Just surviving in today’s modern world is not enough. If your running a business and your just surviving then what are you doing? For sure, if you are at the beginning of your business journey then of course the first few years should be about surviving and getting the wheels turning!

However if you are an established business and you are barely surviving after several years of trading then perhaps it’s time to ask yourself; is this really worth it? If the answer is No then there is no need to read further. If the answer is Yes, then a root cause analyses to identify the factors which are causing financial stress on your business is needed.

One of the main causes of businesses failing cash flow problems. And one of the main causes of cash flow issues is failing to deal effectively with late or unpaid invoices. Sounds obvious, yet so many company’s, especially micro and small business operating in the UK fail to address. Many do not have the correct financial tooling to manage credit control appropriately and often leave it way too late before they approach their customer for payment when the invoice is already way beyond original payment terms and considered delinquent.

They are then usually passed from pillar-to-post by faceless accounts department which delay invoice payments for more days and weeks adding yet more financial pressure to cash flow. Many small business often feel embarrassed or awkward asking for payment for goods and services rendered and simply do not challenge a response date given by the business customer despite the fact they have much more leverage than they think.

Late Payment of Invoices has been an issue for some time. So much so that the UK Government originally introduced the Late Payment of Commercial Goods Act 1998 to combat the issue of Large Business dictating unfair payment terms to the disadvantage of small businesses. Over the years the legislation has been adapted to favour businesses on the receiving end of persistent late payments by adding in extra Interest Charges and Administrative charges for businesses chasing late invoices.

Yet despite this legislation granting small businesses the power to challenge and penalise larger business for not paying invoices on time, many small business still do not know their invoice rights.

Invoicey can help take all the ambiguity away from invoicing and provide a structured process to dealing with late B2B invoices. Businesses can upload all their late paid and unpaid commercial invoices to a free invoice ledger dashboard which will automatically calculate potential compensation owed to your business based on days-beyond-terms under the Late Payments Debt Act 2013. Users can choose a range of automated tools to manage their late invoices and set automated chasing features which invoice will do on behalf of the customer.