Partner Article

KashFlow Payments relieves SME late payment pain

Leading cloud book keeping & payroll provider, KashFlow is today launching KashFlow Payments, a new module that helps SMEs automate & speed up payments in order to reduce late payment pain and ease the liquidity gap UK small businesses struggle to cope with.

KashFlow Payments enables businesses to take advantage of fully integrated direct debit and card processing systems within KashFlow to allow them to take card payments online or over the phone and set up direct debit payments if they send repeating invoices on a regular basis. The solution not only provides customers with choice and control over their payment options, but is also designed to help accountants and their customers remain compliant.

The announcement comes at a time when British SMEs are owed £67.4bn in unpaid invoices. To add to the distress, a recent KashFlow survey found only 30 per cent of businesses were being paid on time by their own customers, with almost half of respondents indicating they were paid up to 30 days late, adding to squeezed liquidity.

Phill Robinson, Group CEO of IRIS Software says, “With so many customers paying late, it’s no surprise that over half of UK small businesses have experienced cash flow issues. Rather than simply developing software that raises invoices, we have designed KashFlow Payments to help solve real business challenges by collecting payments on time. Through this solution-led approach we expect it to dramatically improve financial planning and productivity.

“With KashFlow Payments, all transactions are recorded systematically, making it much easier for accountants and their clients to comply with strict industry and tax regulations. For accountants, this will save valuable time and for the UK’s businesses, it means they can get on with what they do best – building their businesses.”

Part of the IRIS Software Group, KashFlow is a leader in the online bookkeeping & payroll sector. KashFlow is integrated with the leading Accountancy Practice Software from IRIS, used to produce tax returns and accounts by over half of all UK accountants.

This was posted in Bdaily's Members' News section by KashFlow .