Three years after making its debut at Xerocon London, the credit control add-on known as Satago is coming back this year in a new guise offering a broader suite of practice management and online finance tools.
The product and marketing overhaul follows Satago’s acquisition by the AIM-listed fintech group TruFin, which saw the underlying technology as a platform for expanding into the accountancy channel.
“We are a start up, but we’ve got a lot of experience and powerful people behind us,” said Sinead McHale, a former investment banker with Deutsche Bank who was brought in to lead the new-look app developer.
Rather than just helping companies collect payments as it did in the past, Satago has built in access to Trufin’s PureFunding online invoice finance system as a flexible fall back if the cash doesn’t show up. Like other fintech systems, Satago connects with Xero to track invoices and provide a risk assessment to determine the terms on which finance can be offered.
The “old” Satago tools to manage credit control and risks are now bundled in free as part of an all-in-one platform. The developer collects their fees from the resulting loan arrangements.
Satago’s credit control module manages the communications with customers around their outstanding invoices. The home screen lists the invoices and includes details of emails sent and any internal comments. The software can also be programmed to send a sequence of reminder emails if the customer doesn’t respond.
The debt management dashboard provides deeper insights based on customers’ payment history and credit score so the credit control team can focus their attention on the riskiest debts, or steer the company away from bad risk customers.
Turning around the product concept and offering the management tools as a side benefit are part of Satago’s strategy to give accountants the ability to help clients avoid cashflow crises and get them involved with the rapidly evolving world of online invoice finance and fintech.
“More sophisticated firms may not need this level of support, but Satago is intended for the small firm end of the market,” said McHale. “We’re helping them do something they can’t currently do in a one-stop solution.
“It’s not the best cashflow forecasting tool or invoice chaser, but we give you what you need for free – all under one umbrella. You don’t have to deal with five different apps.”