What You Should Know About VAT if You Sell in Europe

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”

How to Holistically Improve Your Business Operations with the Integrations Economy

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”

Credit Control Vocabulary explained

Satago - credit control vocabulary explainedNot 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:

Accounts Receivable:
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”

Why Invoice Finance is better than an Overdraft

Satago - Invoice Finance vs OverdraftWith 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.

The Overdraft

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”

Satago shortlisted for the Financial Innovation Awards

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 >>

 

Best practice in managing your debtors

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”

Satago finalist in BBVA Open Talent 2016 competition

BBVA finalists graphicThe official announcement of the BBVA Open Talent finalists has been released, the competition that rewards entrepreneurs in the banking and finance world.

We’re delighted that Satago has been included as one of the finalists. We will compete in the finals in London in September for the European award. Other finals will be held in Mexico and New York. In total 56 start ups from 17 different originating countries are through to this final stage with entrants focusing on payments, SaaS, big data, financial inclusion, risk analysis, identity management and fraud prevention, among other fields.

See Satago in the full list of finalists >>

What is the BBVA Open Talent Competition?

Established by the Banco Bilbao Vizcaya Argentaria (BBVA) in 2009, to discover talent, support entrepreneurs and keep transforming the banking world. They want to encourage innovation within the banking and finance ecosystem. The finals in New York, Mexico and London will each select two winners who will receive a €30,000 cash prize to develop their project with BBVA and will be invited to participate in an Immersion and Interaction Program with BBVA experts in Mexico and Madrid.