Cashflow is the lifeline of small business. Having to wait extended periods to be paid means cash is not available for the business to pay its own bills. In October 2021, Xero surveyed 1000 Australian small businesses which showed that 63% were paid late by suppliers. These same small businesses then spent an average of 12.4 hours each month processing their invoices.
As reported earlier in Smart Company, CreditorWatch CEO Patrick Coghlan says that small businesses are averaging over 40 days overdue … and that small businesses often get treated poorly when it comes to getting paid on time.
BzTrack Marketing and Communication Manager Jane Hewitt says that by using a service such as bzTrack, your invoicing is streamlined — easy, quick, and improves cash flow.
“Our new platform bzTrack launches this week as a simple single-sign on solution for small business operators. The platform allows you to perform credit checking, ABN verification, and creates data to give you insights.
”The platform has the potential to generate business and improve the cash flow position of businesses of all sizes across SA.
“Not all customers are the same so you shouldn’t treat them the same. BzTrack allows you to set different payment terms for all buyers or specific buyers.
“You can customise discounts for early payment, this can be a good incentive to boost your cashflow. And set reminders to chase invoices as well as custom reminders to late payers.
“Importantly, bzTrack allows you to monitor your customer’s financial performance so you will know if something happens that might affect their ability to pay you.
“We are excited to introduce this South Australian digital innovation at the same time as the Federal Government is offering the tax deduction to businesses investing in their digital capabilities.
“For every $100 you spend, you will receive a $120 tax deduction.
“This is a $1 Pay-As-You-Go model, and therefore means there is no reason not to invest in this for your business, it will support an improved cashflow and give you more time to be working on your business rather than chasing invoices.”
For more information about how bzTrack can support your small business, please contact jane.hewitt@bztrack.com or visit their website >
