New cash flow platform Avrium hits the UK market
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, by using the credit data provided by Creditsafe. This offers 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.”
He adds: “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 firm says.
The web application plugs into cloud-based accounting software, such as with Xero and QuickBooks.
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.