Accounts Payable Automation Software Small Business Solutions Updated

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A Texas-based financial technology firm has updated its platform with automated cash flow capabilities, providing users with a means to better understand the flow of money to their businesses.

Simplex Financials, a Texas-based technology company, has updated its Path software with Business Impact Center, an automated accounts receivable and accounts payable feature.

More information is available at https://pathbysimplex.com

With the announcement, the company aims to provide small business owners with a solution that can visualize their accounts receivable and payable. In addition to keeping track of the inflow and outflow of money, the software can show where customers are concentrated, an insight that can support expansion plans.

Upon selecting the feature, the Business Impact Center shows how much customers currently owe, as well as the amount owed by the business. It also displays the frequency in which a business pays its creditors and how often it collects payments from customers.

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 decision-makers can gain access to the necessary information that can enhance their plans and strategies.

Additional details about the software can be found at https://pathbysimplex.com

Contact Info:
Name: Jessica Rickard
Email: Send Email
Organization: Simplex Financials, Inc
Address: 7300 Blanco Rd Suite 201, San Antonio, Texas 78216, United States
Website: https://pathbysimplex.com/

Source: PressCable

Release ID: 89004409