Meet Upflow a French startup that desires that will help you take care of your excellent invoices — the corporate first began at eFounders. If you happen to’re operating a small enterprise, chances are high you’re both losing a ton of time or a ton of cash on accounts receivable.
Most corporations presently handle invoices utilizing Excel spreadsheets, outdated banking interfaces and pointless conversations. Each time someone indicators a deal, they generate an bill and file it in a spreadsheet someplace.
Some corporations pays a number of days later. However let’s be sincere. Too many corporations wait 30 days, 40 days or much more earlier than even serious about paying overdue invoices. You find yourself sending emails, calling your purchasers and losing a ton of time simply accumulating cash. You may even really feel dangerous about asking for cash though you already signed a deal.
In France, most corporations use financial institution transfers to pay invoices. However enterprise banking APIs usually are not there but. It implies that it’s a must to log in to a sluggish banking web site day-after-day to test if someone paid you. You may then tick a field in an Excel spreadsheet.
If every part I described resonates with you, Upflow desires to handle your invoices for you. It doesn’t exchange your checking account, it doesn’t generate invoices for you. It integrates seamlessly together with your current workflow.
After signing up, you’ll be able to ship invoices to your shopper and cc Upflow in your e mail thread. Upflow then makes use of optical character recognition and routinely detects related information — the shopper title, the quantity, the due date, and so on.
You may view all of your excellent invoices in Upflow’s interface to see the place you stand. The service provides you an inventory of actionable duties to get your cash. As an illustration, Upflow tells you you probably have overdue funds and tells you to contact your shopper once more.
You may arrange completely different guidelines relying in your purchasers. As an illustration, you probably have many small purchasers, you’ll be able to automate a few of these messages. However in case you solely work with a handful of purchasers, you wish to make it possible for someone has manually reviewed every message earlier than Upflow sends them.
By default, you write your emails in Upflow in order that your different workforce members can see what occurred. You may browse invoices by shopper to see if someone has a number of unpaid invoices. Upflow enables you to assign actions to a selected workforce member in the event that they’re extra accustomed to this particular shopper.
However all of this is only one a part of the product. Upflow additionally generates banking info with the assistance of Treezor. This fashion, you’ll be able to put your Upflow banking info in your invoices.
When a buyer pays you, Upflow routinely matches invoices with incoming funds. This characteristic alone enables you to save a ton of time. The startup transfers a refund to your organization’s checking account day-after-day.
Upflow co-founder and CEO Alexandre Louisy drew me the next chart once we met. It’s most likely simpler to grasp after studying my explanations:
In different phrases, Upflow has created a brick that sits between your organization’s again workplace and your prospects. Finally, you would think about extra providers constructed on prime of this brick as Upflow is studying many issues in your firm.
In line with Louisy, small and medium corporations really want this type of product — and never essentially tech corporations. These corporations don’t have some huge cash on their financial institution accounts, don’t have an enormous employees and want to avoid wasting as a lot time as attainable.
Now let’s see if it’s straightforward to promote a software-as-a-service answer to a household enterprise that has been round for many years.