There’s no denying it; if your clients want to operate successfully in today’s uncertain market, they’re going to need to build a resilient business – and that includes being able to cope with cashflow problems.
One of the biggest causes of UK businesses failing is due to tight cashflow, and it’s hardly surprising when you consider that almost 3 in 5 UK SMEs are currently waiting on money tied up in unpaid invoices*.
Not only is this enough to bring some businesses to a complete standstill, but cashflow problems can be incredibly costly to SMEs, adding to the strain and pressure caused by late payments.
According to a recent report by XERO, the cost of late payments to small businesses in the UK is £684m every year** – without that cash available to spend, small businesses become instantly more vulnerable to rising costs of living expenses and much more likely to have to resort to financing options and expensive borrowing.
The stark reality is, even if your clients’ profits are soaring, that won’t mean much if their cash is locked up in unpaid invoices due to persistent late payers.
Help your clients manage late payers
If your clients are trapped in a pattern of regularly having to chase for invoices to be paid and receiving payments long after payment terms have passed, it can be a difficult cycle to break free from.
The longer it goes on, the more it is accepted as the norm…this doesn’t have to be the case!
Paycada is a clever tool that has been developed to sit alongside XERO and help manage your clients’ invoicing to simplify and speed up the process so that your clients get paid quicker.
As soon as invoices have been issued, Paycada will get to work sending timely and effective reminders at just the right time to cajole your clients’ customers into settling their invoices quickly.
Messages include instant click-through links to the Paycada dedicated payment portal – a user-friendly system that can be branded with your clients’ own company logo and which allows their customers to pay quickly and easily, and allowing for multiple invoices to be paid at once.
Effectively, Paycada will do the legwork for you of chasing customers to settle their invoices, while facilitating fast and easy payment, so you gain more time back and your clients gain more money in the bank.
Customer relations in safe hands
There’s nothing fun about chasing customers for invoices; it can sometimes feel relentless, it can often feel frustrating, and it can also be the catalyst to some difficult conversations.
Paycada has been designed with those client/customer relations in mind, so you can be confident that every message sent is cleverly-written, strategically-timed, clear and transparent so that those relationships are maintained and everyone is kept happy.
You can even choose between which of your clients’ customers you want Paycada to chase, and those you would prefer not to.
Paycada aims to make the invoicing process seamless and pain-free for all those involved; what’s more it’s free to use and set up so you and your clients can enjoy faster payments and a smoother process sooner than you might think.
To find out more about how Paycada works seamlessly alongside XERO to get businesses paid quicker, please do get in touch - I’d be more than happy to give you a bit more detail.
*https://home.barclays/news/press-releases/2022/01/three-in-five-uk-businesses-are-owed-money-from-late-payments--f/
**https://www.xero.com/content/dam/xero/pdfs/xsbi/cash-flow-challenges-facing-small-businesses-part2.pdf
