The time it takes to start clearing on Clearitt can vary depending on a few factors, with your Clearitt network size playing a crucial role. It is a transition from where you are now, to the future of Invoice Clearing.

Here’s what you need to know:

1. Network Size: Clearitt’s strength lies in its growing network of businesses that are cooperating around invoice settlement. The more businesses in your network that are already Clearitt users, the more you can enjoy the benefits of Invoice Clearing. If any of your business partners are already part of the Clearitt community, it significantly speeds up the process.
2. Activation Matters: While Clearitt can accelerate the onboarding process, it’s essential to take an active role in getting your network on board. Encourage your suppliers and customers to join Clearitt. The more businesses you bring into the network, the more seamless and efficient your clearing experience becomes.
3. Network Growth: The speed at which your network grows on Clearitt directly impacts how quickly you can start clearing. If you actively engage in inviting your network to join and they, in turn, invite their contacts, the network effect multiplies, and clearing becomes more accessible to all involved parties.
4. We Facilitate: Clearitt is facilitating your network growth in many ways. Like many social media platforms like LinkedIn, we invite your customers and suppliers to join. You can also invite and remind them yourself on the platform.

In summary, the time it takes to start clearing with Clearitt depends on the number of businesses in your network already using the platform. The network effect is a powerful accelerator, but your active involvement in getting your network to join is equally important. The more you engage your business partners, the faster you can all enjoy the benefits of efficient and secure clearing services.

“Changing finance to fair” is Clearitt’s tagline, encapsulating our vision for transforming the financial landscape. It represents our commitment to revolutionising traditional finance practices and fostering a more equitable and cooperative business environment.

At Clearitt, we envision a future where businesses regain control over their finances, where cooperation reigns supreme, and where the legacy financial system is challenged for the greater good. This vision drives our mission to re-empower SMEs by providing them with a cooperative payment system that unlocks financial potential, streamlines transactions, and promotes cooperation.

Our goal is to level the playing field by challenging traditional norms and creating a more inclusive, fair, and transparent financial ecosystem that benefits businesses of all sizes. Through Clearitt, we aim to democratise the trillion-dollar business of clearing, which banks and large financial institutions have kept for themselves for over 250 years. We believe that every business, regardless of size, should have access to this essential financial service.

By offering clearing services to businesses of all sizes, Clearitt is breaking down barriers and democratising finance. Our platform enables businesses to thrive in an ecosystem built on the principles of inclusiveness, cooperation, and mutual benefit. Together, we can promote financial stability and prosperity for all.

By leveraging Clearitt’s Invoice Clearing service, you can significantly boost your sales and gain a competitive edge in the market. Invoice Clearing provides an alternative method of settling invoices, allowing you to open up your business to a whole new market of customers.

Here’s how Invoice Clearing can help you boost your sales:

1. Expand Your Customer Base: By offering Invoice Clearing as a payment option, you can attract customers who prefer this method of payment. This expands your customer base and allows you to reach new markets that may have been previously inaccessible.
2. Improve Cash Flow: Invoice Clearing accelerates the payment process by allowing you to receive funds instantly upon invoice approval. This improved cash flow enables you to reinvest in your business, fulfill orders more efficiently, and take advantage of growth opportunities.
3. Enhance Customer Relationships: Offering Invoice Clearing demonstrates flexibility and responsiveness to your customers’ needs. It can help strengthen customer relationships and build trust, leading to repeat business and referrals.
4. Gain a Competitive Advantage: By embracing innovative payment solutions like Invoice Clearing, you differentiate yourself from competitors and position your business as forward-thinking and customer-centric. This competitive advantage can help you win more deals and grow your market share.

5. Showcasing Your Use of Clearitt: Clearitt offers a Marketing Toolbox where you can access resources to showcase your use of the platform. This includes a ” Don’t Pay It, Clear It ” badges that you can add to your website, invoices, emails, and social media profiles. By prominently displaying this badge, you can signal to your customers and partners that you embrace modern payment solutions and are part of the Clearitt network.

In summary, Invoice Clearing is a powerful tool for boosting sales and gaining a competitive edge in today’s marketplace. By providing customers with flexible payment options and streamlining your invoicing process, you can drive growth, improve cash flow, and strengthen relationships with customers.

Invoice Clearing offered by Clearitt presents a multitude of benefits for businesses, revolutionising the landscape of B2B finance and empowering businesses to thrive in today’s dynamic market.

Time Savings: Invoice Clearing streamlines the invoice settlement process, eliminating the need for businesses to engage in the time-consuming task of chasing payments. By automating the clearing and settlement system, Clearitt saves valuable time for businesses, allowing them to focus on building meaningful relationships and driving growth.

Cost Savings: Clearitt’s transparent fee structure and efficient transaction management contribute to significant cost savings for businesses. By eliminating hefty fees associated with traditional financial solutions such as factoring services and business loans, Clearitt empowers SMEs to achieve remarkable cost reductions and improve their financial health.

Freeing Up Working Capital: Delayed payments often hinder a business’s ability to invest in its future. With Invoice Clearing, Clearitt breaks the chain of late payments, freeing up working capital and unlocking opportunities for businesses to seize growth initiatives and fortify their financial positions.

Unlock the Potential of Invoice Clearing: Invoice Clearing isn’t just about streamlining processes; it’s about revolutionising B2B finance and empowering businesses to thrive. By embracing Invoice Clearing, businesses can say goodbye to the frustrations of chasing payments, enjoy significant cost savings, and unlock their full financial potential.

For more information on how Invoice Clearing can benefit your business, see our blog post called “Transforming B2B Finance with Clearitt’s Triple Benefits”.

At Clearitt, we settle all your scheduled invoices every fortnight via clearing. This applies to invoices where both you and your counterparties are members of the Clearitt network.

What happens to invoices that are due just after a settlement day?
It’s possible for an invoice that is due already to take up to two weeks to settle if the due date just after a settlement day. While this might seem inconvenient, it is generally a transitional issue. The timing of both receivables and payables in a fortnightly clearing cycle should in many cases balance out anyway, as both kinds could be due just after a settlement day.

How to manage invoice due dates effectively?
We encourage our users to coordinate with their customers and suppliers to align invoice due dates just before the next settlement date. This synchronization helps mitigate any temporary disruptions to your cashflow during the transition period.

In short
Transitioning to a fortnightly clearing system moves you away from an older more time-consuming and costly method of managing your cashflow to a simpler, streamlined approach. This change requires some initial adjustments but ultimately leads to a more efficient cashflow management system.

Being a Clearitt user is something to display to your contact network, whether they’re your customers or suppliers. Many companies are actively seeking business partners with whom they can engage in invoice clearing, streamlining their payment processes, and optimising their cashflow.

To make it easy for you to showcase your use of Clearitt, we intend to provide a “Don’t Pay It, Clear It” badges in our Marketing Toolbox, which you can showcase on your website, invoices, emails, social media profiles, and more.

For your convenience, we have crafted a brief paragraph below that you can use to introduce Clearitt to your business network:

For Invoice Clearing: “Dear [Recipient], we are excited to announce that our company has joined Clearitt, an innovative platform that allows you to settle invoices with minimal or no cash payments. With Clearitt, you can seamlessly clear invoices with your business partners, like us, ensuring faster invoice settlement and improved cashflow. Join us on Clearitt today to experience the future of B2B finance.”

For Cashflow Monitor: “Dear [Recipient], we are thrilled to share that we are now leveraging Clearitt’s Cashflow Monitor, a powerful tool that provides ongoing insights into our financial operations. With Clearitt, we can track and benchmark our cashflow using eight key metrics, empowering us to make informed decisions and optimise our financial health. We thrive when our business partners thrive, so why not join us on Clearitt today to unlock the full potential of your own Cashflow Monitor.”

Of course, feel free to customise the message to suit your tone and audience.

The Free Trial for the Cashflow Monitor is a 30-day period during which you can access and use all the features of the Cashflow Monitor without any cost or commitment.

It’s also a great opportunity to explore the platform and experience its benefits firsthand, including access to your Invoice Clearing dashboard and the great benefits that come with it.

1. How do I sign up for the Free Trial? Signing up for the Free Trial is easy! Simply visit our website, create an account and sync with your accounting platform. Once you’ve signed up, you’ll have instant access to the Clearitt platform and can start using it right away (given that your accounting is in order).
2. Do I need to provide any payment details to start the Free Trial? No, you do not need to provide any payment or card details to start the Free Trial. We believe in providing a risk-free experience for our users, so there are no strings attached. You can enjoy the full benefits of the Cashflow Monitor without worrying about forgetting to opt-out and being charged.
3. What happens after the 30-day Free Trial ends? If you wish to continue accessing the Cashflow Monitor and its features, you can choose to subscribe to one of our paid plans. We’ll send you a reminder before the end of your trial period so you can make an informed decision.

However, if you decide to not go ahead and subscribe to the Cashflow Monitor after the end of the trial, you will still have access to your Invoice Clearing dashboard.

1. Can I cancel my Free Trial at any time? As we don’t take any payment details, the trial ends automatically at the end of the trial period, making it completely risk-free. Therefore, there is no need to cancel any subscription.
2. Can I upgrade to a paid plan before the end of the Free Trial? Yes, you can upgrade to a paid plan at any time during the Free Trial period if you wish to continue using the Cashflow Monitor beyond the 30-day trial period. Simply visit your account settings and select the plan that best suits your needs.

Invoice Clearing is a financial process that allows you to settle invoices with minimal or no cash payments. Here is a simple example:

Let’s say you’re expecting payment on a bunch of invoices you sent out, and that they add up to $100,000. Let’s also say you have a pile of bills you need to pay that add up to the same amount, $100,000. What you can now do is settle all these invoices by netting them out. As the total amounts are equal, there is no need to dip into your cash reserves.

If what you have to pay is more, you just pay the difference.

If what you are to receive is more, you will receive the difference.

Here’s how it works in practice:

1. Record Keeping: Whenever you send an invoice to another business using your accounting software, the invoice is recorded on the Clearitt platform.
2. Balance Tracking: In this way, the platform keeps track of what you owe and what is owed to you, creating a running balance.
3. Invoice Settlement: Instead of exchanging cash for each invoice, you periodically settle your accounts. As mentioned, if you owe more than what’s owed to you, you pay the difference. If the balance is in your favour, you receive the outstanding amount.

Clearing has been used by banks and large institutions for over 200 years to simplify transactions and reduce the need for cash payments. Now, Clearitt brings this efficient, secure, and cost-efficient process to businesses of all sizes.

By joining Clearitt’s clearing network, you can streamline your financial operations, save time, reduce costs, and open doors to new cooperative opportunities within the Clearitt network. Say goodbye to the hassle of cash payments and embrace the future of seamless business transactions.

The Cashflow Monitor is a powerful financial tool that provides ongoing insights into your business’s cashflow. It allows you to track and benchmark key metrics related to your financial operations, giving you a comprehensive view of your business’s financial health. Here’s how it works:

1. Metric Measurement: The Cashflow Monitor measures eight key metrics (KPIs) related to your cashflow, including receivables, payables, and overall financial performance.
2. Benchmarking: It compares your business’s performance against industry standards, providing valuable insights into areas where you excel and areas that may need improvement.
3. Actionable Insights: Based on the analysis, the Cashflow Monitor identifies which KPIs you should focus on improving and provides guidance on how to address any issues or challenges.

By leveraging the Cashflow Monitor, you can gain a deeper understanding of your business’s financial operations, identify opportunities for optimisation, and make informed decisions to drive your business’s growth and success. With Clearitt’s Cashflow Monitor, you can take control of your finances and pave the way for a more prosperous future.

Security is a top priority at Clearitt.

Secure Technology: Clearitt employs mature, stable and tested technology to safeguard your financial information. Our platform is built with secure components that protect your data from unauthorised access or breaches, and the end-to-end business process has been vetted by security experts.

Privacy: We comply with international and Australian privacy legislation, specifically The Privacy Act 1988 (Privacy Act). We have a declared privacy policy available for perusal on our website. Moreover, your data will be held in a database hosted in Australia and will not be sent overseas.

Data Access: Clearitt will not access any of your data held in a third-party cloud-based accounting platform unless you grant us permission to do so. You can revoke this permission at any time, and the protocol implementation by the accounting platforms will ensure that we cannot access your data thereafter.

Identity and Data Access Technology: Our software implements the industry-standard Open ID Connect and OAuth2 Identity and Access Management protocols, which also is required by your accounting platform.

Encryption: All data stored and transmitted through Clearitt is encrypted, adding an extra layer of protection. This encryption ensures that your sensitive financial information remains confidential, whether at rest or in transit.

Transparency: Our platform provides transparent and detailed records of all your financial activities, giving you full visibility and control over your financial activities.

Constant Monitoring: We conduct ongoing security audits to ensure that our processes remain secure, and advisory services to ensure that our software has the latest upgrades and patches.

In summary, Clearitt’s commitment to security is unwavering. We employ secure technology, encryption, compliance with privacy legislation and quality standards, informed consent, industry-standard protocols, transparency, and constant monitoring to ensure the utmost security for all your financial activities.

The Clearitt Cashflow Monitor offers several distinct advantages for your business:

1. Daily Updated: The Cashflow Monitor provides you with ongoing insights into your business’s financial health. This awareness empowers you to make informed decisions promptly.
2. Enhanced Decision-Making: By offering a comprehensive view of your cashflow, the Cashflow Monitor enables better financial decision-making. You can plan, strategise, and allocate resources more effectively.
3. Proactive Issue Identification: Instant updates allow you to quickly identify any concerning trends or issues in your cashflow. This proactive approach helps you address financial challenges before they become significant problems.
4. Tailored Financial Planning: Ongoing data updates ensure that your financial planning is based on the most recent and accurate information available. You can adjust your strategies to align with your current financial position.
5. Continuous Improvement: Regular monitoring encourages a culture of continuous improvement within your business. You can fine-tune your financial management strategies and optimise cashflow regularly.
6. Timely Reactions: In today’s dynamic business landscape, timely reactions to changes in cashflow are essential. The Cashflow Monitor ensures that you’re always in control, allowing you to respond quickly to evolving financial circumstances.
7. Benchmarking: Compare your business’ cashflow performance against industry benchmarks. This valuable feature helps you gauge how well your business is doing compared to peers, identify areas for improvement, and stay competitive.

8. Traffic Light: The Cashflow Monitor utilises a traffic light system to visually represent the status of your cashflow. Green indicates healthy cashflow, yellow signifies potential issues that may require attention, and red highlights critical areas that need immediate action. This intuitive feature allows for quick assessment and prioritisation of financial tasks, helping you stay on top of your business’s financial health.

Clearitt’s Cashflow Monitor offers these advantages and more, making it a valuable tool for maintaining a strong financial position and driving the success of your business.

No, Clearitt doesn’t offer multi-currency transactions and is currently exclusively available in Australia. However, there are plans for this functionality to be available in the future. Clearitt’s clearing gateway is designed to support multi-currency transactions, making it versatile and adaptable to the needs of businesses engaged in international trade.

Plans for International Expansion
Clearitt has ambitious plans for international expansion in the future. When this expansion occurs, the multi-currency capabilities of Clearitt’s clearing gateway will be of great value to businesses engaged in cross-border trade.

Breaking Down International Barriers
One of the key advantages of clearing is its ability to streamline cross-border transactions. By eliminating the need for traditional payment methods, businesses can overcome many of the international payment barriers, such as currency conversion costs and lengthy processing times. This paves the way for more efficient and cost-effective global trade, ultimately benefiting businesses of all sizes.

Keep an eye out for Clearitt’s future updates regarding international expansion, as it will open new possibilities for businesses looking to optimise their cashflow and collaboration, both domestically and internationally.

Clearitt is dedicated to enhancing cashflow management for businesses across various accounting platforms and ERP systems.

Currently, we are integrating with Xero and MYOB to ensure a seamless experience for a significant portion of our potential user base, especially the Small- and Medium-Sized Businesses.

While we start with these platforms, we’re actively working to expand compatibility to include a broader range of accounting platforms and ERP systems. Our commitment is to continually broaden our compatibility to serve a wider spectrum of accounting systems, empowering businesses to maximise their cashflow efficiency and cooperation. Stay tuned for updates as we strive to make our clearing services accessible to a wider audience.

Clearitt’s primary goal is to provide you with efficient invoice clearing services and valuable financial insights. To achieve this, we require access to your accounting system as that is how we pick up the information about your invoicing etc.

1. Cashflow Monitoring: Access to your accounting system allows Clearitt to offer you the Cashflow Monitor, a tool that tracks and analyses your daily cashflow. This feature is essential for understanding your business’s financial health.
2. Invoice Clearing: Clearitt’s clearing services rely on data from your accounting system to facilitate seamless invoice clearing. This ensures that you and your business partners can settle invoices efficiently and transparently.

Clearitt is all set up to be as user-friendly as possible to get started and to keep using it.

Clearitt is initially integrating its services with the Xero and MYOB accounting systems. Our goal is to provide clearing services to as many businesses as possible, starting with these platforms to ensure we can service a significant portion of our potential user base.

We’re actively working to expand compatibility to include more accounting platforms and ERP systems, recognising that businesses have diverse preferences and requirements.

To access Clearitt and fully utilise its services, you’ll need to integrate your accounting system with our platform.

We believe in providing accessible and cost-effective financial solutions to businesses. A breakdown of our pricing model for Clearitt’s Cashflow Monitor and Clearing Services is provided at https://clearitt.com/#pricing.

Your “Potential Clearing” refers to the estimated dollar amounts and number of invoices that you could potentially clear through Clearitt’s platform.

At Clearitt, safeguarding your privacy is paramount. We recognise the importance of protecting your personal information and adhere to strict privacy standards to ensure its confidentiality and integrity.

Our Privacy Policy outlines our commitment to transparency and accountability in handling your data, emphasising our dedication to maintaining your trust and confidence. We believe that respecting your privacy is not only a legal obligation but also a cornerstone of our relationship with you, our valued user.

For detailed information about how we handle your personal information, please refer to our Privacy Policy.

If you’re experiencing difficulties with invoice clearing on Clearitt, it may be due to missing data in your accounting system. One common reason for this is that your accounting is set up on a cash basis rather than an accrual basis.

Here is a summary provided by Investopedia explaining the difference between Accrual accounting and Cash basis accounting:

Accrual accounting:

• Accrual accounting records revenue and expenses when transactions occur but before money is received or dispensed.
• Accrual accounting provides a more accurate view of a company’s health by including accounts payable and accounts receivable. [Clearitt: There are no accounts payable or accounts receivable when using the cash basis].
• The accrual method is the more commonly used method by large companies, especially by publicly traded companies, as it smooths out earnings over time.

Cash basis accounting:

• Cash basis accounting records revenue and expenses when cash related to those transactions actually is received or dispensed. [Clearitt: When cash is received or paid].
• The cash basis method typically is used by sole proprietors and smaller businesses.

To read more, see https://www.investopedia.com/ask/answers/09/accrual-accounting.asp. Here is also a brief video on the topic. https://www.youtube.com/watch?v=yGg_5FBOSoo.

To utilise Clearitt’s Invoice Clearing solution, your accounting must be done on an accrual basis, as we require visibility into invoices ahead of their due dates. If you need further assistance, we recommend consulting with your accountant or bookkeeper.

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