Our client came to us via a proactive bookkeeper, who identified well in advance of the BAS due date that one of her client’s was going to have problems with finding sufficient cash to pay the ATO on the due date.
On top of this, the business was offering 6% early settlement discounts to customers if invoices were paid within 14 days from invoice date instead of the usual 30 days from month end.
The bookkeeper contacted OptiPay after reading our blog post on early payments discounts to help find a solution for her client.
After arranging a call and then a meeting with the bookkeeper and her client, a flexible funding solution was put into place with OptiPay which:
- Enabled the business to utilise the cash tied up in the business’ receivable ledger, by immediately accessing 80% of the value of current outstanding invoices to pay the ATO; and then
- Going forward OptiPay implemented a flexible invoice finance solution which enable the client to access funds within 24 hours of invoices being issued, at significantly lower funding costs than the 6% discount offered for 14-day payment terms.
The business now has regular cash flow, and is able to take on larger contracts and is growing quicker than ever before, as a result of OptiPay’s low cost funding solution at rates far less than the early payment discounts offered to customers previously. All this thanks to a proactive bookkeeper.
A good proactive bookkeeper is a very smart investment for any size business.
Challenge your understanding of cash flow solutions by contacting OptiPay today for a no-obligation discussion.
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Who is OptiPay?
OptiPay, one of Australia’s leading business finance providers, has been dedicated to helping small business owners solve cash flow challenges for over a decade and has provided $1.5 billion in business funding to more than 500 Australian businesses. OptiPay specialises in modern financing solutions such as invoice factoring, invoice finance, debtor finance, and lines of credit. OptiPay’s mission is to support business growth providing liquidity in as little as 24 hours, ensuring they have access to tomorrow’s cash flow today. This rapid access to funds helps businesses maintain smooth operations and seize growth opportunities without the stress of cash flow constraints. At OptiPay, we believe that healthy cash flow is the lifeblood of any successful business. Our commitment to helping businesses overcome financial hurdles and achieve their growth ambitions has solidified our reputation as a trusted partner in the business finance sector. Whether you are looking to stabilise your cash flow, expand your operations, or navigate financial challenges, OptiPay is here to support your journey with innovative and efficient financing solutions.
