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"When my debtor workflow is turned off, people stop paying me almost immediately." This stark observation from Haley Reyners, founder of My Two Cents, highlights a common challenge facing small businesses. For her Northland-based accounting and advisory firm, having over $60,000 tied up in outstanding invoices wasn't just a number – it was a threat to business sustainability.
"I'm the same as any other small business owner. Cash flow is crucial, and if I don't have money in my bank, I can't pay my people or my bills," says Haley. "As the economy is getting tougher and cost of living is going up, cash flow is just so crucial for everything to do with business."
Before finding the right solution, My Two Cents struggled with an outdated debtor management system that had lost functionality after being acquired by a larger company. "We lost a lot of the in-touch support and functionality which didn't really work for us – for my own business as well as for clients," Haley explains. "We were looking for a solution that was more customizable and had support available when we needed it."
The integration of Paidnice with Xero provided the customization and local support My Two Cents needed. "The biggest thing we liked about Paidnice was that it was New Zealand based, with local support that continues to be awesome – which is something we really need when it comes to running these debtor management workflows," says Haley.
One standout feature transformed how they manage different client relationships. "The whitelist option is really a cool feature," Haley notes. "We have clients who might have specific payment terms, or we might run their batch payments for them. Being able to create different whitelists for different clients so they're not caught up in workflows is really awesome."
The impact on My Two Cents' cash flow was dramatic:
"You can do a lot of this process manually if you choose," Haley explains, "but having software that manages these workflows and automates so much of the process means it just makes it work. If you can automate 90 percent of the process, so the manual side is actually just making those phone calls – it's a win-win for everybody."
The benefits extended beyond My Two Cents to their clients. "For them, having cash in the bank rather than sitting with huge balances of outstanding debtors is crucial for any business," says Haley. "That's what we focus on when it comes to debtor management."
When asked about the value proposition, Haley is unequivocal: "If you're already considering that you needed something to help you with your cash flow management and debtors, then you need to go for it. If you're on the fence about it and you've got debtors that are out of hand, there's no 'on the fence' – you've got no option."
"For the cost of the subscription versus money in your bank, it's definitely a no-brainer," Haley concludes. "It should be part of your internal processes and systems. It should be part of your tech stack. You need cash in your bank – and that's the key for Paidnice, getting cash in your bank."
