How e-invoicing and early payment helps SMEs
Experts at Tungsten Network explain how they can help companies achieve cash flow stability with growth to fulfil their ambitions.
Mostrar transcripciónWorking with thousands of small and medium sized businesses everyday, experts at Tungsten Network explain how they can help companies achieve cash flow stability with growth to fulfill their ambitions.
The benefits to SMEs includes:
- Confidence when sending invoices to their customers that their invoice has been received, and visibility on where the invoice is in the approval process, from received, to when it will be paid.
- Allowing suppliers to take finance on invoices and get paid early to help SMEs grow their business and have cash available when they need it.
By allowing control over your cash and the ability to influence your working capital, Tungsten Network helps stimulate growth both in the network, and also in the wider economy. Being able to take advantage of this global platform for electronic invoicing, and offering financial services on top of that, creates real value and freedom for both buyers and suppliers.
Tungsten Network, headquartered in the heart of London, is the global leader in e-invoicing, invoice finance and spend analytics. Working with thousands of small and medium sized businesses everyday, experts at Tungsten explain how they can help companies achieve cash flow stability with growth to fulfill their ambitions.
David Williams, Chief Financial Officer: Tungsten helps SME’s in two ways. Firstly, it allows them to have confidence when they’re sending their invoice to their customers, that the invoice has been received, and to know where it is in the approval process. So, if it’s been approved, and when it is going to be paid. Secondly, we are allowing our suppliers to take finance on those invoices and get paid early.
Lucy Ashdown, Head of Network Compliance: So Tungsten early payment is a fantastic way for SME’s to actually gain cash in that moment by clicking one button. If we think on average it takes 60 days in the UK to get paid, it really is a fantastic opportunity for them to grow their business and have cash available when they need it.
Henning Holter, Head of Business Development: Both large companies or small, whether you are submitting or receiving invoices on the network, control over your cash and ability to influence your working capital is critical for growth and stability in the network, and in your trading environment. We think by doing that we can stimulate both growth in the network and also in the wider economy. Being able to take advantage of this incredible platform that we have, it’s a global platform for electronic invoicing, and offering financial services on top of that in a much more efficient way than the banking infrastructure can do, creates real value to both our customers and the shareholders.
Lincoln Jopp: What I really love about working at Tungsten is what it is we’re doing for our buyers and our suppliers. There is so much potential, which is unrealized, whether it be in the buyers use of spend analytic data, or the millions, in fact trillions of pounds and dollars which are waiting in “invoiceland” which suppliers can’t use to grow their business. What we are doing is producing and offering freedom for both buyers and suppliers to fulfill their visions and that is a very exciting prospect.
