Is outstanding debt having an impact on your business in terms of overall profitability?

Do you spend a disproportionate of time on the phone chasing payment for low-value invoices? According to our own market research, small company business owners spend at least one day per month chasing outstanding debt – a hugely time-consuming process. But if it is left unchecked, it will have a knock-on effect on their bottom line profitability.

It makes much more commercial sense for these business owners to spend their time chasing new business, so finding a way to automate their entire invoice chasing process would not only save them time and money, it would ultimately eliminate the problems caused by poor cash flow. At Slepe communications we’ve done exactly that. Our team have devised a service, called GentleReminder.net that allows us to contact those customers who owe us money at pre-determined times reminding them that payment is now due or overdue.

The service is based on standard customer and debtor lists, information that can be easily generated by most accountancy software packages. Our software cross-refers these lists and uses the due date as a trigger for sending the messages. We’ve built in SMS reminders for some of our customers because this has even more impact.

Most customers don’t deliberately forget to pay their invoices and a gentle reminder usually results in prompt payment.

We upload new lists on a monthly basis (though this can be done more frequently) and if an invoice from a previous list is not included on the new list, our software does not send any further reminder messages to that customer.

The service has been so successful for our own brands, in terms of improving our overall cash flow, we’ve decided to turn it into a commercial product.

We are hoping to launch a beta version of the service in early October. We’ve decided to go down this route because, rather than develop a fully blown service we think will be of benefit, we want to receive feedback from potential users in order to understand what they would expect from an automated invoice chasing service.

We will then review feedback and incorporate suggestions into our development plan so that the finished service is of real value to anyone using it.

If chasing invoices is a time consuming exercise for your organisation and you think you would benefit from a service like this, please get in touch. We’ll then contact you prior to the public launch, so you can help us develop a service that meets your specific needs.

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