Munich Re, a provider of reinsurance, primary insurance, and insurance-related risk management solutions, and Unifiedpost, a Belgian e-invoicing solutions provider, will collaborate to develop a feature that will be incorporated into Unifiedpost's Banqup SME (small and medium-sized enterprises) platform. By enabling users to receive fast payment for their invoices, this solution frees up cash for the SME.
It is crucial for SMEs, who make up to 99.8% of all firms in Europe, to not disregard the digital transformation and think that it is solely for large corporations. In other words, any SME that hopes to develop into a national or international business must put in place an appropriate e-invoicing system.
The functionality will initially launch in Germany, with a short-term goal of expanding to all of the regions where Unifiedpost currently operates.
On January 24, 2023, Unifiedpost and Talaria One DAC signed a collaboration agreement. They want to begin integrating their services in the second quarter of 2023.
By borrowing money against the value of unpaid bills, SME invoice finance, a sort of asset-based financing that is growing in popularity, enables a business to realise untapped potential. Consider it the same as selling the sales ledger or using unpaid invoices as security for a low-interest loan for your company.
Businesses that provide 30-, 60-, or 90-day payment terms to their B2B (business-to-business) clients can benefit from SME invoice financing. It eliminates the protracted waiting period that contributes to so many cash flow problems and is an excellent method to finance startup costs.
Interest rates and fees for SME invoice financing are typically very low because a physical asset is used as collateral. SME invoice finance facilities are also reliable; they pay out each time a business issues a client invoice, ensuring the business will always have access to cash on hand.
While relieving businesses of the burden of collecting payments, invoice financing aids in reducing the working capital cycle.
According to Joanna Dobrzyska, the adoption of a new e-invoicing system, which includes making it compliant with specified standards and registering a priori documents in a specific government platform, can be a burden for many business owners. This presents a unique difficulty for businesses who operate internationally, have subsidiaries spread around the globe, or work with foreign vendors.
Joanna Dobrzyska advises that you must first conduct an audit of your IT environment, regardless of whether you are a small or mid-sized local business or a large worldwide organisation. You must examine every step of the document exchange procedure, as well as each individual recipient and sender of your bills. Going digital and switching to electronic invoicing is the greatest method to cut expenses and boost business performance if the operations are currently done manually. Additionally, see if there is a method to interface your ERP system with the new e-invoicing platform if you have one.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now