Waddle Stories

Case Study: Matthew Farrell, Finance Broker

Russ Watts  •  02 June, 2021

Matt first came across Waddle after setting up his own business finance company. He assisted his clients with specialised forms of funding; such as unsecured business loans, vehicle and cash flow finance. He was looking around for innovative solutions to offer them and discovered our platform.

Integration with cloud accounting platforms

‘The system was novel, that was the thing that attracted me to it, it had smarts’. He was impressed by the level of automation offered by Waddle’s integration with cloud accounting platforms, such as Xero and MYOB. ‘All a client needs to do is connect their accounting software and Waddle can get out what they need to make a very quick assessment. That time to decision is really good. It saves them a huge amount of time by not asking for a whole stack of financials.’

‘For a small business owner, the integrated nature of it takes away a lot of the ongoing pain. Once you’re in and it’s embedded with your accounting package, it’s easy. The client manages the facility themselves and at Waddle, you’re keeping an eye on things in the background. You’ll be monitoring certain metrics and your platform will fire off alerts if something isn’t quite right.’

Ideal for first time users of cash flow finance

In particular, he says Waddle is suitable for the first time user of a cash flow lending product. ‘When I’m chatting to clients who do have a debtor book, some of them don’t even know that this sort of finance is available. When they hear it is, they can’t believe it.’

He explains to his clients that there are 3 types of finance. The first is the initial cash you put into the business and that is often used up just getting started. The second is retained earnings or profit from delivering a product or service. That can be put back into the business and allow you to grow maybe 5%. Matt explains ‘It’s the third option that can really fuel growth, when you introduce a lender. If the client has some business assets that can be used for security, such as debtors or stock, that’s when their eyes really light up. They realise they could release themselves for growth. You’ve just solved their biggest problem, that cash flow window between purchasing the stock, selling it and receiving payment.’

When it comes to businesses more experienced with cash flow financing, the big draw is the reduced admin. ‘A lot of lenders require you to keep a double ledger; your own one and then a shadow ledger. Keeping those two aligned is hard work. It can be hours of admin each week and when something goes wrong, a huge pain to unravel. Waddle just has one and it’s housed in their accounting platform.’

Finally, he had some nice words to say about Waddle’s friendly team. ‘The clients I introduce are often first-timers and I’m confident they’re in good hands. There are other lenders out there who are more aggressive in their approach and I couldn’t leave them unattended. I’ve found that your customer service is excellent.’

Matthew Farrell, Finance Broker

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