British financial services fintech, Payrow, have announced the rollout of services to support UK start-ups, bolstering their existing financial services solutions for entrepeneurs and flexible workers.
Payrow helps startups to plan and analyse financial streams, as well as efficiently track expenses via advanced digital tools that monitor all aspects of financing. These tools also come in handy during audits and in preparing tax returns.
There are several startup particularities that Payrow takes into account when offering financial and payment tools:
1. Routine – generally, at the beginning of development, startups have a small team but a large number of routine financial tasks — company registration, sorting revenue and costs, salaries, tax calculations, etc. Gradually, as a project scales up, so does the number of tasks.
Payrow has a deep understanding of how to deliver financial and growth services to startups. To increase a company’s efficiency, Payrow automates financial operations, including regular invoices, recurring and scheduled payments, reports compilation, income statements, management of incoming and outgoing expenses, and cash flow. By taking care of the tedious, Payrow allows you to save time and avoid mistakes.
2. Complex structures – startups often have complex ownership structures, with new investors and beneficiaries joining in during project development.
Payrow welcomes businesses with complex ownership structures and has a dedicated team on stand-by to understand and serve businesses that have more complex ownership structures. The team shares more than 3 decades of experience in working with companies of this kind, both in corporate and fintech environments.
3. Expenses – startups have to deal with a lot of recurring payments (servers, mail services, CRM). Typically, these payments are made using credit or debit cards, and this makes it difficult to control expenses.
Payrow has solved this problem with its cost control services, namely subscription management.
4. Global reach – if a startup’s target audience hails from different regions of the world, then it needs to make international payments.
With Payrow, you can make Eurozone and international money transfers in two clicks.
5. Pricing – startup companies prefer to utilise cost-efficient services to make payments and manage their finances.
Payrow guarantees transparent pricing and no hidden fees on international payments. For startups, there are three accessible plans, including a free option. However, companies also have the choice to get a custom-built plan tailored to the needs of their business.
“For startup development it is very important that all processes, especially financial, to be transparent. Payrow makes controlling all the vital processes for a young company easy. Thanks to Payrow’s tools you can schedule deferred recurring payments, pay for incoming invoices directly or customise the templates you use, get detailed information on payments for a given period and download statements in a convenient format, see your most recent payments, and much more” — comment from a Payrow representative.
Financial management for startups is crucial. The tools used in financial planning enable startups to maintain their financial health and aim towards sustainable development. The financial models employed by a startup also need to be accurate if they want potential investors to find them worthy of funding.
