The LSQ platform to streamline invoicing and capital
LSQ, which works in Accounts Payable (AP) and Accounts Receivable (AR) financing, has given businesses a single unified interface to manage capital requirements, invoices, supply chain finance and more , said a press release on Wednesday, June 23.
Called LSQ FastTrack, the new platform allows businesses to download invoices from any device. The scanning of invoices is automated with the new program. The new program also allows companies to outsource collections to the LSQ team and generate on-demand reports on invoice performance.
Buyers will also be able to make advance payments to sellers, using their own balance sheets or third-party financing.
With the new AR finance feature, selling companies will be able to speed up receivables payments, whether it’s a supply chain finance program for the buyer.
The company also added a new website to explain its new features.
“For many companies we’ve worked with we’ve found that working capital requirements aren’t as straightforward as’ we just need an AP financing solution ‘or’ we just need a solution. of AR funding, ”said Don Renyer, LSQ’s product manager. “By providing a single, integrated solution for supply chain finance, AR factoring and dynamic discounting customers have a more comprehensive and efficient way to monitor and manage their cash flow and their overall financial health. “
Access to capital has been vital for small and medium-sized enterprises (SMEs), PYMNTS wrote, which has been particularly relevant given the COVID-19 pandemic over the past year.
Efforts to help SMEs address these issues, especially SMEs led by BIPOC communities (Blacks, Indigenous Peoples and People of Color), however, fell short of standards. Robert Villarreal, executive vice president of CDC Small Business Finance and president of the Small Business Finance Fund (Bankers Small Business CDC of California), told PYMNTS that part of the problem is that communities are running out of banks or other institutions. of this type, which can hamper progress for the people who live there.
Because the Small Business Administration (SBA), which was responsible for much of the financial aid last year, operates through the biggest banks, communities without these big banks have ended up suffering.