How often do you find your invoices haven’t been paid in full and on time?
If the answer is “all the time” then you’re not alone.
Late payment of invoices is something that affects many businesses, and coronavirus has made this even worse. Companies with poor cashflow are passing that down the line in an attempt to hold onto cash for as long as possible.
But when it’s your invoices, that’s money that’s owed to you for services or products supplied. And so you have every right to want it as soon as it’s due.
How can Blue Rocket help you?
In one of two ways ….
- Check out our resources for copies of our correspondence and the process of weekly calls and follow-up letters, then you can start putting this plan into action for yourself with actions every week to keep the pressure on until the invoice is paid.
- For £50 a month, you can outsource all this work to us. Relieve yourself of the pressure, and then use the time you’ve saved to look at how you can use your newly increased cashflow to benefit your business.
A recent poll highlighted how late payments impacted the directors of businesses, in terms of reduced salaries, limiting the resources available to plough into future business growth opportunities, but also the stress and strain of chasing up outstanding payments.
When you are already running a business and managing a team, finding the time to chase up invoices can seem like a task that never reaches the top of the to-do list. But given the issues flagged up in the poll, we’d encourage every business owner to make it a priority, whether that’s doing it yourself or letting us take on that work for you.
Improve your cashflow and maximise business potential by putting the focus on reducing debtor days
1. Financial year 2011… …getting the right support.
Mark and Paul turned to Blue Rocket Accounting for support. Their needs were clear – they needed to free up time. But they had another problem; their debtors took on average 74 days to pay!
Blue Rocket Accounting reduced the debtors days to 11 and, as a result, their bank balance doubled.
2. HB Editorial Services Limited
Despite having been with us since 2009, HB undertook their own credit control. Until 2016 that is, when they were averaging 83 debtor days, despite the sector average being 60 days. With our help and expertise, they are bucking the trend and are now down to 51 days.
With less time being spent on looking at their cashflow, they were able to focus more on growth and increased their profit by 250%.
3. M&A Installations Limited
When they asked us to step in during 2018, M&A had a massive 79 day average debtors time. They signed up to our Credit Control service and we were able to reduce this to an average of just 23 days!
We reduced the delay to a third of the previous wait time, a contribution that boosted their income by 60% in just 1 year.
Don’t lose time and money, get in touch today.