Excerpt taken from full article appearing in The Australian
Speak of the back door devil!
IODM, which lists next month after a delayed raising, has perfected software that automatically sends four reminder emails or texts over a 28-day period.
If the invoice remains unpaid, the debtor is referred to a debt collector as a matter of course.
The cloud-based software also automates credit checking.
At any one time, Australian SMEs are owed $26 billion from trade debtors, with almost three-quarters of debtors not paying within the agreed period. And while cheques may be heading for extinction the “cheque’s in the mail” syndrome lives on.
Often an SME is its own worst enemy, in that it fails to contact debtors routinely to remind them of their obligation.
Founded by accountant Damian Arena and IT consultant Chris Rogers, IODM is seeking to list through the remains of Paradigm Metals. A bookbuild is also under way to raise a minimum $3m at 4c apiece.
IODM has won the support of National Australia Bank and PricewaterhouseCoopers through their innovation platforms.
The tie-ups are not formal distribution arrangements; rather the institutions encourage their own clients to use the software.
The software is also designed to feed of existing accounting software such as MYOB and Xero.
IODM’s current annual revenue of $60,000 is neither here nor there. But given the quality of its backing and the wide applicability of its software, this one could well fly.
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