Automated payments aid small business cash flow

At Scalability, we leverage technology tools to help clients to be more efficient – saving time and money. One such tool is Plooto, which supports businesses in receiving payments and paying invoices.

Why is this important? A US study in Business Insider found that 82 percent of small- and medium-sized businesses experience cash flow problems. And 29 percent run out of cash, resulting in business failure. The Canadian statistics are likely similar.

With maintaining cash flow being vital, it’s important to get paid as quickly as possible. Plooto helps businesses to collect cash, no matter whether your client is next door or around the world.

For accounts payable, automating payments using Plooto increases efficiency and eliminates the risk of being hit by late-payment penalties. Plooto estimates that it costs $10 to prepare a manual invoice, while automated invoicing costs just $2.07. If you send a lot of invoices, the savings add up quickly.

When you let Scalability handle your bookkeeping, it can reduce staff time spent on Accounts Payable and Accounts Receivable. This saves you money and increases your profitability.

You can read more about Plooto in this recent blog post on managing accounts payable.

To learn more about how Scalability can help you to grow your business, not your office, please contact support@scalability.ca