Accounting Firms MYOB, Xero Eye Invoice Finance Solutions

PYMNTS

Accounting software providers MYOB and Xero are exploring invoice finance solutions while retaliation ensues in the background regarding products that charge fees to small businesses in exchange for faster access to unpaid accounts.

Medius And Pagero Team On Digital Invoice Management

PYMNTS

Expense management technology provider Medius and international eDocument service company Pagero have collaborated to help companies handle digital invoices. Medius has long provided companies with technologies related to the accounts payable (AP) workflow.

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How Accountants' AR Builds A Better Client Experience

PYMNTS

Manual accounts receivable (AR) processes are a headache for any administrative professional. Today, many accountants continue to rely on outdated processes to create lackluster invoices for their customers.

Autobooks Enables SMB Payments Via Accounting Portal

PYMNTS

To help small- to medium-sized businesses (SMBs) receive payment online, SMB payment and accounting platform Autobooks unveiled the rollout of a new initiative, according to a press release. SMBs using Xero can email invoices with the built-in Square payment functionality.

Xero, Waddle Tag Team For Invoice Finance

PYMNTS

Today, the company is announcing a new initiative to further that mission, and it includes a partnership with SME accounting firm Xero. On Monday (April 18), Waddle revealed a joint venture with cloud-based SME accounting company Xero to launch an invoice financing product. The new lending type will use data automatically aggregated from accounting information within the Xero platform.

Nonprofit Accounting Basics for Founders, Board Members & Executives

The Charity CFO

If you’re like most nonprofit leaders, you’re not researching nonprofit accounting basics to satisfy your curiosity. with this overview of nonprofit accounting basics. . What is nonprofit accounting? Don't hire the wrong accountant for your nonprofit! Accounts receivable.

Xero Introduces Machine Learning Into Accounting Platform

PYMNTS

SME accounting firm Xero is integrating machine learning technology into its solution, the company announced this week. Reports Tuesday (March 14) said Xero is deploying a machine learning automation system that will help businesses’ specific needs, including automated invoice categorization. According to the company, the technology will learn over time how to categorize those invoices so accountants and small business owners will no longer have to do so manually.

Why Accounts Receivable Is Warming Up To Digital Currency

PYMNTS

“They accept cryptocurrency, facilitate the exchange, charge a professing fee then transfer funds into a bank account in one or two days. For many traditional firms, cryptocurrencies remain off-limits thanks to the market’s perception of risky volatility.

How Accountants-Turned-Advisors Can Manage The FinTech Deluge

PYMNTS

Technology may be enabling automation in small business (SMB) accounting and financial management, but rather than cutting out the need for human accountants in the field, this tech disruption is supporting a change in the profession. Instead of number-crunching, accountants — like other financial services (FinServ) providers — are now expected to provide their small business clients with advisory services and guidance. Recently, several technology firms have done just that.

Microsoft Forms Cloud Accounting Startup To Rival Xero

PYMNTS

Microsoft is collaborating with Commonwealth Bank of Australia (CBA) and KPMG to form a new cloud accounting startup, Financial Review reported. Dubbed Wiise , the Australia-based startup will rival the market’s current industry leader Xero and fellow Australian small business accounting firm MYOB. According to reports, all major banks will have access to Wiise, but customers of CBA will have added functionality like invoice and payment services.

Accounting Startup Tipalti Raises $76M In Series D Led By Zeev Ventures

PYMNTS

San Mateo accounts payable automation startup Tipalti won $76 million in a funding round led by Zeev Ventures. The FinTech accounting firm will use the series D funds to grow the platform and its artificial intelligence (AI) tools that can read, process, pay and track invoices. . “It’s Venture capital firm 01 Advisors was co-founded earlier this year by Twitter’s former c-suite executives CEO Dick Costolo and COO Adam Bain. The startup targets mid-market firms.

Xero Partners With Square For Faster B2B Payments

PYMNTS

Cloud accounting firm Xero and payments services company Square are collaborating to offer small businesses a tool for faster invoicing and payments, according to reports on Tuesday (Feb. Customers can then pay invoices immediately with a credit or debit card.

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RecVue, Effectus Group Partner To Boost Order To Cash Operations

PYMNTS

RecVue, which works in order-to-cash automation, has entered into a partnership with Effectus Group, a consulting firm working with technical accounting practices, to help companies access the best order-for-cash services and get money from B2B payments flowing more smoothly.

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ACH Shows Signs Of B2B Payments Dominance

PYMNTS

New analysis from corporate payments firm Bill.com suggests ACH payments are dominating the accounts payable department. 13), Bill.com said in its report, “ The Rise of Modern Business Payments ,” that accounting professionals now point to ACH payments as the dominant way they pay their corporate bills, with 73 percent noting that they use ACH payments and online banking to pay their clients’ invoices.

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PayPal’s Late SME Payments Fight Down Under

PYMNTS

McDonnell also cited one particularly troubling case in which a small business owner had been waiting 742 days — more than two years — to see invoices settled from one client. ” McDonnell told ZDNet that, while that case is an extreme one, late payments trouble many SMEs in Australia, which is why PayPal chose to work with small business accounting firm Xero. Late payments to small businesses from their corporate buyers are an issue the world over.

FLEETCOR Buys AP Platform Provider Roger

PYMNTS

Business payments firm FLEETCOR Technologies has acquired accounts payable (AP) platform provider Roger , Fleetcor announced in a press release. B2B Payments accounts payable acquisitions B2B FleetCor News Roger SMBs What's Hot In B2B

In B2B, Embedded Payments Make For Attractive Acquisitions

PYMNTS

To that end, earlier this week, private-equity firm Lightyear Capital said it established ProfitSolv to acquire integrated solutions for billing, payments and software services. There is also growing demand for better accounts receivable (AR) management, he added.

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Sage Debuts Bot To Kill The Spreadsheet

PYMNTS

Manual data entry into spreadsheets is an outdated process for small business accounting and financial management, yet remains commonplace. SME accounting firm Sage looks to reduce the use of spreadsheets, but on Tuesday (July 26), the firm took its battle against the legacy tool a step further. Their bot, named Pegg, will automatically manage SME expenses and invoices, track payments and conduct other accounting tasks.

Innovation Eases The Friction Of Global Payment Rails

PYMNTS

Invoiced Tackles The Friction of Check. In addition to its new cash application capabilities, accounts receivable technology provider Invoiced recently announced a virtual lockbox solution aimed to address the friction of paper checks.

CreDec Adds Real-Time Payments To Xero

PYMNTS

Payment service provider CreDec is integrating real-time payments capabilities that will allow small and medium-sized businesses (SMBs) and their accountants to bypass bank portals and initiate payments from directly within their accounting platforms. FinTech has launched its Virtual Account service, connecting SMBs and accountancy firms to real-time payments functionality in their accounting portals.

SMBs’ Late Payments Pain Spreads Across Borders

PYMNTS

But delayed and late invoice payments are far from an isolated problem. trillion in accounts receivable on any given day, though how much of that is considered past-due is unclear. One in five invoices paid late are sent to the wrong address , according to the Australian Taxation Office (ATO). 43 percent of unpaid invoices are stuck with micro-enterprises in Romania , new research from KeysFin revealed. In the fight against late B2B payments, the U.K.

Australia’s Late Payments Fight Shows The Limits Of Government Intervention

PYMNTS

Recent research from Australian small business accounting firm Xero and payments company American Express explored just how big of a stressor late invoice payments are on Australian companies. Analysts found that more than a third of outstanding invoices at businesses with between $1.5 Hence, having their invoices paid in a timely manner is critical.”. Regulators can play a role in enforcing [timely invoice payments] to a certain extent,” noted Debernardi.

Private Sector Not Immune To Late Payments Struggle

PYMNTS

In Scotland, analysis turns the spotlight on the construction industry, while new research from accounting company Xero points to the struggle that small businesses face when getting paid late. The latest analysis from cloud accounting firm Xero found that $80.86 billion worth of invoices remain outstanding every year for Australian small businesses. Xero’s report found 53 percent of all trade credit invoices are paid an average of 23 days past due.

GoCardless Brings Direct Debit Supplier Payments To Australia

PYMNTS

The company is collaborating with small business accounting firm Xero to integrate its B2B payments capabilities into the platform. In a statement, Xero Australia Financial Industry Director Ian Boyd said the service will enhance B2B payments services for smaller firms. ” He added that the goal of the integration is to lessen the time it takes for businesses to chase down payments for outstanding invoices, and to accelerate cash flow for customers.

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FSB: No Govt Contracts For Big UK Firms That Pay Late

PYMNTS

Amid the latest news, the Federation of Small Businesses (FSB) said larger firms that pay their suppliers late should be stripped of government contracts. The firms themselves owed tens of billions of pounds. Against that backdrop, the FSB said that some sort of sanctions against the larger firms should be put into place, including the aforementioned ban from government business. The FSB noted that 84 percent of its member firms said they have been paid late regularly.

KPMG, PwC, EY To Put $9B Toward AI, Data Tech

PYMNTS

The largest accounting firms – EY, Deloitte, KPMG and PwC – are investing billions of dollars in artificial intelligence (AI) and data technology products to change the industry in new ways, according to a report by Bloomberg Tax.

Xero Jumps In On Facebook Chatbot Trend

PYMNTS

SME accounting company Xero continues on with its streak of announcements at its Xerocon South event. “Using Hey Xero, businesses will be able to access the Xero Advisor Directory and be recommended a suitable accountant or bookkeeper in their area,” Xero said in its announcement late last week. The technology can respond to requests for balance information, send invoice reminders upon request and other tasks.

Reckon Snubs The Banks With Prospa SME Loan Deal

PYMNTS

Small business accounting firm Reckon wants to help its SMEs access financing — without having to go to the bank. The loans will be provided through alternative lending firm Prospa , reports said on Thursday (July 21), and SMEs will be able to access loans between $5,000 and $250,000. Earlier this month, the company revealed an initiative with PayPal that sees Reckon enabling its SMEs to pay their invoices via a PayPal Pay Now button.

Xero, GoCardless Enable Recurring Payment Collection For US SMBs

PYMNTS

Small business cloud accounting firm Xero is strengthening its partnership with U.K.-based The firms announced their expanded collaboration via press release Tuesday (Oct. 22), with their tie-up allowing small businesses to automatically accept recurring payments from their customers and then mark those invoices as “paid” within Xero. Those authorized collections are then integrated into the Xero platform for streamlined accounting and reconciliation.

Robotics Process Automation Rakes In The VC Cash

PYMNTS

Below, PYMNTS breaks down the more than $912 million raised by B2B FinTech firms this week. RPA is igniting chatter in the corporate finance community as professionals explore next-level analytics and automation functionality to enhance processes like accounts payable, accounts receivable, cash flow management and more. billion and was an extension of the firm’s Series A funding round, which, at the time, valued the company at $1.8

Xero Cuts Losses For FY18, Thanks To Amazon Web Services

PYMNTS

According to data released on Thursday (May 10) by small business accounting firm Xero , the company has reduced its losses for Fiscal Year (FY) 2018 compared with last year. During this FY, Xero noted that revenues from its core accounting product increased 37 percent, while revenues from other platform offerings nearly doubled. users of Outlook able to use Payments in Outlook and Microsoft Pay to pay invoices sent via Xero.

Sensibill Rolls Out New Tool For Automatic Receipt Extraction

PYMNTS

The service can be used by businesses like enterprise accounting firms to reduce cost, the release stated. Financial services companies, such as accounting software or personal finance management providers, can use the SKU-level data to personalize their services. Metro Bank's plan was to augment the service with bookkeeping, VAT and invoicing capabilities, integrated into the app and able to work with cloud accounting service providers.

Acuity, Veem Partner For International B2B Wires

PYMNTS

Cloud accounting company Acuity is teaming up with corporate payments firm Veem (formerly known as Align Commerce) to streamline cross-border B2B payments. 31) and said Veem will now link its B2B clients to Acuity’s accounting services, while Acuity will integrate Veem’s international wire transfer solutions directly in its platform. Veem supports B2B payments and the movement of invoices across 60 countries, it said.

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Xero Links With Kaseya To Help Firms Wrangle Financial Data

PYMNTS

Information technology (IT) management solutions provider Kaseya, which targets managed service providers (MSPs) with its offerings, is linking up with small and medium-sized business (SMB) accounting firm Xero to help businesses gain greater control over their financial data. The firms also said the integration provides a “single source of truth” for financial information, including invoices, payment status, products procured and more.

APAC, North America Shine Through With B2B Funding

PYMNTS

A week of more than $200 million for B2B FinTech firms across the globe shows that venture capitalists’ support for the space continues. Asia-Pacific and North American startups took the lead this week, with funding going to small business (SMB) accounting, payroll, B2B eCommerce and cybersecurity firms — just to name a few. Small business accounting firm freee , based in Japan, announced a $60 million Series E funding round this week, said reports.