Cash flow mismanagement is one of the major factors that cause small businesses to close. Make sure that you consistently have enough money on hand with this solution.
Do you find yourself constantly running out of cash reserves? This could be a sign of mismanagement, and it could sink your business if you don't fix it fast.
Simplex Financials, a Texas-based technology company, has updated its Path software with Business Impact Center, an automated accounts payable and receivable feature.
Go to https://pathbysimplex.com for more details.
With the announcement, the company aims to provide you with a solution that can visualize your accounts receivable and payable. In addition to keeping track of the inflow and outflow of money, the software can show you where customers are concentrated, an insight that can support your expansion plans.
Upon selecting the feature, the Business Impact Center shows how much your customers owe you, as well as the amount your business owes. It also displays the frequency in which you pay your creditors and how often you receive payment.
This feature is part of Path's Expert subscription plan, which is priced at $59. Subscribers of this plan also receive access to a number of Expert features, including AI-generated suggestions.
"Mismanaging the money going in and out of the business is one of the top reasons why most small businesses fail," a company spokesperson said.
Deloitte said in a recent report that businesses with "unstable" cash flows are particularly vulnerable amid the current pandemic. It warned, however, that even enterprises that seem in good financial standing may also not be immune to the crisis.
Simplex Financials' own research showed that automation is one of the most effective ways of addressing this issue. "Accounts payable automation can save a business $16 or more per invoice, so just imagine how much they can save annually" he added.
One previous Path client, a tire supplier, used the system to determine if he can be profitable in another location. Prior to its use, this client operated on guesswork, which made him worried about the impact of his decisions.
His solution was to take advantage of Business Impact Center feature to see where his customers are originating from. "The information he got validated his decision to open shop where he did," the spokesperson said.
Path is described as a "financial collaboration platform" designed to give business owners a complete picture of the events affecting their operations. The system "fills in the gaps", so you can gain access to the necessary information that can enhance your plans and strategies.
Keep your business afloat amid uncertainties with this one-of-a-kind solution. Sign up to Path now and solve your cash flow problems in one go!
You can find out more at https://pathbysimplex.com!
