{"id":88090,"date":"2025-02-14T17:17:05","date_gmt":"2025-02-14T17:17:05","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/turning-cash-flow-into-cash-now-with-paidnice\/"},"modified":"2025-02-14T17:17:05","modified_gmt":"2025-02-14T17:17:05","slug":"turning-cash-flow-into-cash-now-with-paidnice","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=88090","title":{"rendered":"Turning cash flow into cash now with Paidnice"},"content":{"rendered":"


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\u201cWhen my debtor workflow is turned off, people stop paying me almost immediately.\u201d This stark observation from Haley Reyners, founder of My Two Cents Accounting Services<\/a>, highlights a common challenge facing small businesses. For her accounting and advisory firm, which is based in Northland, New Zealand, having over $60,000 tied up in outstanding invoices wasn\u2019t just a number \u2013 it was a threat to business sustainability.<\/p>\n

\u201cI\u2019m the same as any other small business owner. Cash flow is crucial, and if I don\u2019t have money in my bank, I can\u2019t pay my people or my bills,\u201d says Haley. \u201cAs the economy is getting tougher and the cost of living is going up, cash flow is crucial for everything to do with business.\u201d\u00a0<\/p>\n

Outgrowing a broken system<\/h3>\n

Before finding the right solution, My Two Cents struggled with an outdated debtor management system that had declined in functionality after being acquired by a larger company.\u00a0<\/p>\n

\u201cWe lost a lot of the in-touch support and functionality which didn\u2019t really work for us \u2013 for my own business as well as for clients,\u201d Haley explains. \u201cWe were looking for an invoice reminder solution that was more customisable and had support available when we needed it.\u201d<\/p>\n

Finding a flexible solution that can scale\u00a0<\/h3>\n

The integration of Paidnice with Xero<\/a> provided the customisation and local support My Two Cents needed.\u00a0<\/p>\n

\u201cThe biggest thing we liked about Paidnice was that it was New Zealand-based, with local support that continues to be awesome \u2013 which is something we really need when it comes to running these debtor management workflows,\u201d says Haley.<\/p>\n

One standout feature transformed how My Two Cents manages different client relationships. \u201cThe whitelist option is a really cool feature,\u201d Haley notes. \u201cWe have clients who might have specific payment terms, or we might run their batch payments for them. Being able to create different whitelists for different clients so they\u2019re not caught up in workflows is really awesome.\u201d<\/p>\n

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My Two Cents founder Haley Reyners and her firm were winners of the 2021 Bookkeeping Business of the Year, and 2021 Certified Bookkeeper of the Year ICNZB awards.<\/em><\/figcaption><\/figure>\n

Half the wait, double the cash(flow)<\/h3>\n

The impact of Paidnice on My Two Cents\u2019 cash flow was dramatic:<\/p>\n