Struggling with late payments? Find out how the cloud can help

The Federation of Small Businesses has said that late payments may be one of the biggest challenges facing SMEs at this present time, so how can owners overcome this issue with cloud accounting?

Many business leaders may not be aware, but there are a growing number of applications that can help businesses monitor and forecast their cash flow, identify regular delinquent payers and even automate the credit control process.

This software collaborates with your existing cloud accounting platforms, such as Xero, Sage or QuickBooks, to pull data from your current accounts so that the heavy lifting is handled for you.

From the very start it can create accurate invoices, monitor their progress, and where payment isn’t made within your terms, chase late payers.

Utilising these applications also gives business owners a better idea of customers that regularly pay late, so that they can review their relationship and, if necessary, apply incentives or penalties to those regularly failing to pay on time.

Late payments can have a devastating impact on a business, preventing them from investing or paying their bills and wages.

This often has a trickle-down effect throughout local economies, which could even put your suppliers at risk.

In fact, several studies have shown that late payment is one of the most common causes of business failure in the UK.

To find out how you can implement and employ cash flow and credit control technology within your company, please speak to our specialists at MT Cloud.