How Our Invoicing Software Helps Businesses Get Paid Faster

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When it comes to invoicing software, Nova Technology’s intuitive suite of payment solutions makes a science of getting paid.

Invoicing. It’s one of the most important tasks of any business—and one that traditionally comes with its own in-built inefficiencies.

Late payments cost the global economy around $US1 trillion every year, with reports suggesting that more than half of small to medium businesses around the world expect their invoices to be paid past their due date.

It’s a worldwide problem that has a knock-on effect for both the business and its suppliers, leading to a reduction in cash flow and in worst-case scenarios, even bankruptcy.

Many businesses list late payments as one of their most significant challenges, with unpredictable cash flows and a lack of financial oversight an ongoing concern.

Enter Nova Technology.

We’ve been making a science of getting paid for more than a decade and our comprehensive suite of payment solutions is designed to automate the invoicing process and help businesses get paid faster.

‘A bit like Accounts Receivables on steroids’

Over the years, we had many clients come to us and ask: what is the best software to create invoices? So we created it.

“When the company was founded, we quickly realized a lot of debts and missed revenue opportunities were the result of poor invoicing software,” explained Nova Tech’s Head of Growth, Moe Levin.

“People were owed money because they just couldn’t handle outstanding invoices properly.

“Nova Tech’s invoicing software was built to take care of that and reduce the amount of unpaid invoices and the time it takes to get paid.”

That software solution comes in the form of Invoque—the AI-driven enterprise invoicing revolution that boosts revenue and automates receivables.

“Like Accounts Receivables on steroids,” is how Nova Tech Director, Pascual AB, describes Invoque—which utilizes dunning automation to simplify the collection process and enhance cash flow.

“Nova’s suite of products is helping people get paid faster throughout the lifecycle of an invoice, and manage what’s going on with payments in a much easier, more user-friendly way,” adds Levin.

“We’re all about reducing the amount of time and hassle it takes to get paid.”

Invoque offers robust dispute management capabilities

More than a decade in finance and debt collection meant everyone at Nova Tech was well aware of the need for an invoicing revolution.

That’s why we designed an interconnected suite to automate the invoicing process—so that businesses can spend less time on financial admin, and more time on growing their business.

Our comprehensive suite of invoicing software and other payment solutions can help reduce the time spent chasing debts by up to 30 per cent—and ultimately save your business money.

“It’s all related to the invoice,” explained AB.

“The whole suite is designed to get invoices paid faster—by eliminating the need for lengthy discussions, objectifying data, and basically ensuring that everything can be measured and analyzed automatically.”

Invoque’s effectiveness is derived in part through its robust dispute management capabilities, with a simple-to-use interface and intuitive UX making it easy for clients and their customers, across a variety of roles and industries, to view exactly which invoices are outstanding and resolve any issues.

“It’s really simple to categorize any payment issues or disputes, and even easier to resolve them,” said AB.

“If, for instance, you create a payment plan… automated reminders are sent out for each installment to ensure that those payments don’t fall through the cracks.

“And by automating the process and using objective data to reduce the need for lengthy discussions around payments, you increase the likelihood of getting paid faster.”

Although Invoque functions as a highly effective standalone SaaS solution, it’s only one part of an interconnected suite designed to revolutionize every element of invoicing.

Pactual helps your data-driven decision-making

With millions of dollars in merchandise criss-crossing the globe on shipping containers and long-haul transportation every day, the chances of stock loss—and the invoicing disputes that often arise from them—are immense.

That’s where Pactual comes in.

A fully integrated smart contract system that uses in-built IoT sensors to track assets and prevent disputes, Pactual offers a simple set-up and automatic release of funds once custom parameters are triggered.

It’s a low-cost, onboard Internet-of-Things solution that tracks temperatures, breakage, and humidity—and one designed to help businesses use real-time analytics to make data-driven decisions.

“Imagine you’ve got a shipping container full of sensitive medical equipment, and the contract states that the equipment can’t get too hot or jolted around,” Levin explained.

“By using a smart contract that employs IoT sensors to monitor the conditions inside that container and ensure nothing is amiss, it means you won’t get an email once shipping is complete that says: ‘hey, this equipment was broken,’ along with a refusal to pay that invoice.”

Configurable across a range of services and industries, it’s a next-generation contract solution that allows users to manage risk, maintain condition thresholds, and analyze granular details.

Like Invoque, it’s also a product that was designed to remove the ambiguity from invoicing.

“We thought about how we could help people in a range of industries when it comes to contract disputes,” explained AB.

“We wanted to help reduce the amount of cases that went to court—which is obviously a time-consuming and costly process—and we realized that if we created smart contracts that use IoT sensors that guarantee shipments adhere to certain values, we could ensure the contract gets paid automatically.”

Optix is leading the fight against bill fraud

While Invoque and Pactual both help invoices get paid faster and with fewer disputes, another core element of the suite is responsible for bill verification.

With duplicate and fraudulent invoices costing millions in lost revenue each year, Optix works on ledger to ensure businesses never pay a fraudulent invoice again.

It’s a smart platform that uses API integration to analyze a range of known data and verify the authenticity of your invoice.

“What Optix does is analyze existing data and use it to verify that the payment terms and information provided on the invoice are all correct—and that the business you’re paying is exactly who they say they are,” explained AB.

“Optix can state with 100% probability that this invoice is real—it’s not a scam or a fake—and that fraudulent claims or false additions haven’t been made to the invoice.”

A suite designed to complete, not compete

While Nova Tech’s products are built to function as both standalone features and interconnected elements of the suite, what they aren’t designed to do is replace existing ERPs.

“We like to highlight that we’re providing specialist payment solutions that can sit on top of, and integrate with, existing ERP systems—rather than replace them,” said AB.

“I think a lot of businesses are sometimes worried about having to replace their ERP and that’s not the case,” he added.

What Nova Tech provides is a range of specialist solutions designed to help businesses save time and money—and ultimately get paid faster.

“We’re all about the science of getting paid,” said Levin.

“In my mind, Nova Tech has a mandate to anticipate technology trends and build software that uses empirical, objective data that helps businesses get paid.

“All of the products we have built so far, and those we continue to build in the future will follow that same mandate of making it easier and faster for people to get paid.

“To me, that’s the meaning behind the science of getting paid—and why we’ve designed a highly configurable, fully integrated suite of payment solutions to help your business do exactly that.”

Book a demo to find out more about Nova Tech’s comprehensive suite of payment solutions.