A new online platform built by a team of ex Forbes FinTech 50 CTOs and CEOs promises to help start-ups and small businesses manage their biggest risk factor – cash flow.
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.
Avrium is designed for SMEs to better understand their financial position and potential risks to their cash flow. Businesses can access key credit data provided by Creditsafe, offering insights into the financial health of customers and suppliers. There are 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.
The web application plugs in to the market-leading cloud-based accounting software to offer a one-stop solution for cash flow management. Avrium are recognised Xero and QuickBooks partners.
Avrium is the first tool launched by Atom Ventures, a group of experienced technical founders who came together to provide strategic technology and operational advice to start-ups and SMEs who want to use technology to grow at scale.
"It's very clear how crucial cash flow awareness is for the health and growth of most SMEs," said 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.
"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. Then we integrated global best-of-breed products that would help to give them more control of those relationships."
Avrium is free to trial for the first 90 days, with an individual license thereafter costing £39 per month. A white label product is also available for accountancy practices.