Invoice financing company Waddle says its integration with Xero is saving business owners major time.
The company revealed last week that the integration of its SME financing solution within the Xero cloud accounting platform saves small business owners an average of 12 hours a week. After announcing the integration of the two solutions last year via the launch of Direct Feeds, Waddle said the tool is saving entrepreneurs time by automating cash flow data analysis, enabling business owners to gain a real-time view of cash flow and borrowing costs.
Waddle cited data from Xero, which found a fifth of invoices payable by ASX 200 companies are overdue by more than 30 days, meaning major cash constraints on small businesses. According to Xero, more than 3.8 million invoices within its platform are overdue. Waddle’s invoice financing integration within Xero can make it easier for small businesses to access funds while they wait to see those invoices finally paid, the company said.
“Our internal research shows we are saving business operators 12 hours a week on average compared to using a traditional invoice finance facility, and a big part of this is due to the fact that ongoing reconciliations are now all kept within Xero, thanks to Direct Feeds,” said Waddle Co-Founder Simon Creighton in a statement. “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.”