Large firms will at times have difficulty monitoring their payments process, so how can small companies expect to always have things run smoothly? With technology evolving more each day, more small businesses are turning to online options to keep track of things like cash forecasting. According to a recent release, a strong tool has just hit the market that SMBs might want to consider.
ePaymentAmerica announced today that it has become a distributor for the Small Business Workbench. The Small Business Payments Company created the Small Business Workbench as a tool for SMBs. According to the release, the Workbench is an online and mobile cash forecasting and working-capital innovation. Additionally, it is is licensed to distributors, including banks, independent sales organizations (ISO), small business lenders and other retailers that serve the small business market.
“Our firm’s culture is one that delivers service, security and stability to customers, and the Small Business Workbench embodies these values,” ePaymentAmerica CEO Christopher Reckert said in the release. “For small businesses, the Small Business Workbench is simple to use and may help small businesses improve their profitability and success.”
Reckert added that ePaymentAmerica is a valuable tool that can strengthen business relationships and that it differentiates his organization from competitors.
According to the release, cash forecasting is essential for small businesses, and the Workbench can be a crucial tool.
“Small businesses can easily forecast projected cash positions as far into the future as they wish,” explained the statement. “They can plan for future events, such as payroll, taxes or capital purchases, and create action plans that minimize—or avert—potential problems. Most tools track only past transactions.”
Along with cash forecasting, the company offers inventory management solutions, prepaid options and e-invoicing capabilities.
Electronic options are becoming more popular, especially for organizations in the B2B world. For example, e-invoicing is becoming more essential. PYMNTS discussed one report that cited specific data about the benefits of e-invoicing. According to the data, an organization had enrolled 87 percent of their suppliers after just six months, and confirmed an average of USD 505 savings per invoice.
The change is global, as the European E-Invoicing Service Providers Association recently reported that last year, its members processed and delivered 840.7 million electronic invoices in 2013, up 19.1 percent from 706 million a year earlier.