Today in B2B Payments: 2 Firms Launch New Services

Today in B2B payments, LPL debuts industry-specific bookkeeping services for its affiliated financial advisors, while Capchase integrates with Xero to make it easier for small and medium-sized businesses (SMBs) in the United Kingdom to access capital. Plus, Amazon Business reports that most companies’ procurement budgets will remain unchanged next year.

LPL Launches Dedicated Bookkeeping Service for Financial Advisors

Retail financial advisory firm and independent broker-dealer LPL Financial is now offering a dedicated bookkeeping service to its affiliated financial advisors. LPL Services Group Executive Vice President Aneri Jambusaria said in a press release, “Our new service is designed to save advisors time with accurate reporting conducted by a bookkeeper who is well versed in LPL and wealth management best practices.”

Capchase, Xero Streamline UK Small Businesses’ Access to Capital

Non-dilutive capital startup Capchase is now integrated with global small and medium-sized business (SMB) accounting software platform Xero, enabling SMB customers in the United Kingdom to more easily access capital. Because financial data will be synched between Capchase and Xero, the approval process will be streamlined, and businesses could receive funding as soon as 48 hours after they apply.

Amazon Study Shows Focus on Business Purchasing Practices Has Risen With Inflation

Amazon Business’ “2022 State of Business Procurement Report” shows that most companies aren’t planning procurement budget cuts. Despite macroeconomic challenges, only 22% of businesses said they expect cuts to next year’s procurement budget. The rest of the 440 respondents said they plan to carry on without any slashes to the budget.

47% of Firms See Data Entry Errors as Challenge in Non-Payroll Expense Management

Forty-seven percent of firms currently face data entry errors when managing non-payroll spending, and 20% cite it as the most important challenge, according to “The Financial Performance Quandary,” a PYMNTS and Airbase collaboration. The report found that technology allows finance teams to gain a better handle on the cash in and cash out of a firm, and gives, ultimately, a real-time view of how effectively resources are being deployed.

Real-Time Cross-Border Payments Open New Markets for SMBs

There’s a real need for B2B cross-border payments innovation, especially for small- to medium-sized businesses (SMBs). Olann Kerrison, vice president of foreign exchange (FX) and global payments at American Express, told PYMNTS in a recent interview, “There are so many opportunities as they go international, and they must find wider markets outside of their home base … but there are many challenges as they go to pay those suppliers.”

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