Taulia hails ASBFEO’s Supply Chain Finance (SCF) report as a win for small businesses
Taulia will not provide SCF to companies extending terms beyond 30 days to Australian small businesses
Kate Carnell, The Australian Small Business and Family Enterprise Ombudsman (ASBFEO), has released the Supply Chain Finance Review final report on April 20th. This report advocates for companies to offer Supply Chain Finance when used appropriately and makes recommendations to ensure regulatory compliance and protection for small and family businesses. Taulia hails this report as a win for small businesses.
“As part of our commitment to supporting Australian small businesses and family enterprises, we will not provide Supply Chain Finance to companies that are extending payment terms beyond 30 days to their small business suppliers in Australia. Our solutions are meant to help small businesses get paid early at a time of their choosing. It is our intention that all businesses can obtain value from these optional programs,” states Steve Scott, Head of Asia Pacific, Taulia.
Australian businesses, both large and small, rely on Taulia for access to liquidity through early payment on their invoices. “Using Taulia’s Supply Chain Finance offering, we have been able to get paid early and optimise our cash flow. Supply Chain Finance has proven to be an affordable way to fund my business and help me strengthen my bottom line, it’s been critical to the success of my business,” says Jason Webster, Chief Financial Officer, TSA Group.
Furthermore, Taulia endorses the report’s recommendation to disclose the use of artificial intelligence (AI) when used to maximise discounts accepted by small business suppliers. Taulia is an SCF provider that uses AI and machine learning in ways that provide a win-win for both buyers and suppliers that were not previously possible. Applications of AI include estimating invoice approval times, digitalization of invoice data and forecasting cash available for early payment. Requiring disclosure around the use of AI to maximise discounts will ensure AI is only used in positive ways such as these by the industry.