This post has been provided to us by Priority One – IT Support for SME’s in London
In recent years businesses have increasingly shifted towards cloud technology, seeking a more economical, efficient and secure solution than physical hardware, which can be lost, damaged or stolen.
So, what might the future of cloud tech look like?
Continue reading “Three Predictions for the Future of Cloud Technology”
Guest post by Angel Quintana, Quaderno
If you’re a small business selling goods or services online and are based in the European Union, there’s a high chance that VAT either hasn’t crossed your radar or is being ignored entirely.
You might think that remaining tax-compliant in your own country is complicated enough and then be inclined to bury your head at the thought of dealing with any other tax authority. When you add in the fact that there are 27 other member states in the EU and 75+ different VAT rates, the complexity really starts to add up.
Continue reading “What You Should Know About VAT if You Sell in Europe”
Guest post by Lindsey Peckham, Expensify
If you’re hoping to automate the invoice process to help streamline credit control and ultimately get paid back faster, then you’re probably aware of tools like Satago. What you may not be aware of however, is how automating every other aspect of your business can save you money and time in the long-run. Continue reading “How to Holistically Improve Your Business Operations with the Integrations Economy”
Making sure you have the cash to stay afloat is absolutely crucial for any business, as cash shortages are the primary cause of bankruptcy. However, many business owners ignore cash flow forecasting because it is viewed as either a burdensome undertaking or an unnecessary distraction. So why bother doing it? Continue reading “Why You Need to Forecast Cash Flow”
For suppliers, Supply Chain Finance is an incredibly useful form of financing which can help strengthen a balance sheet, improve cash flow, and lengthen payment terms advantageously. James Sinclair at Trade Finance Global tells us how the global supply chain finance outlook is changing and what this means for companies who process payments and charge clients. Continue reading “What is Supply Chain Finance?”
About three years ago, Satago took some slightly naughty inspiration from London Fintech pioneer, Transferwise.
More recently, we noticed Transferwise have decided to reverse the inspiration flow Continue reading “Imitation is the best form of flattery”
Not everyone is an accountancy guru who understands the terms that crop up in the accounting lexicon, so we thought we’d take time to provide an explanation of those most commonly used.
Credit Control vocabulary explained:
Payments outstanding for goods or services provided on trade credit (payment terms).
Average Debtor Days (ADD):
How many days on average your invoices are outstanding. Continue reading “Credit Control Vocabulary explained”
With research telling us that 60% of the country’s SMEs experience late payments (1), the need for businesses to be supported better is evident; not only in ways to reduce the man-hours this absorbs, but also financially, to make up the consequent shortfall in working capital and maintain cash flow.
Let’s look at the difference between the traditional Overdraft and other Invoice Finance options as support for small businesses.
Many SME’s seeking financial support from their bank in the form of an overdraft, will nowadays find it more difficult due to the significant regulatory shake-up in the banking industry since the financial crisis. Continue reading “Why Invoice Finance is better than an Overdraft”
The official shortlist for the Financial Innovation Awards 2016 is complete. Presented by the ifs University College and the BBA, the FIA recognises initiatives demonstrating leadership, vision and innovation within banking and financial services.
We’re delighted that Satago is shortlisted in the category of ‘Innovation in supporting business or enterprise’ for our all-in-one cash flow solution. Winners will be announced at the Awards Ceremony in London on 8 December 2016.
See Satago in the full list of finalists >>
Small businesses face a challenging financial landscape. As many small businesses will know, chasing up invoice payments from your customers is a costly use of resource and can make managing your working capital difficult. Paying suppliers and meeting payroll demands can be a very real challenge. Yet still, businesses would rather improve their sales and turnover than look at their accounts receivable.
Why companies don’t pay on time
Your debtors may not pay their invoices on time for various reasons including:
- Misunderstandings: they are confused about your payment terms
- Incorrect assumptions: they believe they have paid but haven’t
- Disorganisation: the accounting department is unable to stay on top of their accounts payables
- Financial difficulties: they are struggling with their own cash-flow
- Opportunist clients (those that use you as a risk-free zero interest loan opportunity)
A proactive credit control strategy can help
On average, SMEs spend 10 hours per week chasing customers for payments. However, in working with thousands of small businesses to help them improve their financial processes, we’ve been able to pick the brains of our credit control partners, and consolidate their recommendations on how to improve your debtor management. Continue reading “Best practice in managing your debtors”