MYOB, Xero Consider Billing Financing Amid Supply Chain Scrutiny
MYOB stated that he is still working on his model and the costs associated with it.
âWe are still in the process of designing our invoice financing solution. However, knowing that cash flow remains a major problem for small businesses, we are working on a product that will have the best interests of small businesses in mind, âa spokesperson for MYOB. noted.
Xero Australia’s chief financial officer, Ian Boyd, said Xero does not have a partnership with any supply chain finance provider, but the company is instead focusing on integrating third-party applications for the financing invoices.
Providers such as Waddle, Fundtap, Timelio and Finstro are available in the Xero application market.
âThis category, and its popularity with our small business clients, continues to grow as awareness increases and data and automation reinforce the value proposition,â Boyd said.
He predicted that supply chain finance would soon be overtaken by invoice finance products.
âOver time, we are seeing new models of invoice financing become more prevalent than traditional supply chain financing, which has focused on improving cash flow for large companies at the expense of their own. small business suppliers, âhe said.
Australian Small Business and Family Business Ombudsperson Kate Carnell said it was clear that platforms designed to change the game over bill payment deadlines were on the rise.
âIt’s an industry that is changing very quickly and it is turning into a multi-billion dollar industry that is used well, but not used properly,â she said.
âInvoice financing has its place and we’ve spoken to a number of small businesses who have found it incredibly helpful in growing their business. There is certainly a place for it, [but] I don’t believe there is a place for dynamic big data driven discounts and how desperate you are going to be for the money. “
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