Late payments can have a serious impact for many businesses. 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.
In recent news, Paul Uppal from the Small Business Commissioner, highlighted the negativity late payment can have on small businesses, after health food chain, Holland and Barrett, were reported to have taken around 67 days to pay one of their smaller suppliers, rather than the recommended 30 days. Whilst Holland and Barrett have acknowledged this claim as being a one off and over the busy Christmas period, it does highlight the general affect that many larger businesses have on SMEs when they take too long to pay. Paul describes how the ‘unpredictable payment nature, holds businesses back and late payments can create stress and anxiety for small business owners.’
To help eliminate this wide spread problem, credit control software such as Credit Hound from Draycir helps 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
• Sends automated emails and letters for payment nearly due and overdue
• Automatically diarises telephone calls
• A quick return on investment, and more…
For further information on the above points or to find out more about Credit Hound, Contact us today