Just a few years ago, e-invoicing was mainly the realm of large companies, with SMEs ruled out by legacy systems that carried prohibitive licensing fees and were expensive to implement. More recently, the cloud has helped to change this with a number of startups offering free e-invoicing for small companies. VC-backed Tradeshift, which recently took a multi-million investment from accounting software company Intuit, has probably garnered the most mind-share. And today, Dublin-based Senddr, a new e-invoicing startup, is throwing its wares into the ring.
Founded in 2012 by brothers Morgan Lynch (previously founder of online accounting software company Yendo) and Malcolm Lynch, Senddr’s e-invoicing service aims to help small businesses know when they are getting paid by providing a feedback loop on their invoices. The system delivers a company’s sales invoices and sends an alert back when the invoice is approved or scheduled for payment.
At the other end, larger companies want to save on the time spent dealing with supplier enquiries, which Senddr says it does by providing end-to-end connectivity between the supplier and the customer.
Meanwhile, its claimed USP is support for multiple accounting software/SaaS, in which invoices are transferred directly between accounting systems, thus eliminating errors and data-entry, says the company.
And indeed the list of supported SME accounting software is extensive and includes Xero, Freshbooks, Sage 50, SageOne, Quickbooks, Yendo, Zoho, FreeAgent and Kashflow, along with connecting to a number of ERP systems including Microsoft Dynamics and Oracle Financials.
In contrast, Tradeshift, which offers a business interactions platform that extends far beyond just e-invoicing, publicly lists support for accounting software Intuit, Sage, KashFlow, Twinfield, and E-conomic. (The KashFlow support isn’t without controversy, however.)
Senddr is free to small businesses but charges a fee for receiving large volumes of invoices. It also offers additional paid services including auditing of tax compliance and invoice archiving.
The Irish company was founded with support from the NDRC Launchpad accelerator and has since received an undisclosed amount of funding from Enterprise Ireland and unnamed angel investors. It claims more than 10,000 business signed up during a four month beta period.