It’s a summer packed with great events – the Euro Championships, Wimbledon, the London Olympics … and the Clear summer barbecue!
The rain held off as our team got together for drinks and chef-prepared barbecue nosh on the roof terrace of 26 Bar, Smithfield. It was a great chance to review a successful first half of the year and also welcome new members of the team to their first Clear social event.
So is this the start of weeks of sunshine and that much-longed-for ‘barbecue summer’ for Britain? As natural optimists, we’d love to think so …BACK TO TOP
Unpaid bills to small firms now stand at £35.3 billion – the highest level in almost five years, according to a new survey by Bacs. The company also found that the average amount owed stood at an eye-watering £45,000, up from £39,000 earlier in the year.
So are small firms just sitting back, letting the payments mount up and not worrying about what’s owed to them? Not a bit. In fact, the amount of admin spent trying to sort the issue has become a problem in itself
New research from RBS Invoice Finance reveals that small businesses spend an average 130 hours each year chasing late payments.
This equates to just over three weeks of work. Based on the average UK wage of around £26,000 per year, then three weeks equals more than £1,500!
What’s more, according to the study, companies also wait 30 days beyond any contractually agreed terms before payment is actually received. So, in our estimation, there’s the added cost for many businesses of bridging that gap with interest on overdrafts or money they could have used for something else.
Clear cannot solve these problems, but we can help reduce the hours (and cost) spent chasing payments. Firstly, with Clear there are fewer hiding places (excuses) for late payers. Notification of your invoice goes direct to their email. Clear tells you when your invoice has been viewed by them. And your payment terms (eg 30 days) and bank details will be marked clearly on your online invoice.
Clear will also chase payments automatically on your behalf if you select this option.
Clear’s templates allow you to create polite-but-firm email reminders if any payment is late. You can be persistent without the stress of having to chase customers yourself. Clear will work silently and efficiently on your behalf. And all for free.BACK TO TOP
It’s rare to hear a good-news story related to small companies amid the recession. So it was heartening to read this week that more than two-thirds of small businesses say they have gained some benefit from the economic downturn.
What on earth could that be, you might wonder? Well, nearly 500 business owners were quizzed. And, apparently, 20 per cent said they now receive better rates from suppliers. Other reasons were cited too – like there being less competition to worry about, according to the report.
But an impressive 39 per cent reckoned the recession had encouraged them to streamline their business and cut waste.
Of course, it makes perfect sense. When business is booming, there’s little time to look for savings and iron out inefficiencies. But the downturn focuses the mind on every penny that could be saved.
That’s where cloud-based services like Clear really help. Not only do we help you to save on postage costs and avoid delays – through free, online invoicing – but our service is streamlined to save you hours of admin time. In fact, as one of our team proved, it’s possible to create and send an invoice in less than 10 seconds!BACK TO TOP