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Saffron Financial is here to take the pressure off small business owners by offering Invoice Finance. Invoice Finance allows you to quickly release cash into your business by converting the value of unpaid invoices into ready working capital. This facility can help reduce severe cash flow problems and help manage businesses day to day finances.
It has been a tough year for many small businesses, and the pandemic has created new uncertainties. In March 2020, late payments for business owners almost doubled in comparison to the year before. This continued at high levels throughout April as lockdown came into play. Small businesses have struggled with cashflow more than larger companies, due to the lack of financial resources and access to cash.
A prompt payment code was brought in to help stop the UK’s economy failing. Late payments have been a long running problem, and its time the government worked towards improving the situation for small business owners. Around 3,000 companies have already signed the new code, but some small suppliers are still complaining about delayed payments beyond 60 days. Officials have estimated that businesses across Britain are still owed late invoices at a total of around £23 billion.
There is a drive towards digital payments via platforms, helping to alleviate the paperwork involved in business accounting. Hamish Thomas, UK head of banking and technology consulting at EY, says that it should push digital payments to become the norm. Whilst banks want to invest in this technology, they also need to remember how much they are spending all the time the economic environment is uncertain.
If your business is suffering as a result of late payments, Saffron Invoice Finance may be able to help you. We can offer your business a varied type of Invoice Finance options, which could help and support your small business. To discuss these options further, do not hesitate to contact us on 01925 594 455 and a member of our team will be happy to help.