KashFlow launches new Payments capabilities to relieve SME late payment pain
New functionality enables businesses to request immediate payment from customers
Leading cloud book keeping & payroll provider, KashFlow is today launching KashFlow Payments, a new module that helps SMEs automate & speed up payments in order to reduce late payment pain and ease the liquidity gap UK small businesses struggle to cope with.
KashFlow Payments enables businesses to take advantage of fully integrated direct debit and card processing systems within KashFlow to allow them to take card payments online or over the phone and set up direct debit payments if they send repeating invoices on a regular basis. The solution not only provides customers with choice and control over their payment options, but is also designed to help accountants and their customers remain compliant.
The announcement comes at a time when British SMEs are owed £67.4bn in unpaid invoices. To add to the distress, a recent KashFlow survey found only 30 per cent of businesses were being paid on time by their own customers, with almost half of respondents indicating they were paid up to 30 days late, adding to squeezed liquidity.
Phill Robinson, Group CEO of IRIS Software says,
“With so many customers paying late, it’s no surprise that over half of UK small businesses have experienced cash flow issues. Rather than simply developing software that raises invoices, we have designed KashFlow Payments to help solve real business challenges by collecting payments on time. Through this solution-led approach we expect it to dramatically improve financial planning and productivity.
“With KashFlow Payments, all transactions are recorded systematically, making it much easier for accountants and their clients to comply with strict industry and tax regulations. For accountants, this will save valuable time and for the UK’s businesses, it means they can get on with what they do best – building their businesses.”
Part of the IRIS Software Group, KashFlow is a leader in the online bookkeeping & payroll sector. KashFlow is integrated with the leading Accountancy Practice Software from IRIS, used to produce tax returns and accounts by over half of all UK accountants.
About IRIS Software Group
With 36 years’ experience, the IRIS Software Group provides business critical software and services to the UK accountancy and SME sectors. Almost 5,000 accountancy practices now use at least one cloud solution from the IRIS Cloud Suite to connect to a community of over 213,000 subscribing customers, including 112,000 small businesses who in turn communicate payslip and pension information to more than 101,000 employees.
IRIS offers the greatest range of specialist accountancy and payroll solutions – delivered as a choice of integrated on premise software and cloud-based applications – managed under the leading IRIS, PTP, Drummohr, KashFlow and Earnie product brands.
In accountancy, IRIS is the most trusted software provider in the UK today with 60 per cent of the top 50 practices as customers and 2.9 million tax returns successfully filed with HMRC each year.
As a leading provider of payroll and bookkeeping software IRIS serves SMEs, corporates, payroll bureaus and a number of industry sectors including 50 per cent of UK GP practices. More than 18 per cent of UK businesses pay their employees via IRIS payroll solutions. For more details visit iris.co.uk
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