One Adelaide company has developed a single sign-on platform aimed at helping small businesses tackle billing challenges.
BzTrack launches B2C invoicing software for SMEs
Invoice processing firm bzTrack has launched a platform that focuses on business to customer (B2C) invoicing.
BzTrack said the platform would enable users to generate invoices or import them from their accounting software, track transactions, and make payments to suppliers all from one location.
The platform integrated with accounting software, such as QuickBooks, MYOB and Xero, and allowed for real-time updates to be sent to small business owners from the bzTrack account and other software.
Managing director of bzTrack Richard Barry said on average SMEs would have 43 per cent more working capital if they never had to wait for payments.
“Typical accountancy software will manage your invoices, but it doesn’t help you get paid,” he said.
“Where bzTrack steps in is by providing not only the payment mechanisms for you to get paid, but also the incentives to your buyers to pay early without you needing to have those conversations directly with them.”
In 2021, a Xero survey revealed that Australian small businesses spent over 720 minutes each month processing invoices.
“Small businesses are there to supply services, which they are very good at,” Mr Barry said.
“What they’re not necessarily good at is managing their cash flow and managing their supply chain.”
The company said the platform would be accessible from smartphones, tablets, laptops, and desktop computers to be used by anyone who worked with customers.
BzTrack said the platform offered peace of mind to customers by ensuring their credit card payment or bank transfer using PayID, BPay or Apple Pay was directed to the company’s bank account rather than an individual’s account.
There were built-in credit checking and ABN verification features to ensure transparency and reduce risk reduction, the company said.
The platform compared businesses with the Australian Business Register and uses CreditorWatch to get credit reports. BzTrack said this was something that might be useful for cash flow forecasting.
The company said the credit report document could range from 30 to 60 pages, covering all of a company’s financial reports. It also offered users a basic credit report that gave a quick snapshot of a business’ credit rating and recent credit history.
BzTrack said the service would operate on a “pay as you go” basis, with no upfront or monthly costs for users.
Earlier this year bzTrack launched B2B, and both are available nationwide.
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