Satago is pleased to announce the launch of “Satago Lite”, an enhanced invoice chasing solution designed to help small business get paid faster.
The cashflow management software has been designed to help businesses recover from the pandemic by automating their credit control process and improving their cashflow.
Satago Lite plugs into accounting software enabling businesses to send automated payment reminders to customers and make getting paid easy. It offers unlimited invoice chasing and enables businesses to add late payment fees automatically. In addition, its customisable features allow businesses to maintain a personal relationship with customers.
The launch of Satago Lite finally gives all businesses, regardless of size, access to an essential tool in the battle against late payments. Satago’s automated emails are proven to get businesses get paid faster and reduce debtor days by up to 72%.
The benefits of automation are clear, says Satago CEO Sinead McHale. “Fewer debtor days mean better cash flow and a healthier cash balance. But it doesn’t just help you to increase your cash balance, automation also saves you time, reduces your stress levels and helps to improve relationships with your clients.”
Satago Lite, she says, is the organisation’s bid to help businesses bounce back after multiple lockdowns and 18 months of reduced trading. It can also play a vital role in strengthening the supply chain.
Some 62% of SMEs have experienced late or frozen payments due to COVID-19. This not only affects the SME, but also impacts the entire supply chain, with 24% of SMEs stating that being paid late forces them to hold off paying their own suppliers.
SMEs are the backbone of the economy but a combination of late payments and a shortage of suitable lending options is leaving this sector exposed. Even before Covid, research by the Federation of Small Businesses showed that some 50,000 small businesses folded each year due to late payments.
Adds Sinead: “According to the Department of Business, Energy and Industry Strategy, almost a quarter of businesses consider late payments a threat to their survival, which is the highest across Europe. In addition, SMEs experience longer payment durations largely because of their limited power to negotiate with larger firms. That’s why it’s essential that we tackle the £23.4 billion worth of late payments owed to small businesses in the UK.”
Satago is pleased to offer Greater Manchester Chamber of Commerce Members this free subscription (normally priced at £10 per month) FOR LIFE to help you better manage your cashflow and maintain great customer relationships. To claim your offer, enter the code GMCCSL100 here.