Brett Monaghan dreamed of returning to Australia and starting his own organic food business. A fashion photographer in his previous career, Brett grew bored of chasing the latest fashionistas from Milan to Madrid, so he returned home to start his own manufacturing and wholesale business.
We see countless advancements in technology that increases our productivity and saves us time, and fintechs like Waddle are driving innovation in the finance space, offering time-saving modern invoice finance solutions for accountants, bookkeepers, finance brokers and their clients. The time saved over the week can be significant - typically up to 1 day! Usually, time saved is re-invested into the business, working with new clients and tending to other matters, however, you could, in theory, have a day off to do whatever you like. Golf anyone?
Lend.com.au have written a great article which outlines some of the reasons why businesses should consider unsecured business loans. There are many finance products out there such as invoice financing, so it's important to do your research and identify the best solution for your business needs.
Business owners embrace the idea of invoice finance until the “brain freeze” moment hits as the nuts and bolts of finance contracts are revealed.
Businesses are thrust into unsuitable, often mismatched finance products thanks to an inability to see what “better” looks like, thanks to a confusing business financing marketplace evolved over decades. When seeking finance, it’s that comfortable warm feeling to go with what appears to be the status quo.
We’ve been working hard to bring our customers the market leading experience in the world of receivables financing
Today we are proud to officially launch Waddle Direct Feeds, a facility that enables customer payment data- such as deposits- to be fed automatically back into Xero, allowing for effortless and transparent bookkeeping. Waddle Direct Feeds is the latest addition to our Waddle product, helping to provide a world class, market-leading experience in automated receivables financing.
Invoice Discounting and Invoice Finance are terms often switched between lenders when marketing their services.
So what's the difference?
Once you’ve secured your first business loan, depending on your growth cycle, is it worth taking on another loan? i.e. “Loan Stacking”
Do you need to evaluate the real commercial benefit from taking on further funds with additional costs?
The term invoice or receivables finance seems to instantly invoke thoughts of factoring in the minds of many business owners and finance directors.
Factoring is one of the oldest forms of commercial finance that probably explains this thinking though in more recent times, new technology based lenders are offering very competitive invoice backed business loan alternatives. These loans differ in many ways from the traditional factoring arrangement and importantly for businesses, can result in some significant cost savings though have other differing factors to be considered before deciding what works best for your business.
Ever invested in anything before? Anyone ever told you to spread your risk? Believe it or not the same can apply to funding your business.
Confused? It all comes down to how much security or collateral a lender requires and how much flexibility they will allow if you need to source additional funds against varying assets.