5 Dec '22
Having the ability to get paid quickly is key for any business, and yet late invoice payments continue to be a burden for many Australian businesses, costing around $1.1 billion per year.
21 Nov '22
Invoicing is a core component of your business that can either lead to stable cash flow or late payments. And while it may feel like all of the power is in your debtor’s hands when it comes to getting paid on time, that isn’t always the case.
14 Nov '22
With a more digital and connected world, we have seen a surge in the adoption of eCommerce technologies and contactless payments.
3 Nov '22
Traditional payment processes are resource-heavy and time-consuming to manage. Digitising your Accounts Payable process will help secure your payments and save you time and money.
18 Oct '22
A Sales Order Management System is a digital solution that enables businesses to easily manage pricing, distribution, payments and tracking of shipments.
28 Sep '22
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.
15 Jun '22
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.
11 May '22
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.
5 May '22
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.
3 Mar '22
In an increasingly cashless society, how can sellers easily and cost-effectively receive payment? One answer is using Pay Invoice By Link technology.
23 Feb '22
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.
17 Feb '22
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.
31 Jan '22
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.
19 Jan '22
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.
12 Jan '22
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.
29 Dec '21
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.
17 Dec '21
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.
14 Dec '21
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.
29 Nov '21
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.
3 Nov '21
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.
22 Oct '21
The emergence of options such as buy now, pay later (BNPL) services was first introduced to business to consumer (B2C) transactions, giving customers the ability to access products and services they need today while paying at a later date or over a series of instalments.
15 Oct '21
As a supplier, wholesaler or distributor in the Fast Moving Consumer Goods (FMCG) sector, your business likely deals with a high volume of B2B payments.
20 Sep '21
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.
16 Sep '21
Wholesale and supply businesses rely on great relationships with their business customers. Not only is this the lifeblood of their business, but providing a great experience for current customers ensures suppliers are referred to other great businesses in their customer’s networks as well.
15 Sep '21
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.
9 Sep '21
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.
13 Jul '21
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.
24 Mar '21
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.
16 Mar '21
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.
10 Mar '21
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.
2 Mar '21
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.
23 Feb '21
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.
12 Feb '21
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.
1 Feb '21
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.
28 Jan '21
The COVID-19 pandemic has permanently changed the way in which business is done and how customers shop. In 2020, retail e-commerce sales worldwide amounted to USD 4.1 trillion and are projected to grow to USD 6.54 trillion in 2022.
28 Jan '21
Despite innovation in payment methods offered to consumers, the way businesses pay each other has changed very little over the last 40 years.
3 Dec '20
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.
14 Oct '20
Business is inherently about two things — people and numbers.
14 Oct '20
When you run a business, turning a profit is often a key focus as a business gets off the ground and continues to grow.
7 Jul '20
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.