eInvoicing software

Author: Alexander Kohl

  • North Coast small Goods

    North Coast small Goods

    North Coast Small Goods gets down with The 100,000 Hours Project North Coast Small Goods has supplied a range of meats and pre-packaged products to the catering, food and hospitality industry on the Sunshine Coast since 1991 and we’re proud they’ve joined Promis in The 100,000 Hours Project. Over the years their business has grown, innovated and they continue to set themselves apart from competitors with their quality customer service and commitment to innovation. They were also a Winner at the 2013 Sunshine Coast Business Awards. We asked Kerry from North Coast Small Goods why they decided to get down with The 100,000 Hours Project. Why did you join The 100,000 Hours Project? “We initially investigated more about the Promis software to see if it was going to make our business different. Having points of difference is how we run our business and I love to see other small businesses do the same,” said Kerry. “You have to do something different to keep ahead of the pack. That’s what we try to do and we thought that’s what the team at Promis are doing. So hey, let’s do something different.” What’s important to you in how you spend your time? “The big thing I believe businesses should ask themselves is if this will save them time. And then the business owner has to make sure that the spare time generated is used wisely.” “We’ve had the business a long time. Our idea is that the time saved is spent wisely – generating more business and chatting to our customers. As well as getting more efficient in other areas.” “You can always improve facets of your business, if you’ve got time to do it. That’s one of the things in small business, we’ve only got nine or ten staff. You’re always going to be time poor. So when someone can generate some extra hours like the Promis system can, we’ve got a golden choice to say okay, where do we spend those hours?” How do you see The 100,000 Hours Project impacting your business? “I think really the impact will be the money coming into our back accounts sooner and a bit more regularly. I have a finance background which has allowed me to set up a cash flow system that is reasonably efficient. I am still expecting this will be improved by this process. “At the end of it all, some of the customers we speak to do a ten, twelve-hour days, get home at 10pm and then expect to do all the book work, pay the bills. And you know, we’re not all experts in that, andour customers are experts in food. And so this is a really good concept and helpful for them also. A lot of that effort will be taken care of for you [through Promis].” How do you think Promis will change the way you do business? “it will save us time in having to chase up payment reminders and in terms of entering information into the computer, we’re going to save time there too. “But the challenge for us and all the other businesses that Promis is going to help, is now that we’re going to save say two and a half hours a week, we have to make sure those hours are utilised wisely, smartly, in generating more business. “For example, if we know we have a spare hour, we’d like to spend that time talking with our customers more. So, this initiative is going to allow us the flexibility to do that at a time that suits them. I think that would be where we’dbe bestspending the time savings.” We thank Kerry from North Coast Small Goods for sharing his experience so far with our smart eInvoicing technology, Promis. For more information on how you can get down with The 100,000 Hours Project, visit promis.co/sc.

    North Coast Small Goods gets down with The 100,000 Hours Project

    North Coast Small Goods has supplied a range of meats and pre-packaged products to the catering, food and hospitality industry on the Sunshine Coast since 1991 and we’re proud they’ve joined Promis in The 100,000 Hours Project

    Over the years their business has grown, innovated and they continue to set themselves apart from competitors with their quality customer service and commitment to innovation. They were also a Winner at the 2013 Sunshine Coast Business Awards.

    We asked Kerry from North Coast Small Goods why they decided to get down with The 100,000 Hours Project.

    Why did you join The 100,000 Hours Project?

    “We initially investigated more about the Promis software to see if it was going to make our business different. Having points of difference is how we run our business and I love to see other small businesses do the same,” said Kerry.

    “You have to do something different to keep ahead of the pack. That’s what we try to do and we thought that’s what the team at Promis are doing. So hey, let’s do something different.”

    What’s important to you in how you spend your time?

    “The big thing I believe businesses should ask themselves is if this will save them time. And then the business owner has to make sure that the spare time generated is used wisely.”

    “We’ve had the business a long time. Our idea is that the time saved is spent wisely – generating more business and chatting to our customers. As well as getting more efficient in other areas.”

    “You can always improve facets of your business, if you’ve got time to do it. That’s one of the things in small business, we’ve only got nine or ten staff. You’re always going to be time poor. So when someone can generate some extra hours like the Promis system can, we’ve got a golden choice to say okay, where do we spend those hours?”

    How do you see The 100,000 Hours Project impacting your business?

    “I think really the impact will be the money coming into our back accounts sooner and a bit more regularly. I have a finance background which has allowed me to set up a cash flow system that is reasonably efficient. I am still expecting this will be improved by this process.

    “At the end of it all, some of the customers we speak to do a ten, twelve-hour days, get home at 10pm and then expect to do all the book work, pay the bills. And you know, we’re not all experts in that, andour customers are experts in food. And so this is a really good concept and helpful for them also. A lot of that effort will be taken care of for you [through Promis].”

    How do you think Promis will change the way you do business?

    “it will save us time in having to chase up payment reminders and in terms of entering information into the computer, we’re going to save time there too.

    “But the challenge for us and all the other businesses that Promis is going to help, is now that we’re going to save say two and a half hours a week, we have to make sure those hours are utilised wisely, smartly, in generating more business.

    “For example, if we know we have a spare hour, we’d like to spend that time talking with our customers more. So, this initiative is going to allow us the flexibility to do that at a time that suits them. I think that would be where we’dbe bestspending the time savings.”

    We thank Kerry from North Coast Small Goods for sharing his experience so far with our smart eInvoicing technology, Promis. For more information on how you can get down with The 100,000 Hours Project, visit promis.co/sc.

  • Sunshine Coast Daily: Customers win and business red tape slashed

    Sunshine Coast Daily: Customers win and business red tape slashed

    Customers win and business red tape slashed on Sunshine Coast thanks to 100,000 Hours Project

    Sunshine Coast businesses will be able to spend more time hiring staff and helping customers and less time dealing with boring back office paperwork thanks to a Queensland Government-backed innovation initiative.

    Known as the 100,000 Hours Project, the initiative has been spearheaded by Noosa Heads-based financial technology (fintech) firm Promis and already has six firms participating. It received funding through a Queensland Government Ignite Ideas grant.

    Promis Co-founder Cameron Lawrence said the aim of the project is to save 1,000 Sunshine Coast businesses an average of 2.5 weeks each over the next 12 months, through using Promis’ automated invoicing and payments management tool.

    “By doing this, we can unlock in excess of 100,000 hours of wasted business time in the Sunshine Coast region – time that can instead be used by these businesses hiring new staff, serving customers or expanding their services,” he said.

    Mr Lawrence said the first phase of the project is currently underway, with several suppliers to the local cafe and restaurant businesses jumping on board to support the project. These suppliers include Rapid Clean, Montville Coffee, On the Spot, The Source Bulk Foods and Coyo Organics.

    By the end of April, the project is proposed to be extended to restaurants and cafes.

    “Within a few weeks of starting the project, we’ve had suppliers and various business community organisations joining and within the next month we are keen to roll it out to help the many time-poor restaurant and café owners and operators along the coast,” Mr Lawrence said.

    Mr Lawrence has lived on the Sunshine Coast since the age of 17. He founded Promis in 2016 with fellow Sunshine Coast resident Alexander Kohl. The business is based at Noosa Heads, with an office also in the Stone & Chalk fintech hub in Sydney.

    The Promis platform delivers a simple connection tool which helps businesses automate their invoice delivery and reduce the time it takes to reconcile accounts. This reduces friction and time from the supplier/ customer relationship by eliminating the invoice chasing and processing cycle.

    Promis received funding in November last year via the Advance Queensland Ignite Ideas Fund to drive the 100,000 Hours Project.

    Queensland Innovation Minister, Leeanne Enoch said “Small business operators spend many hours every week on bookkeeping and bill payments. This will save everyone time and money and eliminates wasted effort so everyone can focus on getting back to business.”

    Quotes from a named supplier here

    “COYO is proud to part of the project. We look forward to being part of the collective 100,000 hours saved for the Sunshine Coast business community” said Sandra Gosling, owner and co-founder of Coyo Organic.

    Promis developed the idea for the project while based at the Spark Bureau in Maroochydore some 18 months ago.

    “It’s great to see one of the participants of our incubators moving forward and powering such an important initiative,” said Tony Riddle, Director of Spark Bureau.

    The final phase of the project – earmarked for late 2018 – will see more technologies added to the project mix and also extend to the construction industry and then the rest of the business community.

    Regional Development Australia Sunshine Coast CEO Darrell Edwards said: “We are users of Promis, and are very excited about the potential of the 100,000 Hours project as a game changer for our organisation and the coast as a whole”

    More information is available about the project at www.promis.co/sc

  • Noosa News: Better time keeping

    Noosa News: Better time keeping

    Noosa and Coast businesses will be able to spend more time hiring staff and helping customers and less time dealing with boring back office paperwork thanks to a Queensland Goverment-backed innovation initiative.

    Known as the 100,000 Hours project, the initiative has been spearheaded by Noosa Heads-based financial technology (Fintech) firm Promis and already has six firms participating. It received funding through a state Ignite Ideas grant.

    Promis co-founder Cameron Lawrence said the aim of the project is to save 1000 Sunshine Coast businesses an average of 2.5 weeks each over the next 12 months, through using Promis’s automated invoicing payments management tool.

    “By doing this, we can unlock in excess of 100, 000 hours wasted business time in the Sunshine Coast region – time that can instead be used by these businesses hiring new staff, serving customers or expanding their services,” he said.

    Mr. Lawrence said the first phase of the project is currently under way, with several suppliers to the local cafe and restaurant businesses jumping on board to support the project. These suppliers include Rapid Clean, Montville Coffee, On the Spot, The Source Bulk foods and Coyo Organics.

    By the end of April, the project is proposed to be extended to restaurant and cafes.

    “Within a few weeks of starting the project, we’ve had suppliers and various business community organizations joining and within the next month we are keen to roll it out to help the many time-poor restaurant and cafe owners and operators along the coast,” Mr. Lawrence said.

    Mr. Lawrence has lived on the Sunshine Coast since the age of 17. He founded Promis in 2016 with fellow Sunshine Coast resident Alexander Kohl.

    The Promis platform delivers a simple connection tool which helps businesses automate their invoice delivery and reduce the time it takes to reconcile accounts. This reduces friction and time from the supplier / customer relationship by eliminating the invoice chasing and processing cycle.

    “Small business operators spend many hours every week on bookkeeping and bill payments,” Queensland Innovation Minister Leeann Enoch said.

    “This will save everyone time and money and eliminates wasted effort so everyone can focus on getting back to business.”

    Red tape slashed for Coast businesses

    COAST businesses will be able to spend more time hiring staff and helping customers and less time dealing with boring back office paperwork thanks to a Queensland Government-backed innovation innovative.

    Known as the 100,000 Hours project, the initiative has been spearheaded by Noosa Heads-based financial technology (fintech) firm Promis and already has six firms participating.

    Promis co-founder Cameron Lawrence said the aim of the project was to save 1000 Sunshine Coast businesses an average of 2.5 weeks each over the next 12 months, through using Promis’s automated invoicing and payment management tool.

    “By doing this, we can unlock in excess of 100, 000 hours wasted business time in the Sunshine Coast region – time that can instead be used by these businesses hiring new staff, serving customers or expanding their services,” he said.

    Mr. Lawrence said the first phase of the project is currently underway, with several suppliers to the local cafe and restaurant businesses jumping on board to support the project. These suppliers include Rapid Clean, Montville Coffee, On the Spot, The Source Bulk foods and Coyo Organics.

    By the end of April, the project is proposed to be extended to restaurant and cafes.

    For more information visit www.promis.co/sc

  • My Weekly Preview

    My Weekly Preview

    Sunshine Coast businesses will be able to spend more time hiring staff and helping customers and less time dealing with back-office paperwork thanks to a Queensland Government-backed initiative. Known as the 100,000 Hours project, the initiative has been spearheaded by Noosa Heads-based financial technology company Promis and already has six businesses participating. Promis co-founder Cameron Lawrence says the aim of the project is to save 1000 Sunshine Coast businesses an average of 2.5 weeks each over the next 12 months, through using Promis’ automated invoicing and payments management tool.

  • Podcast Interview with Noosa Stories:

    Podcast Interview with Noosa Stories:

    Sustainability in business and personal life with Promis founder Alexander Kohl and co-founder Cameron Lawrence

    Alexander Kohl grew up in Germany and runs businesses on the Sunshine Coast, build teams and systemises things to make things more efficient. Cameron Lawrence is originally from New Zealand and moved to Australia as a baby with his family. About the age of 17 years old, he tried surfing for the first time, got totally hooked and decided to move to the Sunshine Coast. Both Alexander and Cameron have a passion for sustainability and after starting working together 10 years ago with a solar panel business, they now have founded Promis and are on a mission to save hours not only for businesses on the Sunshine Coast but the whole world.

    What is Promis and what does it do?

    Promis helps supplier’s get their invoices paid quicker by making it convenient for their small business clients to pay them. It creates a full, mobile environment in which invoice receipt, supplier and line data storage, and payment queuing all occur automatically.
    How?
    1. Promis can deliver you invoice directly into your customer’s accounting system (so It can’t get lost in their email )
    2. Your customers can pay bills with a single click (eliminating data entry and logging into their
    banking portal).
    3. Promis also fully automates reconciliation for both parties (eliminating bookkeeping and data entry work for both of you).

    • 100,000 Hours Project webpage

    We are very grateful to Yenny Stromgren and Noosa Stories for the opportunity to share our story with their listeners and the Noosa Community.

     

     

  • Get the Most out of Promis

    Get the Most out of Promis

    Dashboard

    Shows all bills that are due, current bank balance, automation rules are set based on user actions, Pay Now and Pay When Due possible. Notifications when OCR bills are ready to be reviewed.

    Bill details shows the past 4 bills from that supplier, the actual pdf, payment details, a history of actions and the accounting system details (contact, expense account) and payment options.

    Automation

    Rules can be set to auto approve or by supplier and amount.

    Once you have created your Promis account, you’ll be taken through each step.

    Next: Signing up to Promis

  • Promis Overview

    Promis Overview

    Accounts Payable

    Promis automates the accounts payable process by pulling supplier bills directly from their accounting package. After approval or rules based handling, it books all details in your accounting system.

    Payments are possible directly from bank accounts without the need to log into a bank portal. Both, supplier and client benefit by automated reconciliation entries for any payments made.

    Accounts Receivable

    If you are sending invoices to your clients, Promis automates the reconciliation process for you. No more manual payment assignments to invoices, we book it in real-time as your clients pay.

    Promis Setup

    In the following pages, you find an overview of the Promis user interface and how to get started. It is necessary to use our website for this initial setup. After that, you can use the mobile app for most tasks.

    Here are the most important steps:

    1. Get the Most out of the Promis Dashboard

    2. Sign up to Promis

    3. Xero Integration

    4. Prepare to Get Paid

    5. Authorise “Pay With”

    6. Invite Additional Users to Promis

    7. Invite Suppliers & Clients

    8. Automation Rules

     

    Promis Mobile App

  • Sign up to Promis

    Sign up to Promis

    Just enter your email address and confirm that you are a human being on the Promis register page.

    To maximise your automation, it is best to connect your accounting system straight away. Just select the logo to connect or choose it from the dropdown menu. If we do not have your system integrated yet, we will be notified and start working on it when there are enough requests.

    If you don’t have an accounting system, you can still use Promis to pay your bills in a single place. Just choose None or “Not a business”. For a detailed explanation of how to prepare your accounting system and connect to it, see Promis integration with Xero, MYOB, QuickBooks.

    To activate your account, you need to enter (or confirm) some details and choose a password. Make sure it is secure to protect your data.

    You will also have to confirm your email address to make sure you have entered it correctly. You’ll have an email from us in your inbox. Just click on the link to confirm.

    In the last step enter (or confirm if you have connected to your accounting system) you address details. It is best to keep them up to date, as we will share them with your connected contacts and update their accounting systems with them.

    Next: Preparing to Get Paid or Pay With

  • Xero Integration

    Xero Integration

    To get the most out of Promis, you want to integrate with you accounting package.

    Most steps are intuitive, the only thing is that you require a couple of additional accounts and it is useful to create them before going through the rest of the setup in Promis.

    Clearing Account

    The clearing account is used to aggregate payments into bank transfers. The result: more automation during your reconciliation process.

    When you create it in Xero (Settings – Chart of Accounts – Add Account), it is essential that you choose Current Asset as the account type and Enable payments to this account. Name and Code are up to you, but we recommend including Clearing Account in the name.

    You can specify a single clearing account or one for

    • The main bank accounts your clients pay you into
    • The credit card payments you receive
    • Each of the credit cards that you use to make payments

    Unless you have special requirements, we recommend using a single clearing account.

    Stripe Fee Account

    The other account that might need to be set up is an Expense Account that we use to automatically book credit card fees to.

    Next: Preparing to Get Paid or Pay With

  • Get Paid

    Get Paid

    If you do not have an accounting system connected, you can jump straight to Pay With. Or if you have not completed your integration steps, see Promis integration with Xero, MYOB, QuickBooks.

    Otherwise, you can authorise Promis to receive credit card payments and payments directly from bank accounts.

    First, under Manage Organisation select the bank account that you want to receive all payments into.

    The clearing account is used to group payments (e.g. multiple clients pay you on a single day via credit card. These will be booked as single payments towards your invoices. When the money is transferred into your bank account, it arrives as a single amount. We create that for you, so reconciliation is really simple. Please review how to set up the clearing accounts in your accounting system integration).

    Once the bank account is entered, you have the option to offer credit card payments for your clients. We suggest always setting that up, as it leads to faster payments. Many clients like paying with a credit card to collect points. If you already have an account with Stripe, you can just connect to it, otherwise, we’ll pre-fill your application and it will be created instantly.

    Maximum Transaction Fee

    You might be sending out large invoices that you do not want your clients to pay with a credit card to avoid the large merchant fees. To manage that, you can enter the maximum amount you are willing to pay in merchant fees. If a payment would lead to higher fees, your client can choose to pay them or use the bank transfer.

    Here is an example: You have entered $17.80 as you maximum transaction fee. That means your clients can pay any invoice up to $1,000 with a credit card without any additional fees.

    For a $1,500 invoice, the merchant fees are $26.55. As you are willing to pay $17.80, your client would see that paying with a credit card costs them $8.75 ($26.55-$17.80).

    Stripe Fee Account

    The payments to your bank account exclude any merchant fees. To further automate your bookkeeping, Promis creates a monthly invoice with these fees. We use the Stripe Fee Account you specify. It can either be a new account or you can use an existing merchant fees or bank fees account.

    Again, we are using a clearing account to aggregate payments and transfers to your bank account.

    Next: Setting up Pay With