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Can you afford to wait 61 days to be paid?

graphCan you afford to wait 61 days to be paid?

Press release 2010

It seems acknowledged that typical payment terms are usually 30 days, but according to research average debtor days, in some cases extend to  61 days*. Remarkably many companies appear not to place sufficient focus on such excessive debtor days. However in times of recession, where cash flow is one of the most important things to manage, who can really afford to wait that long?

Waiting two months for payments due is in my humble opinion far too long. Businesses in these tough economic times do not have the borrowing abilities they had previously, as banks become increasingly inflexible, and under closer scrutiny, since the public bailout in the UK. Indeed, the new UK coalition government has just unveiled plans to scrap the financial services authority (FSA) for not keeping banks on a tight enough leash. Control will go to the Bank of England, which will no doubt in the long term mean stricter rules for banks to adhere to, and less borrowing to be had.

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So what is the impact on your enterprise? With money you are potentially owed sitting earning interest for your customers rather than you and potentially paying interest on overdrafts, you are losing out big style! Whilst your overdraft facilities could potentially previously handle the deficit in the short term, your bank holds the right to change that. If your bank was to withdraw your overdraft tomorrow, would your cash flow cope? Your company can make a loss more than once, but running out of cash could be the end. Rather than wait the traditional 30 days before manually chasing, our software tries a softer, earlier, automated approach. The impact for our customers is a vast reduction in debtor days, improved cash flow, and much better customer relations. The impact to you could be the difference between trading today, and gone tomorrow. If you think our software could help your business, get in touch. info@safecomputing.co.uk.

ENDS

Editors notes

All media enquiries to renata.jones@safecomputing.co.uk

*Source: http://www.findoutinfo.com/direct/CD001?stylesheet=USE315.xsl

Safe Computing is a leading supplier of software solutions to businesses internationally.  Although our solutions are widely deployed in many different business sectors we specialise in some key vertical markets including the recruitment sector.  The technology we offer is completely modular and can be integrated to any number of third party solutions. However our complete suite covers the entire staffing agency process from front office, through to pay and bill and then into financial accounts and credit control.

Safe have a long established pedigree of providing high quality financial accounting software and outsourcing services solutions. Our market leading solution, Safe financials addresses all elements of accounting with particular focus on credit control and management information. Our service and support services ensure complete customer satisfaction from installation to live on-going operation.

The advancement of our stand alone credit and query management solution has provided an exciting specialism for Safe in recent years and through strong integration with other enterprise resource planning (ERP) and accounting solutions has provided a superior solution to other dedicated solutions in this sphere.

With over 200 installations around the UK and enviable customer retention, Safe Computing with a collective team of 150 professionals in our Nottingham, Leicester and London offices. An almost nonexistent staff turnover ensures continuity that has led to a stable, profitable business, every year since inception. As a privately owned and self funded business, we have a commitment to growth whilst maintaining a healthy working environment and providing genuine value for money for our expanding and loyal client base.

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