Improving cash flow for small businesses

According to recent data, Australian businesses are still waiting an average of 44 days to get paid.

Cash flow is the lifeblood of any business. It is the fuel that keeps business running, so business owners need to make sure to have enough in the tank to keep the engine running.

That’s why MYOB continues to invest in its range of connected services and has launched invoice payments to market.

The addition of invoice payments enables SMEs to accept payment direct from their invoices, saving operators hours of time and further responding to SME pain points of cash flow. MYOB is the only accounting software provider to offer this service as a core component integrated into an accounting package, available now to all Australian SMEs.

Reducing cash flow pain for SMEs

“Our research continues to tell us that cash flow is a significant concern for businesses,” says James Scollay, MYOB’s General Manager – SME Solutions.

“We’re working to reduce this time, and address SME pressure points of cash flow and uncertainty in finances. Through invoice payments, SMEs will get paid faster, and can gain better control of their sales with online invoices. They can track invoices in real-time, and access those customers that require a follow-up.”

This latest innovation responds to ongoing business pressures highlighted in the latest MYOB Business Monitor research. When asked what elements of the business environment operators expected to cause an extreme pressure on their business in the next 12 months, cash flow emerged as the number one concern, increasing from 22 percent to 26 percent in just the past six months.

It also reinforces MYOB’s continued innovation, evolving with the changing nature of payment trends. Online payments are fast becoming the preferred bill payment method with over 16 million credit cards and over 41 million debit cards in Australia used to pay invoices, utility bills, online purchases and business to business payments.

“We know that the bulk of SME payment volume is through an invoice,” says Mr Scollay. “Now, when a customer receives an invoice from a business, they can hit the “Pay Now” option and directly make payment through their credit card. This reduces the clutter and administration for the paying customer.

“We are constantly working to innovate and simplify our products to help small businesses succeed. With invoice payments, we’re giving business owners the control and visibility over the invoicing process, so they can get paid faster, and make more informed decisions about their finances.”

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Features and benefits of new invoice payment solutions

Features include:

• Accept MasterCard and Visa credit card payments
• Online invoices delivered by email direct from your software or smartphone
• Fully integrated with MYOB AccountRight and Essentials
• Viewable via desktop or mobile browser
• Real-time invoice status tracking

Benefits include:

• Gives your customers an easy way to pay you
• Improves your cash flow
• Spend less time chasing payments
• Customers can pay you from any device
• Less data entry, your accounts are updated in real time
• In real-time, know when your customer has opened the invoice
• Ability to track how customers engage with the invoices you send