Managing cashflow has always been a huge issue for UK SMEs, with over £225 billion owed to them collectively at any one time. Covid-19 has made this situation drastically worse. There are no figures yet available about the impact this has, and will have on each UK business that issues invoices, but it is likely to be very significant. At Chaser, we want to do whatever is necessary to ensure as many businesses as possible are able to weather this storm and emerge successfully on the other side. Recently, we shared our initial advice and support options for the evolving crisis, but we wanted to do more.
That’s why we’re helping businesses struggling with invoice chasing by launching the ‘Cashflow Recovery Initiative - an emergency response to this pandemic’
The entire client-facing team at Chaser has been completely redeployed to provide essential support to enable UK SMEs to get cash in the door as quickly as possible. Think of them as your personal invoice chasing experts, offering hands-on assistance and helping to implement transformative measures to get you paid without damaging customer relationships.
Key questions we will help you answer:
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What is the right tone to take with my customers to show empathy but also secure payment if it is possible?
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How can I judge which customers can and can’t pay?
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And do I ensure those that can pay, do pay?
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What are the optimal payment plans to offer people you can’t pay?
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And how do I go about setting them up?
You can trust us
This may be a new challenge you are facing, but we are seasoned pros. Chaser is the market leader in cloud credit control, having first launched our software platform back in 2014. We are backed by leading venture capitalists, having completed several successful funding rounds and have won multiple awards including Xero’s App Partner of the Year in 2016, and AccountingWEB’s Cloud App of the Year from 2017-2019 (which are based on our users’ votes and feedback).
We are also experienced in launching new services and in building outsourced credit control teams. Chaser pioneered ChaseAcademy, the world's first Virtual Credit Control Incubator for Accountants and Bookkeepers in 2019. We worked with these firms helping them develop an outsourced invoice chasing solution. They now successfully chase thousands of pounds worth of invoices for their clients each and every month.
We are 100% GRPR compliant, and you will have full access to all of your data, and everything we are doing on your behalf.
The above is not to blow our own horn, it is simply to put your mind at ease. We are experts in invoice chasing and we know how to approach it in an empathetic but assertive manner.
This sounds great - How does it work?
The Cashflow Recovery Initiative is completely FREE and provides a way for businesses, who don’t have their own in-house finance team to maintain control over their cash flow (or give support to their existing finance team if they do have one). In order for us to provide this service:
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You need to be based in the UK
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You need to be using either Xero, QuickBooks Online, or Sage Business Cloud Accounting as your cloud accounting system
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Either you or your Accountant need to be able to update your accounting system at least once per week to mark which invoices have been paid
There are two ways in which businesses can avail of the service:
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Completely outsource their invoice chasing
With this option, the Chaser team (with over 28 years combined experience in credit control best practice) will carry out your invoice chasing from start to finish. They will help get cash in the bank as quickly as possible, and as close to the due dates of invoices as possible. This will also free up your time to concentrate on reinforcing other areas of your business, and will give a little more certainty in this uncertain time. -
Receive invoice chasing coaching
Businesses who have an inhouse credit controller, who are more familiar with technology, or owners who have a background in finance, may wish to stay in the driving seat of their credit control. In this instance, Chaser will act as your credit control coach, helping adapt your invoice chasing approach, and giving guidance and actionable advice on the things likely to have the biggest impact on your cashflow.
If you would like a different approach, the Chaser team will provide whatever level of assistance is necessary, with whatever level of hands-on involvement you feel comfortable with.
How will this work long-term?
Chaser will be offering this service to UK SMEs completely FREE of charge. When the Covid-19 situation stabilises, businesses can do one of three things:
- Use Chaser and what they have learned to operate their credit control themselves
- Transition to one of our Virtual Credit Control partners who will continue to conduct this service for them
- Simply return to their previous invoice chasing process.
There is absolutely no obligation for any business to continue using our service for longer than they feel they need to.
Additional resources
We’ve gathered a selection of more generalised Covid-19 cashflow support for your business:
- Our friends at Float have made some great resources and downloadable materials availble in their Covid-19 Hub here and are giving recommendations on how best to plan your cashflow here. They are also offering extended free trials until May 31st.
- If you're struggling with unpaid invoices, get in touch with iwocaPay. Their new service allows companies to get paid up front while letting their customers spread their costs over 90 days.
- Spotlight Reporting have rolled out new offers, set up forecasting and other webinars, and have published a number of articles with practical advice. If you're an advisor, check it out here. If you're a business owner, CFO, franchise, or Not for Profit, you can sign up for a 60 day trial and get more information here.
- Xero have announced their new initiatives to support SMEs Xero have announced their new initiatives to support SMEs.
- QuickBooks have released a blog detailing actions you can take right now to help get your business through this time.
- Sage have detailed advice on how to tackle financial challenges you may be facing.
