Novo launches new capabilities for its invoicing application

The press release highlights that the Novo Invoices have been fully redesigned, offering a newer and modern user interface that intends to enhance the tool’s overall experience.

A range of new features that Novo is launching for Novo Invoices: 

• Invoice reconciliation: customers can link invoices to specific transactions, allowing them to mark invoices as paid, which can help simplify bookkeeping and tracking. 

• Scheduling: customers are able to schedule invoices for future dates, ensuring timely delivery to clients. 

• Line-items library: customers would be able to save frequently used line items to their items library, streamlining the invoicing process and minimising repetitive data entry. 

• Attachments and descriptions: users can attach relevant documents or supporting files to their invoices, providing clarity and transparency to their clients. Customers also have the ability to include more detailed descriptions on their invoices. This would then allow them to provide clear information to clients regarding the purpose of the invoice. 

In addition to launching new capabilities for the invoicing application, Novo is currently pursuing a number of initiatives to help small businesses improve their cash flow. In August 2023, Novo announced Novo Funding, offering small businesses a fast and flexible way to access working capital. The company also secured a USD 125 million facility from Victory Park Capital, which was used to provide working capital through Novo Funding.

Furthermore, in June 2023, Novo also launched a Novo Debit Card for all its small business customers, which enables a range of capabilities for transaction monitoring, fraud alerts, and in-app controls. The company also completed a Gusto integration for embedded payroll visibility. Under this partnership, Novo aims to make payroll a transparent and stress-free experience by embedding payroll data within a business checking account.

In March 2023, Novo partnered with Alignable, a small business referral network. With this partnership, Alignable would be the supporting platform for the Novo Community Group, a place for Novo’s small business customers to connect, access knowledge, and support each other. Additionally, Novo would bring the company’s financial literacy knowledge and connections to Alignable’s seven million members through the Business Essential Education Series.