Butn’s has just announced a significant partnership with accounting software platform MYOB — set to give over a million users instant access to finance.
The move means SMEs will be able to use Butn seamlessly within the existing MYOB ecosystem; accessing finance the moment they issue an invoice (instead of waiting the typical 14, 30 even 60 day periods). They’ll also be able to utilise Butn’s other products.
With Covid-19 still causing mass uncertainty in business — the partnership couldn’t come at a better time.
The AFR reports:
Butn will appear as an option in MYOB’s Essentials accounting product by the end of June and its AccountRight expenses and invoicing platform by the end of the year. The company’s chief financial officer, Caroline Rawlinson, told The Australian Financial Review, it was an acknowledgement that the untimely payment of invoices was a big issue for the small- and medium-sized enterprises that use its platforms.
“We know that cashflow and access to cash is a critical enabler, and a real cause of stress and concern,” Ms Rawlinson said.
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Ms Rawlinson said MYOB’s partnership with Butn was different in that the service was embedded within the MYOB platform, rather than it being a separate app that accountants needed to learn and engage with.
“What we have is a seamless integration, because it is really important for these things to be frictionless and really easy for customers to use,” she said.
“We don’t want them to have to worry about popping out to another place with integrations and maintenance … Ultimately, we are both solving the same problems for SMEs, we’re just going about it in subtly different ways.”
Other coverage:
Ticker TV – (1) TICKER NEWS IS LIVE NOW | #Trending #RussiaSanctions #Bitcoin / Twitter
The Adviser – MYOB partners with cash flow funder – The Adviser
My Business – MYOB partnership aims to tackle cash flow problem for businesses | MyBusiness
Zephryrnet – MYOB and Butn form strategic partnership to benefit businesses | (zephyrnet.com)
Smartcompany – MYOB and fintech Butn partner up to offer invoice financing (smartcompany.com.au)
Business Australia – Butn teams up with MYOB to help SMEs unlock cashflow (businessnewsaustralia.com)
Australian Fintech – SME finance platform offers advanced commission product – Australian FinTech
Australian Broker – Lending platform now allows advanced commissions (brokernews.com.au)
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