Meet Upflow a French startup that desires that will help you take care of your excellent invoices — the corporate first began at eFounders. In case you’re operating a small enterprise, likelihood is you’re both losing a ton of time or a ton of cash on accounts receivable.
Most corporations at present handle invoices utilizing Excel spreadsheets, outdated banking interfaces and pointless conversations. Each time any person indicators a deal, they generate an bill and file it in a spreadsheet someplace.
Some corporations pays a couple of days later. However let’s be trustworthy. Too many corporations wait 30 days, 40 days or much more earlier than even excited about paying late invoices. You find yourself sending emails, calling your shoppers and losing a ton of time simply gathering cash. You may even really feel dangerous about asking for cash despite the fact that you already signed a deal.
In France, most corporations use financial institution transfers to pay invoices. However enterprise banking APIs should not there but. It implies that it’s a must to log in to a sluggish banking web site on daily basis to verify if any person paid you. You possibly can then tick a field in an Excel spreadsheet.
If all the pieces I described resonates with you, Upflow desires to handle your invoices for you. It doesn’t substitute your checking account, it doesn’t generate invoices for you. It integrates seamlessly along with your current workflow.
After signing up, you’ll be able to ship invoices to your shopper and cc Upflow in your electronic mail thread. Upflow then makes use of optical character recognition and robotically detects related knowledge — the shopper title, the quantity, the due date, and so forth.
You possibly can view all of your excellent invoices in Upflow’s interface to see the place you stand. The service provides you a listing of actionable duties to get your cash. As an example, Upflow tells you you probably have overdue funds and tells you to contact your shopper once more.
You possibly can arrange completely different guidelines relying in your shoppers. As an example, you probably have many small shoppers, you’ll be able to automate a few of these messages. However for those who solely work with a handful of shoppers, you need to be sure that any person has manually reviewed every message earlier than Upflow sends them.
By default, you write your emails in Upflow in order that your different group members can see what occurred. You possibly can browse invoices by shopper to see if any person has a number of unpaid invoices. Upflow permits you to assign actions to a selected group member in the event that they’re extra aware of 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 manner, you’ll be able to put your Upflow banking info in your invoices.
When a buyer pays you, Upflow robotically matches invoices with incoming funds. This function alone permits you to save a ton of time. The startup transfers a reimbursement to your organization’s checking account on daily basis.
Upflow co-founder and CEO Alexandre Louisy drew me the next chart after we met. It’s in all probability 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 clients. Finally, you would think about extra companies constructed on high of this brick as Upflow is studying many issues in your firm.
In keeping 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 save lots of as a lot time as potential.
Now let’s see if it’s straightforward to promote a software-as-a-service resolution to a household enterprise that has been round for many years.