UK Small Businesses
Providing a platform for small businesses to be heard.
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According to the Federation of Small Businesses (FSB), around 50,000 businesses close every year directly due to late payments, damaging Britain’s prosperity within the global economy and threatening domestic jobs.
Small companies are the lifeblood and heartbeat of the UK economy, yet remain most at risk from late or unpaid invoice(s) – particularly in challenging economic conditions already strangulating the most important aspect of business; cashflow. Small businesses account for two-thirds of UK private sector employment and more than half of business turnover yet around two thirds (65%) of small businesses that supply to other businesses and (63%) to public entities have suffered late or frozen payments on more than one occasion.
Even when a small business is able to continue trading, late payments cripple their bottom line, causing uncertainty on inward investment opportunities to expand and grow, simultaneously impacting future job creation plans causing yet more harm to the UK economy - over 23 billion pounds worth of yearly economic damage!
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Despite the UK Government introducing tougher legislation to tackle late paid invoices, there is still a huge number of companies which persistently pay late causing massive economic damage.
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We help small businesses around the UK gain some clarity on what their statutory rights are by organising all their late paid and currently over due invoices into a user-friendly dashboard. This enables business owners to view their entire sales ledger past and present, and understand how much they are entitled to in compensation per invoice.
More importantly, it also alerts the late paying business customer that small business owners are aware of their statutory obligations and that they should rightfully be paid on time which in turn provides a strong and clear deterrent when engaging in future business transactions and commerce. This provides our clients extra peace-of-mind and clarity so that they can begin to plan ahead for the future knowing they have a clear automated system in place to help smoothen the day-to-day and month-to-month cashflow.
