Payment provider CashFlows and cloud accounting firm Clear Books teamed up to create the first fully integrated cloud-based accountancy and online business banking service for SMEs. The two companies announced the launch of their new tool yesterday (August 5), and said that it will make processing unpaid bills faster, cheaper, more efficient and accurate.
“The problem for many small businesses is that their online accounting and banking systems are completely separate,” CashFlows CEO Neil Graham said, according to Finextra. “This means they don’t have real time visibility over their current cash flow and payment commitments. What we have created is a platform where the two can work seamlessly together so that small businesses have a more joined up financial eco-system in place and far greater control over their business payments and cash flow.”
According to the news source, SMEs can create a bill in their accounting software, log into their business account and then import unpaid bills directly from their accounting system. Companies then choose which bills to pay. When that’s complete, the unpaid bill is automatically updated as paid.