April 15 2022
A survey by Xero in late 2021 showed that 63% of Small to medium enterprises (SMEs), are paid late with the average payment terms sitting at 37 days. Anything over 30 days is detrimental to small business efficiency and cash flow. Many SA businesses just accept late payment but it doesn’t need to be that way.
The survey of over 1000 small businesses found that they spend on average, 12.4 hours every month processing invoices- time that could be spent on the growth of that business.
bzTrack is an online invoice processing solution for today’s world — allowing businesses to manage invoices quickly and securely from one single access point.
Key features
No need to sign into multiple accounts to make payments.
You don’t have to log in to each accounting software, bank, bill provider, card gateway or wallet account every time you want to make a transaction or lose hours manually managing each item. bzTrack brings together all the required service providers in one secure environment and optimises the process from start to finish.
Compatibility
The platform offers a two-way synchronisation between your bzTrack account and your accounting package such as Xero and MYOB. This allows you to import your invoices from your accounting software into bzTrack or export your invoices from bzTrack into your accounting software — whichever works best for your business.
Multiple payments
bzTrack gives you greater flexibility for how your payments are sent and received. Allowing a customer to pay an invoice by debit or credit card and not just via a bank transer is an enabler of business, particularly in SMEs and start-ups. Later versions of the product which will be released this year will include Bpay, PayID, PayPal and Wallet.
Transaction tracking
bzTrack offers real time tracking of payments so that payments can be followed up. Transparency such as this gives financial managers, bookkeepers and business owners greater control and the ability for more accurate cash-flow forecasting.
Invoice discounting
The platform allows users to offer discounts to customers who pay early, creating a win-win for both you and the client. You can customise the discount you’d like to offer each customer — for example you can offer a customer 10% off if they pay within 3 days or increase the discount if they pay you on the day the invoice is sent.
You can also set reminders to chase invoices you’re waiting to be paid. These can be customised so you can send multiple reminders to those with a history of late payments, or choose to send all your customers a 7 day and 3 day reminder.
Assess your customers
Investigate finances of businesses you’re trading with to understand any risks.
Our in-built credit- checking and ABN verification features ensure you understand who you’re doing business with and reduce risk. We verify businesses against the Australian Business Register and use CreditorWatch for credit reports.
Go to portal.bztrack.com today to create a FREE account!
