Last night we hosted our second co-design session and had the pleasure of collaborating with Michael Lukman, founder and Managing Director of Gen Advisory, a specialised Australian professional services firm supporting Australian Authorised Deposit Taking Institutes (Banks) and FinTechs.
We were fortunate to have the opportunity to speak with Michael - who is an accounting and finance professional (and friend of the fintech community!) - and dive deeper into his experiences with starting and growing his own business and views on the challenges of managing money for his business!
Key insights and themes:
Cross border payments remain difficult and expensive
Receiving, paying and managing money across borders (particularly to / from emerging markets) remain remains difficult for businesses - there are 2 parts to this issue:
- It’s expensive to do from traditional business bank accounts; and
- It’s difficult to account for, if you hold funds in bank accounts in other countries, as it requires manual entry into local Accounting software before you can produce a single view of the cash flows for the business
Business cash flow and performance insights are not quick or easy to access
Banks don’t provide meaningful or easy to digest business cash flow insights.
While accounting software is designed to address this problem, many packages have evolved to be feature-rich, making it difficult for the time-poor micro-business owner to invest in learning the software to easily extract the insights they desire, quickly.
As such, they prefer to default to spreadsheets and manual entry (I am guilty of this too! ) to aggregate, structure, and analyse their transaction data to get the insights they desire.
Invoicing - no consistent and easy method to issue and receive payment for an invoice
Once again - and as just consistently mentioned in frequency as the other issues above - a solution to issuing and receiving payment (particularly via debit / credit card) for invoices, in an efficient (measured by time, cost, and effort) is lacking. This includes the ability to have visibility over and follow-up on outstanding invoices.
As we progress on our journey to building Parpera, these 3 themes continue to re-emerge and strengthen the support for and prioritisation of our product roadmap.
We’d love to hear your thoughts and whether there are any other big issues that you experience as a business owner.
If you’d like to attend the next one, please get in touch and we’ll add you to our invite list!