Ordway, which works in billing and revenue automation for scaling companies, will offer small- to medium-sized businesses (SMBs) multi-entity billing and revenue management support, according to a press release.
That means “companies can focus on global expansion and compete with Fortune 500 companies on an affordable and flexible order-to-revenue framework,” no matter their size, the release stated.
In the past, this wasn’t the case; only legacy enterprise resource planning (ERP) software, which often had irrelevant functionality issues and was costly, was able to support multi-entity companies and their associated high-level billing and accounting needs. The result was numerous companies with spreadsheets and systems cobbled together to manage a company’s needs, according to the release.
Now with Ordway’s update, companies can run parts of their business independently and yet also unify billing, revenue schedules and reporting on one system, the release stated.
Sameer Gulati, CEO and founder of Ordway, said in the release that the company is ready to “provide multi-entity support to companies with global ambitions like MyDigitalOffice via our flexible and nimble platform.”
“Our customers across North America and Europe are able to expand into new geographies without worrying about needing to replace their finance stack,” he said, according to the release.
Surviving the pandemic has been difficult for almost all SMBs, and a PYMNTS survey from June found that the slowing sales from the pandemic have had adverse effects on SMBs, with 76 percent of respondents saying they’d had at least occasional cash flow issues since the pandemic began, and 17.5 percent saying they’d had “frequent” cash flow issues.
The study also found that SMBs have adopted new digital tools for improving sales, bettering operational efficiency and helping consumers stay safe amid the pandemic. Among the SMBs that said they didn’t know if they would survive through the end of the pandemic, 59 percent said they had done work to implement new digital measures to help attract people who may have been reticent about shopping in-person.