Over recent months during the COVID-19 pandemic, businesses have been struggling more than ever with their cash flow. Insight from Sidetrade has shown a 53.1% increase in unpaid invoices since the pandemic began. The average percentage of unpaid invoices (10+ days after their due date) was 19.3% Before the pandemic was declared and stands at 29.5% today.
Chasing payments drains both time and resources from a business, at a time where most have fewer people working than usual with employees on furlough or reduced hours. Traditionally chasing invoices is a time consuming job with Xero, a UK accounting software company, finding that in the UK small business owners spend 10% of their working day chasing invoices. Furthermore in London, business owners spent an average of 1.5 working days per month chasing invoices, totalling 18 working days in a year.
Do you find yourself in the same predicament wasting valuable time and resources chasing invoices. Sidetrades automated AI assistant, Aimee could help you improve the efficiency of your collection department. Increase your cash flow and reduce your exposure to bad debts within your company. By cutting out the intermediaries you are able to resolve any disputes faster and carry focus on building and growing your business instead of administrative tasks.
If you are interested in looking at how Sidetrade could help your business become more efficient please drop us a message on the contact us section in the top right hand corner of the website and we’ll be in contact as soon as possible. We look forward to hearing from you.