intelligent

One of the biggest challenges to business survival and success for SMEs is late payments . The detrimental knock-on effect forces many to close their doors for good , with around 50,000 businesses pushed into insolvency each year in the UK alone as a direct result of late invoice payments .

We know that alongside the ‘ normal ’ trials and tribulations of running a business dayto-day , SMES face additional and arguably unnecessary challenges around securing a steady cash flow , increasing revenue and maintaining profitability . Until now , there has been a lack of affordable and simple to use tools to assist . However , the long-term benefits to SMEs can be game-changing so , if business leaders are looking to invest in technology ,

EVERY SME

WILL HAVE ITS OWN INDIVIDUAL NEEDS , BUT THERE ARE SOME PRESSURES SUCH AS LATE PAYMENTS WHICH IMPACT ALMOST ALL OF US AT ONE POINT OR ANOTHER AND NEED ADDRESSING ACROSS THE BOARD . high priority products should be those which address the issue of non and late payments of invoices , are simple to use and easily embed within existing cloud software .

For example , we recently launched Nimbla Sync , a one-of-a-kind innovative policy designed to prevent the risk of non-payment for up to 12 months . Nimbla Sync allows SMEs to monitor real-time customer risk insights to help grow sales , secure cashflow finance and reduce credit risk problems and bad debts . The unique technology pulls data points from a number of sources and using this alongside leading algorithms and real-time market trends , a score is then given to each invoice – giving SMEs a clear picture of the likelihood of whether individual invoices will be paid on time or are likely to default .

With protracted default , SMEs can make a claim before insolvency – whilst protecting trading relationships . All ensuring the funding and steady cash flow is available to avoid panic mode and – potentially – insolvency .

In essence , when it comes to spending the hard-earned pounds , technology which addresses a business pain-point , adds value to operations and supports growth should be a priority . Every SME will have its own individual needs , but there are some pressures such as late payments which impact almost all of us at one point or another and need addressing across the board . �

ONE OF THE BIGGEST CHALLENGES TO BUSINESS SURVIVAL AND SUCCESS FOR SMES IS LATE PAYMENTS .