Many small retailers across Australia find it difficult to access financing to help smooth out their cash flows, yet there are simple fintech solutions that empower retailers to take control of their finances and focus on growth.

These business challenges are highlighted in a forthcoming MYOB Business Monitor report. The survey of 1000 Australian small and medium sized enterprises (SMEs) found that over half of small businesses said they don’t plan to access needed financing from a banking or lending provider in the next year because it’s simply too difficult. Key reasons for this reluctance include:

Too much time and detail

Approximately 70 per cent of small businesses said that had to provide excessive details when seeking financing, making the application process too long and complex.  Businesses should focus on growth and not be bogged down by applications. They need a simple solution.

Jumping through hoops

Unreasonable bureaucratic hoops created by banks and lenders was another reason specified, with 70 per cent of sampled businesses citing this reason.

Funding is needed immediately

The top issue for most small businesses, with a 74 per cent response rate, was that when they need funding, they needed it straight away as it’s an emergency. This is a common problem for businesses with irregular or delayed cash flows impacting on operations, as businesses need to pay suppliers and their staff whilst waiting on their customers to pay.

Takes too long

66 per cent of respondents reported the financing process takes too long, forcing businesses to resolve their own cash flow issues or seek alternatives, hindering growth.

Financing comes too late

A lot of businesses just have to get on with developing their businesses. By the time the business needs the funding, the issue is usually already solved, as 54 per cent of respondents in the report noted.

These results were bolstered by the fact that the respondents either agreed or strongly agreed. and of the 1000 SMEs surveyed, 109 were of the retail and hospitality sector.

The results show there are still major roadblocks for many retailers gaining access to financing.

Fortunately, there are technology solutions to help smooth out retailer cash flows in a simple and effective manner. Furthermore, if they can be integrated into the retailer’s accounting systems where much of the required information already exists, even better.

One example is the way Butn has partnered with MYOB to help make cash flows more efficient for its clients, through seamless integration of invoice and debtor finance into their business accounting systems.

The Butn invoice factoring capability has been fully integrated into MYOB’s business management platform. This provides a unique, integrated cashflow solution within MYOB’s software, delivering improved access and speed of business funding.

With Butn, businesses can access cash quickly through a simple technology solution. This includes a one-time registration, applying for funding of unpaid invoices at the ‘click of a butn’, and getting paid in as little as three hours.

With volatile operating conditions for retailers, solutions that can assist with cashflow control should be considered. Harnessing the power of embedded fintech solutions that make financing simple and quick allows retailers to focus on the main game – managing and growing their business.

Rael Ross is co-chief executive officer at