New Waddle feature to save businesses hours every week
The new integration with Xero will save businesses up to 12 hours each week.
Invoice financing platform Waddle has announced a new facility that will allow borrowers to view payment transaction data automatically with Xero. The facility, called Direct Feeds, will let businesses get an instant update of their cash flow and borrowing costs in what is a market-leading feature.
Traditional invoice financing providers such as banks use third-party software to manage client accounts, where the lender updates customer payment information for invoices manually. The borrower then waits for payment confirmation. Waddle's new feature uses technology to automate this process and circumvent the human error and delays that the existing process is prone to.
“Our internal research shows we are saving business operators 12 hours per week on average compared to using a traditional invoice finance facility," said Simon Creighton, Waddle Co-founder. "A big part of this is due to the fact that ongoing reconciliations are now all kept within Xero thanks to Direct Feeds”
“Waddle rewards businesses that have adopted cloud accounting practices, by offering a solution to their working capital problem that silently integrates with their daily operations. Direct Feeds is now further enhancing that experience.”
Over the past six months, Xero found that one in five invoices payable by ASX 200 companies to small businesses have been overdue by more than 30 days. More than 3.8 million invoices are currently overdue within Xero. Waddle hopes this new feature will enable businesses owners on Xero to overcome gaps in their cash flow with the new integration.
You can find out more about how invoice financing works by reading our guide.