Routable is SMB Gold
Modern bill payments, payouts, and invoicing
Q. What do small business owners want?
A. To NEVER think about accounting
So you open a small business like the woman in the picture above and then you get a customer and a payment. NOW WHAT ?
Well honestly it all happens before that, you need raw materials, you need employees, you need a storefront or maybe not. But what all businesses need is to PAY THE BILLS!
I met Omri Mor the CEO of Routable a few years back just as part of me being in the Fintech mix. Good guy and was building something cool…..flash forward, time flies, I move from San Ramon to Marin, COVID happens and I read something about Routable’s funding for $12 million and I think DOH, overdue for a catchup.
I reach out but now Omri is a big time CEO so he kicks me to the sales team (just kidding but not) which is great as I meet on a Zoom call with Josh and Colby. Josh does a demo and the key points are:
- Connected to QuickBooks Online (QBO) and it looked very good, simple.
- Also can do Xero, integration is done
- NetSuite is coming soon, January.
So that covers the number one SMB accounting package and the number two along with a move into Mid-Market. The demo showed that the interface and accounts you see matched the accounting package. So my demo was focused on chart of accounts for QBO but if the demo was Xero it would have looked more like that. Love this! No need to completely re-train everyone as getting accountants to buy into something new is not fun.
I love the demo for two things
- Emailed invoices connected and paid quick and easy
- A visual of a physical check
I asked about physical checks as the fact is for now, they still matter to SMBs, so let’s not pretend we are in the year 2025 and no checks are printed. Remember I learned about AP / AR back in the day, when the Friday Check Run was a HUGE deal. Routable uses Plaid to connect to the bank and send ACH and in the demo it was slick, just a click. But during the demo Josh mentions that Plaid is easy but pricey…not the first time I have heard that comment.
They didn’t have cards as a payment type….no worries it is on the Roadmap and coming in a month or two.
Who uses it? I liked the answer here a a lot:
- Entrepreneur just trying to get home before midnight and doing as little in accounting as possible but is a one person shop.
- Accountants for SMBs after they outgrow the CEO as Ms. everything but not ready to bring it in-house. Note, there is more of this than you realize.
- Actual in-house accounting person or maybe even a department.
It scales as you scale, no need to change as you grow. That is a great message for SMBs that wanna grow. Josh mentioned they have a lot of manufacturing companies as clients. Note: As the son of a sheet metal mechanic, I love to hear that someone is still making stuff in America.
Build Stuff !
Josh also demo’d the on-boarding of a new vendor. Now you got me, this was easy! I have learned over the years that on-boarding vendors is the bane of every entrepreneur and SMB owner as they spend too much time on it. It was NOT a canned demo, so it looked slick and easy with just a few clicks.
Two last things
Workflow is in process now and is set be released soon with lots of flexibility and functionality. But my fav was if you payout with commissions deducted, it does that for you. Love that, less work for the accountant or entrepreneur.
I am not reviewing this as you should buy or not, I am just making folks aware of some of the great new B2B payments solutions available today.
I remember doing check runs, stuffing envelopes with checks and even faxing PO’s to make sure everything worked right. Seeing solutions like Routable today just makes me so happy that all the brilliance applied to B2C is now making its’ way to B2B.
I have focused on Accounts Payable but Routable does both sides of the equation.
“Routable automatically routes your invoices, collects revenue, and updates payment records in your account.”
Yup, this one does both A/P and A/R.
Oh, to be a controller today instead of in 1990-ish, I would love to have a do-over on my time in finance. Maybe I would not have hated it and gotten out at the first chance I had if Routable had been around.