Allow us to ask you this (and be as honest as you can) – how many hours does your business spend chasing payments (credit control).
Any idea?
And what about non-payers – the debts written off, and those you end up chasing through court? Can you even come close to putting a figure on how much has been racked up in time and bills?
Whatever your answers, the chances are that you’re drastically underestimating the figures you’ve just come up with. As you’re about to read “flippin heck”, would be a mild understatement…
Cold, hard (and plain terrifying) facts and stats about your credit control…
The average SME is experiencing stilted growth and wasted time on late and non-payers. Let’s remove any doubt, here’s how much poor credit control is costing UK SMEs…
£26 billion is owed to SMEs – with 47% of their customers straying beyond their agreed payment terms
The average total owed in late payments is a staggering £64,000
Yet 40% of businesses have no idea how much they’re owed
And then it comes to the end of the road for these debts… in total, UK businesses were forced to write off a total of £5.8bn in 2016, which equated to more than £21,000 a day
The cloud-shaped credit control solution is here…
Cloud accounting has revolutionised the way businesses, do business – providing industry-leading IT security; valuable insight into finances day or night; and speeding up self-assessments and VAT returns, to name but a few of the benefits. And now, it’s time for your credit control to enjoy an overhaul, all thanks to the cloud.
Cloud-based credit control can automate the chasing of late payments (but it’s also smart enough to still appear personal, and human). It also provides a better idea as to who you should be granting credit to (as well as who you shouldn’t). Finally, the data it produces can shine a light on how to chase payments in a way that reaps the best, and fastest, results.
Proof to the pudding…
As accountants, we love tangible numbers – they don’t lie or mislead – and they’re the perfect thing to demonstrate the value of our own services. So, when it comes to our cloud credit control service, here’s how the figures stack up…
We’ll save you 7.3 hours on credit control – each week, every week.
We could boost your cashflow by £22,000 – for every £500,000 of turnover.
But we also know that you already work in a certain way – that you may need us to completely take over your credit control, or simply work hand-in-hand with the credit department that’s already in place. However, you want and need your cloud credit control to work, we’ll flex and fit to suit you.
We’ve teamed up with Satago – credit control in the cloud to help you do this. Automated credit control that allows you to get on with creating more business, but with that personal touch. Chaser integrates with Xero so there is no extra setup process either.
And the cost of this late-payment stopping, stress-reducing, cash-flow freeing solution? Well, guess what? Satago is free! No catch. No small print, and can be added to your plan as a client.
Find out more about our cloud credit control service today.
Let’s talk about it: Contact us on 0114 4000053 | info@freedominnumbers.co.uk
