Billing & Payment Cycle for Entrepreneurs

Really impressed by an article in this month's Entrepreneur magazine. The article focused on an innovation from two entrepreneurs called NowAccount. When I work with Dallas small businesses, a common problem is the cycle from billing to cash. NowAccount has figured out some innovation ways to solve the problem.

Quickly, the problem is that many small businesses sell an item or provide a service, then generate an invoice to a major business, and then need payment back so that they can pay the providers (workers, manufacturers, distributors, etc.). Quick example, I worked with a company that provided services to a government entity in Dallas. Company provided services and incurred costs all month long. Then we generate an invoice to the government entity. They took a minimum of 15 days to pay which meant we had costs that were now 45 days old. Our newest cost was 15 days old. That meant we had to front all of that expense and wait for the cash. NowAccount is directionally similar to a credit agency or factoring service in that they will pay you immediately (with a discount of course) then receive cash from the major business.

Contact me through LinkedIn if you want more information.


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