80% of the UK’s small business community is affected by poor payment practice. These practices which are carried out by big businesses towards their smaller suppliers is extensive and continues to put smaller firms at risk. It can have a dramatic effect on cash-flow, lower the amount of working capital in the business and put lots of pressure on business owners. As a result, 50,000 small firms a year are forced to close their doors.
This problem, unfortunately, is a far too common issue that is often featured in the news, and it is small businesses that largely come under serious threat.
In Theresa May’s final days as Prime Minister, she was under huge to push through a late payments reform package which was announced in this year’s Spring Statement. Highlighted by Federation of Small businesses (FSB), this call came as businesses had to face up to extended political uncertainty surrounding the Brexit Crisis, combined with the prospect of a new Prime Minister and cabinet.
FSB said that it would be “a major plank of this Government’s legacy to ‘bring to an end’ the UK’s business culture where paying small businesses late is acceptable.
National Chairman of the Federation of Small Businesses (FSB) Mike Cherry, said: “We are now at crunch time for the promised late payments package we have worked hard with the Government to secure. We are fast running out of time for the outgoing administration to secure this as their lasting and transformational small business legacy”
At Draycir, we understand the problems highlighted by the Federation of Small Businesses, which is why we have developed advanced credit control software, Credit Hound.
Credit Hound from Draycir helps to chase payments more effectively. It helps to manage cash flow, reduce bad debt and encourage more payments to come in on time. It's quick and easy to install with customisable workflows to ensure customers are chased at the most appropriate time and method.
Users can benefit from:
• Improved time management
• Pro-active credit control
• More available cash for the business
• Instant overview of money overdue
• Automates day-to-day credit control tasks
• Automates emails and letters sent for payment nearly due and overdue
• Automatically diarises telephone calls
• A quick return on investment, and more…
“In the first sixth months of using Credit Hound, our monies owed reduced by £150,000!“
Inspire Healthcare Services
“Using Credit Hound has improved our cash flow by reducing 90 plus debtor days by 50-75%”
Credit Hound is part of a suite of time and money saving software products from Draycir who’s aim is to help businesses to automate their existing day-to-day business processes and to get paid faster.
If you would like to know more, Credit Hound is exhibiting at the Professional Accountancy show this September. Come and speak to us on Stand B60.