Digital business account provider Penta has integrated the Debitoor invoicing programme. Debitoor supports the self-employed, freelancers and small businesses in writing invoices and bookkeeping. Customers can use Debitoor to enter and manage receipts, send value added tax (VAT) returns, make an automatic payment reconciliation of earnings and expenditures, and create a tax consultant account for efficient cooperation.
Penta customers can now link their account with Debitoor, so that all booked transactions are recorded by Debitoor in real-time. Debitoor automatically and immediately compares each amount received with the respective invoices, and marks those that have not yet been paid. The companies say this is particularly convenient for entrepreneurs, who normally have to check the payment status of their customers manually.
Access to Debitoor is included in both Penta's Advanced and Premium packages, in addition to features such as business debit Mastercard, access for employees and foreign payment transactions. Penta says that it also plans to roll out direct debit and loan functionality in the coming months.
SMEs look to invoice finance to solve cash flow problems
UK businesses are increasingly turning away from mainstream bank finance to deal with issues such as late payment, cash flow uncertainty and business expansion
Late payment is bad for business – yet 27% of UK invoices paid late
Keeping suppliers waiting beyond the payment terms for invoice payment makes no economic sense and is damaging the supply chain – yet 27 per cent of invoices are paid late in the UK
Nationwide receives £50m grant for business banking
A further £30m goes to Investec Bank and The Co-operative Bank for SME services