I think we can all agree that it was with some relief that we said goodbye to 2020.
However, despite the numerous challenges that the last 12-months have posed, we feel proud to look back on a year that saw innovation at Satago, as we worked to help our customers manage their cashflow during the pandemic. Here are some of our highlights.
Early in the year, we released an email integration feature which allows Satago Plus and Premium users to send automated payment reminders, monthly statements and thank you emails from their own email address, no matter which provider they use.
If you’re a Plus or Premium customer, you’ll also receive replies to your automated emails in your own mailbox, as well as within the app, so you’ll never miss an invoice query.
People are more likely to respond to messages from email addresses they recognise, so this feature will help you get paid faster whilst maintaining a seamless experience for your customers. This app development is part of Satago’s ongoing commitment to deliver game-changing cash management solutions to our customers.
In November, we were pleased to announce an extension of our partnership with Sage, the market leader in cloud business solutions.
The aim of this partnership is to open up Satago’s cash management software to more businesses and accountants through the Sage platform. Neil Watkins, Chief Product Officer at Sage commented, “Meeting small businesses’ needs is even more critical today when many have entered a clear cashflow crisis. Automating processes and giving them easy access to additional tools and functionality, such as Satago, is vital to overcoming issues they face with managing debtors and keeping a close eye on cashflow.”
The extension of this partnership follows the launch of Satago’s Sage50 connector earlier in the year, which allows Sage50 accountants to onboard all their clients to the Satago platform in one click.
In response to the developing economic crisis, Satago launched a campaign in October to help businesses get paid faster.
According to the Federation of Small Businesses, 62% of SMEs were subject to late or frozen payments in 2020 as a direct result of the pandemic and the sum of payments currently owed to UK businesses now exceeds £23bn. Satago’s Get Businesses Paid campaign aims to reverse this trend.
Satago CEO Sinead McHale says, “SMEs are the backbone of the economy. Their survival is vital for the communities where they operate and the families that rely on them. Their social and economic importance cannot be overstated.”
We’re working with our corporate partners, including Enterprise Nation, The Institute of Certified Bookkeepers ICB) and the Chartered Institute of Credit Management (CICM) to promote better payment practices in UK businesses. We’re also teaming up with organisations to make Satago’s credit control, risk insight and finance tools available to more businesses, so they can get paid faster and improve their cashflow.
We topped off the year with an impressive haul of industry awards. Satago won a total of seven awards, including Best Invoice Finance provider at the Lending Awards, Practice Management Software of the Year at the Accounting Excellence Software Awards and Fintech Innovator of the Year at the UK Business Tech Awards.
These award wins, some voted for by the public and others by our peers in the finance and accounting industries, are a testament to our commitment to helping businesses and their accountants manage cashflow more efficiently.
This year, we helped more customers than ever before manage their debtors, avoid credit risks and improve their cashflow. Hearing positive stories from our customers has made our job worthwhile.
Gemma Parker works for Tussies Chartered Accountants, her firm joined Satago this year to improve their credit control and save time.
“The response from the first week of email reminders was fantastic,” says Gemma, “we brought our 90+ days debtors down by £12,500 in one week. Our debtors as of today continue to drop thanks to the weekly email reminders sent to clients. All round a very positive move for our practice.”
Shaign Hancock is the owner of MG Cannon, a car accident repair company based in Salisbury. He was introduced to Satago in the spring.
“During the first lockdown, with all our workshop staff on furlough and the doors closed, we took the opportunity to catch up with our ‘aged debt’ and look at our systems.” Says Shaign, “Not a lot of good has come out of this pandemic, but it has enabled us to have a good look at our business and link up with new partners to make us stronger and more efficient. Satago has played a big part in this.”
After what was a challenging year for many, we're proud of the work we've done to make Satago’s innovative cloud solutions available to more enterprises. We look forward to helping more businesses and accountants thrive and prosper in the months to come.