To help businesses impacted by the coronavirus, Taulia has rolled out its Rapid Start Invoicing offering. The technology, which can be put into place within seven days, will let companies provide their suppliers with the ability to electronically submit invoices and keep their accounts payable (AP) processes running with on-time invoice payments per an announcement.
“I’m incredibly appreciative of our team who have been able to quickly respond to the specific needs of our customers,” Taulia CTO Brady Cale said in the announcement. “Effective AP processes allow businesses to access cash to fulfill orders and retain employees during the COVID-19 crisis. The Rapid Start Invoicing solution will help businesses digitize their AP processes and make payments on time or even earlier.”
With BPOs and shared services centers closed, companies can’t process their paper invoices any longer. As a result, AP processes and payments to suppliers are facing disruption. Taulia made the Rapid Start invoicing offering as a “direct response” to the closures and as part of its commitment to serve companies through the coronavirus. Taulia, for its part, is a California-based working capital solutions company. As it stands, a network of 2 million businesses use the technology of Taulia, and the company processes more than $500 billion yearly.
In separate news, early payment volume is up 208 percent month over month per past Taulia insights. The insights show that small businesses need reliable and predictable cash flow to run their companies during difficult times. More than $4 billion in invoices were financed through the platform of Taulia in March. Also, new supplier adoption increased by 178 percent month over month.
A supplier survey took into account the views of nearly 20,000 respondents and found that approximately 56 percent of large suppliers and small firms were interested in seeking early payments. Taulia noted in the past that its differentiating value proposition is that it allows suppliers of varying sizes join the platform and receive early payment.