Spenda 16 September - 3 min read
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. While these B2B relationships can be rewarding, the administrative and financial side of running a business can be tough.
Spenda’s features for wholesalers and suppliers provide business owners and leaders with the tools they need to transform their operations. You’ll say goodbye to manual, time-consuming processes and hello to faster payments and streamlined operations. And with the boost to cash flow and efficiency that new digital systems provide, you’ll have more time to grow your business.
In this article, we outline some of the key features and benefits that wholesalers and suppliers will enjoy when they choose Spenda.
Get paid faster and make late payments a thing of the past
Spenda’s software allows customers to have a personalised view of their accounts receivable ledger, so they can see exactly what payments are due and when. As a business that likely has multiple invoices with a business customer at any given time, you’ll benefit from making it easier for your customers to pay you correctly, and on time. Simply offer a personalised portal where customers can track, group, and batch-pay all of their outstanding invoices in one place. And along with flexible payment options such as bank transfer, credit card and buy now pay later (BNPL), you can automate payment reminders that helps your business get paid faster, and removes the need to manually send out late payment notices.
Automated reconciliation and reporting
Bookkeeping, accounting and financial reporting can be one of the most time-consuming areas in a wholesale business. With Spenda’s integrated payments platform, both parties will enjoy automated ledger-to-ledger reconciliation. Your team no longer has to waste hours manually tracking, reporting and reconciling payments. Everything is updated automatically which reduces the risk of human errors and reduces business expenses.
Get on top of your stock
Implementing a “just in time” ordering system can seem elusive when you run a wholesale or supply business. Our Warehouse Management feature, however, makes getting on top of your stock levels a breeze. Set predetermined minimum and maximum amounts so your stock levels are always optimised. This will ensure you always have stock available for your most popular items while reducing the risk of ageing stock for less popular products. Optimising your stock levels also ensures you don’t have working capital locked up in unsold stock — a common challenge for wholesale and supply businesses.
Let’s take a look at an example for a wholesale business.
Better your business with Spenda
Transform the way you transact with your business customers through Spenda. Our software has solutions for wholesalers and suppliers of all sizes. It will streamline your workflow, and ensure you get paid faster. Whether you’re looking to make more sales online, offer more payment options to customers or improve your stock management, we’ll work with you to ensure you have a tech stack that suits your business’s unique needs.
Click here to book a demo with our team and learn how Spenda’s features can transform the way you manage your business.
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.
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.
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.
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