Providers of digital invoicing and procure-to-pay automation tools are all about giving businesses the power to manage cash flow. But even with these solutions, SMEs can still struggle with gaps in their working capital.
E-invoicing firm Basware wants to fill those gaps, and will look to do so through a new financing tool. Basware Advance made its debut Monday (Nov. 2) as a way to link small business users with financing.
The solution, Basware said, will connect SMEs into the Virtaus cloud financing tool to find financing for their outstanding invoices. This means small business owners sending e-invoicing through the Basware platform can get loans to cover that receivable until the bill is settled.
According to Basware Financing Services SVP Ad van der Poel, the company’s new offering is a result of modern needs among SMEs.
“To date, the market has not worked in favor of businesses’ ability to retain good cash flow. Businesses are seeking more agility and flexibility with more visibility of cash flow and more instantly available information to enable faster decisions,” van der Poel said in a statement. “However, traditional financing options have not reflected this need so far and this has impacted the flexibility of those businesses, and sometimes even their ultimate survival.”
[bctt tweet=”‘The market has not worked in favor of businesses’ ability to retain good cash flow'”]
He added that while invoice financing can be helpful to all businesses, small- and medium-sized enterprises will benefit most from the tool. “Combining easy online access to invoice financing, together with the existing invoicing and approval process, makes Basware Advance unique against alternatives in the market,” van der Poel stated. “This proposition benefits businesses, especially SMEs, by creating visibility over the entire financial process.”
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