Clearitt provides Australian businesses with a free Universal Contra-Account (UCA) that nets off supplier payables against customer receivables in a single weekly settlement, reducing the cash needed to run operations. The platform integrates with Xero, MYOB, and Reckon, and uses an AI reader to import invoices via CSV from other systems. This approach mirrors the multilateral netting banks have used for over 200 years, eliminating invoice chasing and transaction fees.
Funding
Funding not disclosed
Founders
Product
Problem
Australian businesses manage cash flow through a patchwork of individual supplier payments and customer collections, requiring constant chasing, large cash buffers, and expensive financing to bridge timing gaps. This fragmented process consumes administrative time, incurs transaction fees, and leaves working capital tied up in receivables, making cash flow unpredictable and stressful for owners.
Solution
Clearitt offers a Universal Contra-Account (UCA) that creates a live ledger of a business's payables and receivables across its entire trading network. Each week, the platform nets off what a business owes against what it is owed, resulting in a single net settlement transfer instead of dozens of individual transactions. This mechanism, long used by banks, reduces the total cash required to settle invoices, eliminates the need to chase payments, and frees up working capital. The service is free to join and use, with invoices automatically synced from connected accounting software or imported via spreadsheet. Both parties must approve an invoice before it enters the netting cycle, adding a layer of fraud protection not present in standard payment flows.
Target Audience
Primary users are Australian small and medium-sized businesses across industries like plumbing, manufacturing, distribution, and construction that want to reduce cash flow pressure and administrative overhead. Accountants and bookkeepers are also a key audience, with a dedicated CPD-accredited course available to educate them on the UCA model.
Features
- Weekly multilateral netting cycle that consolidates all payables and receivables into one net settlement payment
- Free core service with no transaction fees for joining, invoice clearing, or net settlement
- Direct integrations with Xero, MYOB, and Reckon for automatic invoice syncing, plus an AI reader for CSV imports from other platforms
- Dual-party invoice approval requirement, where both buyer and seller must confirm an invoice before it is eligible for netting
- Public profile URLs and an ABN lookup tool to identify existing UCA members among a business's trading partners
- Anonymised and aggregate data architecture where individual business data is encrypted so Clearitt cannot read it