Inside Waddle

Bookkeepers using Waddle to fund growth.

Posted by Nick - Waddle's Marketing Manager on 09-Aug-2018 09:17:30
Nick - Waddle's Marketing Manager
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MESBooks embarked on an expansion plan in 2013, and although they’ve succeeded in growing their business, they had initially faced cash flow issues that threatened to stall their growth plans,

 

MESBooks has been providing bookkeeping and business development services to Australian small business since 1998, delivering valuable BAS agent services, back office solutions and branded tools that resolve simple issues. MESBooks embarked on an expansion plan in 2013, and although they’ve succeeded in growing their business, they had initially faced cash flow issues that threatened to stall their growth plans, and as founder Jane Howarth recollects, they almost had to “set the wheels in reverse and downsize to make cash flow work.”

 

“We would have had to downsize  to make cash flow work, basically setting the wheels in reverse, but fortunately finding Waddle meant we didn’t have to do that.”

 

Challenges

Prior to expanding MESBooks, Jane was funding the business, and as the business began to grow, so did her debtors each with each month. Soon it became apparent that they were no longer able to carry the growing debt, let alone fund further expansion. This is a familiar scenario for so many small businesses and as Jane commenced her research, she found there were a few sources of working capital, however, many required property security and most were inflexible and incompatible with the growing needs of her business. Jane had recognised that as her business was growing they would eventually hit a cash flow ceiling, so they needed a solution that would act as a revolving line of credit and crucially, it should scale with her business.

 

Finding Waddle

MESBooks was already using the cloud version of XERO, so Jane visited XERO’s app marketplace and found Waddle. Jane selected Waddle for its ease of use; integration with Xero; no verification calls or debt collection to her customers, and very low administration to manage the facility. Once the decision was made to go with Waddle, Jane simply visited Waddle’s website and connected using her XERO login details, and she received an offer in just minutes.

 

Outcomes

Jane describes the transition to Waddle as the best thing she’s ever done with no issues and MESBooks is well supported by Waddle’s staff.  Waddle has accommodated the growth of her business and has done so in a more controlled manner. Jane said “I can manage my costs through this facility. It’s cheaper, less of a hassle and it’s always there as a line of credit. I also need to spend no more than 3 minutes a day managing my Xero bank feeds and Waddle – it couldn’t get any better surely.”

 

Would you recommend Waddle to other businesses?

“As a business owner, I don’t stress as much as I used to about customers paying on certain days – it’s been worth it just for that alone. I don’t spend as much time debt collecting as I now have back up from the facility. I have a fortnightly process in place that debt collects with a call to the customer, and I’m able to allow partial payments for those customers experiencing their own cash flow pressures.”


 

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Topics: Case Studies

Inside Waddle

Every business needs easy access to low-cost working capital. Subscribe to our blog to receive updates about invoice financing and to read about the impact that modern invoice financing is having on Australian businesses.

 

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