Cashflow Management App Fatigue is Real: Here's How to Combat it

Cashflow. It's the heart that pumps money in and out of your business. Without this rhythm, your business could literally stop beating. Businesses know how important cashflow is for their survival, which is why cashflow management is an important part of what we do as accountants and bookkeepers. But keeping up with the constant change can be exhausting...

Businesses, it's time to focus on cashflow

Australian businesses have had a tough time since 2020, with a global pandemic, bushfires, and the war in Ukraine impacting fuel prices, all contributing to soaring inflation. It’s now more important than ever for businesses to evaluate their tech stack and trim the app fat to save costs.  

Why you need a consolidated payment system

Paytron was founded at the beginning of COVID to change the SME payment market and has become one of Australia’s leading FinTechs. Between business payments, accounts payable, receivable, international payments, payroll and employee business spending, it’s not uncommon for SMEs to have at least seven different apps to plug into their accounting system.

There are costs involved, not only for app subscriptions but also with time lost to repetitive manual work just to get data across every app up to date. Additionally, businesses must remember every separate login or share login details with colleagues, leaving them vulnerable to a potential security breach.    

App fatigue is a real thing

Paytron solves the problem of businesses using too many apps. COVID taught us the disconnect in how teams work on the same task. When Australia went into lockdown, traditional workplaces were thrust into remote working, highlighting the incapability of systems that weren’t built for remote work.  

For instance, businesses are always sharing highly confidential payment information in Excel attachments via email, which should be integrated via APIs to minimise data breach risk. So, Paytron’s approach has been to integrate via APIs with built-in approvals workflows powering clear team communication and responsibility. ‍

The number 1 threat to small business growth and profitability

As Australian businesses grapple with the current economic environment, cashflow management is the biggest issue for SMEs for the next 12 months. Companies struggle to make ends meet, and inflation is rampant worldwide, so people hang on to their cash longer. It’s going to be increasingly important to understand and control cashflow even better.

Now you can tell where your money is going

One major cashflow problem faced by businesses is the lack of visibility over the expected forecast of payments coming and going out. The reason businesses don’t have this because finance teams are making payments either weekly, fortnightly, or monthly. It’s therefore an enormous effort to get a holistic view of your business spending. Even if everything is dutifully compiled via spreadsheets or bank statements, you’re working with post spend cashflow position and not real-time information.  

We’re seeing businesses and accountants joining Paytron because you can schedule all future batch payments for subsequent pay runs weeks or even months in advance, and still be able to get a real-time view of their expected cashflow. You suddenly get greater insight by connecting Paytron to your ERP or accounting system, like Xero or NetSuite.  

Another key feature we’ve rolled out to help businesses better manage their cashflow is offering the ability to pay any bill with a credit card, regardless of the supplier's stipulated payment method.  

Businesses need to keep a close eye on employee expenses  

As an extension of cashflow management, businesses need control over employee expense management. It’s impossible to have effective cashflow management if your employee expense system is not connected to your overall finance function, which is why Paytron launched virtual corporate cards. This gives the finance function ultimate control of employee budgets and spending, with a real-time overview of exactly where they are spending into.  

“What’s exciting is piecing together all the different components of a business’ finance function to simplify the process for businesses, nipping app fatigue in the bud.” – Jaco Veldsman