Spenda: The budget alone won’t solve Australian businesses cash flow problems - investment in smart technology is key
Australian businesses now have the ability to turn their accounts receivables into cash faster, reduce credit exposure and get paid instantly. In a recent announcement, and as part of the 2022-23 Federal Budget, it was revealed that the Morrison Government is taking decisive action to provide cash flow support for millions of small and medium businesses as part of a plan for a stronger future and to allow businesses to invest, innovate and create more jobs for Australians. Late payments hinder business growth and today, they are costing businesses in Australia approximately approximately $115 billion each year. And while these Government-imposed measures, coupled with the recent Payment Times Reporting Scheme, are all a great step forward for businesses of all sizes, it’s not the only lever businesses can tap into to unlock some much needed cash flow. Companies, like Spenda, aim to simplify the collections process and reduce the invoice-to-pay lifecycle, which improves cash flow and strengthens data integrity. On top of this, businesses who supply goods to other businesses are now able to inject a third-party funding partner into the supply-chain effectively allowing their customers to opt for a ‘Pay Later’ solution on all transactions. Utilising the on-demand, point of activity lending the solution, offered by Spenda, limits a businesses credit exposure and enhances cash flow by ensuring suppliers get paid on time, or even before payment is due.By accessing finance as and when it’s needed, businesses will be able to turn their accounts receivables into cash fast, giving them direct access to working capital to pay their own expenses and invest more into growth initiatives. This is especially pertinent in today’s post-COVID economy where even “healthy” SMEs, including those larger businesses with significant resources, have been impacted by a COVID-related slowdown and long invoice payment terms. Spenda’s CEO, Adrian Floate, said that “late invoice payments are not an option for businesses, especially in uncertain economic times, and unfortunately for suppliers, a stream of late invoice payments result in restricted cash flow for their own business, which then has a flow-on effect across the entire supply chain.” “At Spenda, we are offering businesses an opportunity to tap into innovative payment and lending solutions that turn their accounts receivables into cash faster, freeing up much needed cash flow” Mr Floate added. “This is a game changer for the business finance landscape, and it allows businesses to reap the benefits of strong cash flow and take advantage of new avenues of growth without overleveraging themselves,” said Mr Floate
About Spenda: Spenda (previously Cirralto ASX:CRO) is an ASX listed company (ASX:SPX) with over 20 years’ experience in delivering smart B2B software applications, flexible payment and lending solutions, and integration services that help improve the way businesses trade and get paid. Spenda's solution enables businesses to transform with fast, error-free digital efficiency and aims to boost cash flow across the entire supply chain. For more information, please visit www.spenda.co
About Adrian Floate: Adrian Floate is the CEO of Spenda. As an entrepreneur at heart with a fascination for emerging business technologies, he has spent the last 20+ years solving complex problems surrounding global business efficiency. The culmination of his experience and passion resulted in the launch of Spenda - a fully integrated digital payments and business solution that enables businesses to boost their sales, efficiency, revenue and customer experiences.
Media Contact Ola Polczynski Marketing Manager at Spenda ola.polczynski@spenda.co