Avrium is a new online platform designed to help start-ups and small businesses in the UK manage their biggest risk factor – cash flow.
The platform aims to help SMEs better understand their financial position and potential risks as well as offering insights into the financial health of customers and suppliers.
“It’s very clear how crucial cash flow awareness is for the health and growth of most SMEs,” says Bhairav Patel, CEO of Avrium. “As a director, even if you’re not directly responsible for book-keeping, it’s crucial that you understand what is happening with your incomings and outgoings.”
Easy to Use Cash flow Management Solution
“From the start we wanted to build a cash flow management solution that any business owner could use intuitively to insulate and protect themselves from the big unforeseen risks – a major customer reducing orders, or a supplier increasing costs.”
There is also a range of tools to help mitigate these risks, such as invoice financing and debt collection services through partnerships with Atradius Collections and Accelerated Payments.
According to a study conducted by USB, 82% of small business failures can be attributed to poor cash flow management, or poor understanding of how cash flow contributes to business. This makes cash flow the number one reason that small businesses fail.
The Avrium platform helps businesses control and maximise cash flow and efficiently manage late invoice payments. It takes data from a company’s online accounting package, enhances that data with information from credit rating agencies and presents it back in a clear and concise way, enabling more informed commercial decisions.
Tools and Benefits for Partners
The platform provides a variety of tools such as Automated Emails & Final demand letters, Debt collection, Credit reporting, Invoice Financing and provides a clear and concise overview of clients’ payables and receivables.
This enables you to stay one step ahead of the competition by providing time-sensitive business advice to your clients. It improves your insights into your clients’ financial risks, which allows you to increase the revenue from your existing clients by providing them with enhanced / proactive services.
Avrium is the first tool launched by Atom Ventures, a group of experienced technical founders who seek to provide technology and operational advice to start-ups and SMEs.
A white label product by Avrium is also available for accountancy practices.