.
Late payments aren’t new to Australian businesses. For many businesses, having almost $40,000 in outstanding invoices is the reality of operating, but it doesn’t have to be the case.
Business automation has been a growing trend in recent years as companies seek to realise efficiencies and make improvements across a range of systems and processes.
As technology develops, the innovations in B2B payments also continue to evolve. Access to alternative finance channels is giving businesses the cash flow they need to grow and operate with ease, and new B2B finance options are paving the way to help boost cash flow across the supply chain.
As businesses weathered what was hopefully the height of the COVID-19 pandemic last year, economic policy was relatively accomodating with central banks expanding their balance sheets rapidly.
One of the main changes businesses have adopted since the start of the COVID-19 pandemic is a faster move to contactless and cashless payments.
Late payments are an ongoing problem for Australian businesses. If you’re a business owner, you’ve probably seen the statistics and felt the effects of these in your own business.
Chasing up late payments is something business owners and their finance and accounting teams spend a lot of time doing.
Chasing late payments can cost your business a lot of money, and today, Australian small businesses spend an average of 12 days per year chasing late payments – many of which are still likely relying on out-dated and inefficient manual processes.
Late payments amongst Australia’s SMEs have been an ongoing issue for many years. To address the issue, various policy measures have been introduced, especially when it comes to larger businesses paying SMEs.
While the COVID-19 pandemic brought about many challenges for businesses, it also shifted consumer behaviours and created opportunities.
When economic uncertainty hits, you may find it more difficult to manage your cash flow. This article outlines how to balance your business’s cash flow in an uncertain economy.
With a virtual terminal you can process payments in-store, over phone or online using a tablet. It’s easy & secure! Read more
Over the last decade, payment service providers (PSPs) have made a range of payment methods available to customers, particularly when it comes to online payments.
The payment processing industry has progressed rapidly in recent years, particularly for business to consumer (B2C) transactions. Platforms that offer integrated payment technologies for businesses to business (B2B) transactions are also becoming more widely adopted, allowing businesses to accept online payments and transform the way in which they trade.
Providing a great customer experience is critical for long-term business growth. Studies show increasing your customer retention by just 5 per cent can lead to revenue increases of at least 25 per cent.
Businesses that sell online need a payment gateway to accept online payments. As the infrastructure that ensures all your payments occur seamlessly in the background, it’s important that you understand what payment gateway providers are available and how this integrates with the rest of your business.
Many things need to be operating successfully for a profitable business, but the most important factor is cash flow management. Without adequate cash flow, it becomes difficult to pay suppliers, manage stock and cover the everyday expenses of running a business.
As businesses have started using technology more, online payment fraud has become a common problem. Email payment fraud is one of the most common and costly online scams.
Australian small to medium businesses (SMEs) have a cash flow problem and despite government legislation implemented on 1st January 2021, many may not survive if lockdowns and trading restrictions continue.
If you’re an accounts receivable professional or a business owner, you’d know the headache of following up overdue payments all too well. You may use a range of strategies to collect overdue payments, from agreeing on payment plans with your debtors to sending the invoice for debt collection.
Despite innovation in payment methods offered to consumers, the way businesses pay each other has changed very little over the last 40 years.
Last week, many businesses across Australia were impacted by connectivity issues with their EFTPOS terminals resulting in customers simply walking away because there was no other digital alternative to pay for their goods and services.
Paying merchant fees might seem like the simple cost of doing business, but the recent surge in eCommerce means it is an area where businesses can save a significant amount of money.
A Point of Sale (POS) system is the software used to make sales and take payments for goods and services within a business. While a POS system’s role is to facilitate financial transactions, the latest fintech innovations have revolutionised POS systems to manage multiple aspects of business.
No matter what your professional background is, you likely know how popular digital transformation has become over the last two decades. Starting with the internet changing how information is gathered and shared, through to today’s technologies that enable you to digitise your business.
If 2020 has taught business owners anything, it is the importance of being agile and resilient. For most businesses, the past year was a whirlwind of adapting and pivoting, such as introducing working from home arrangements and fast tracking eCommerce.
COVID-19 and the resulting decline in business activity has made it necessary for businesses to provide safe, fast and easy payment options for customers.
A payment platform that lets customers settle multiple invoices in one transaction could be a ‘game changer’ for ending late payments.
Australian business software developers have created SpendaCollect, which allows customers to track, group and batch-pay all of their outstanding invoices simultaneously.
When you own a service business, a lot of time and energy is focused on booking, tracking and closing jobs, often using a manual system. While this may be what your team is used to, legacy manual systems leave more room for human error and result in inefficiencies.
The New Year is the ideal time to reflect on past achievements and challenges and set goals for the coming year. For most Australian businesses, 2020 was a year to pivot, introduce remote working arrangements and fast track eCommerce.
Today, cash flow is the leading cause of business failure. In fact, 30 per cent of businesses say they only have enough cash flow to survive for three months or less.
Revolutionary fintech functionalities are a ‘game-changer’ for retail and business-to-business transactions. COVID-19 has propelled the move to eCommerce into hyperdrive and app developers have risen to the occasion, providing business owners with effective tools to streamline their payment process.
Digital transformation has been key a focus for businesses in recent years, but particularly in 2020 due to the impacts of the COVID-19 pandemic.
The lie by a pizza worker, that sent Adelaide into a strict lockdown last week, could potentially have been avoided if contact tracers had easy access to financial transactions at COVID-19 hotspots.
Selling online is an excellent way to grow your business as it allows customers to access your store 24/7.
Long queues at the Christmas and Boxing Day sales could be a thing of the past as businesses adopt mobile checkouts to help keep customers safe from the spread of COVID-19.
In a product-based business, having an effective stock management system is critical, especially in the lead up to the busy Christmas trading period.
In recent years, business to consumer (B2C) Buy Now, Pay Later providers have skyrocketed in popularity as more payment options come to market.
When we think of processing payments, it typically takes place when certain milestones are reached between your business and the customer.
Business is inherently about two things — people and numbers.
When you run a business, turning a profit is often a key focus as a business gets off the ground and continues to grow.
For many businesses, 2020 has been the year that has forced them to innovate and implement digital technologies in their business systems and operations.
Making sure you get paid on time is critical to your business’s cash flow.
Owning a business comes with many benefits. You get to decide the direction your business goes, steering in one direction to realise your vision, or another if you decide to change course.
Late payments have become so ingrained in Australian business culture that small to medium-sized businesses (SMEs) seem to accept them as a permanent challenge of the job.
While the effects of COVID-19 has seen many small to medium-sized businesses (SMEs) fall into unprecedented times, e-commerce has been a welcomed safety net for many.
There’s a reason why cash flow contains the word ‘flow.’ The way it travels in and out of your business is the very thing that keeps it thriving.
No business owner or employee enjoys telling customers their preferred payment method is not accepted in store. Or even worse, that a surcharge will be added.
It’s estimated that 82% of retailers close down due to poor cash flow.
How many times did you or your customers pay for a product with cash in the last six months?
When it comes to being a business owner, you’re either old school and run it with pen, paper and logbooks, or you have switched to digital technologies where your business data is automated and looking back at you from behind a screen.
We’ve already invented 3D printing, spray-on skin and self-driving cars, so you would expect we can seamlessly send and pay off invoices without errors in an instant, right?
Merchant Fees. They’re as annoying as they are confusing. Many business owners don’t know enough about how they work or what they are paying for, let alone the breakdown of costs behind each transaction.
Developing a loyal customer base of repeat shoppers gives your business resilience to weather economic cycles and periods of uncertainty.
Thankfully here in Australia, we’re handling the COVID-19 pandemic incredibly well and there is now a visible sign of the light at the end of the restriction tunnel, with a planned restoration of all businesses opening by July.
There are two ways to build a profitable business, increase sales or decrease costs.
SpendaPOS and SpendaPay are now fully integrated with the Ingenico Move 5000 EFTPOS device to deliver an incredibly fast and secure checkout experience.
Yes, Covid-19 has made our world uneasy and full of unprecedented challenges, especially for Australian businesses who are wondering what the future holds.
Over the last few years, Business to Business (B2B) and Business to Consumer (B2C) efficiency, revenue and customer engagement has differed enormously.
The business that soars in 2020 will ditch omni-channel retail and embrace the single platform of unified commerce.
For all retail, supplier or wholesale businesses, there are plenty of ways you can take advantage of the days prior to and including V-Day.
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