Welcome to our weekly round-up of the latest news and updates from the accounting tech world.
This week, Tech Lowdown features new research from Xero, Receipt Bank’s new features and the latest enhancements to the AML platform SmartSearch.
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Late payments damaging a third of UK small businesses
Over a third of small business owners have considered closing their businesses in the last year due to late payments.
New research from Xero and PayPal shows British small businesses are owed an average of £23,360 in overdue invoices, 17% more than the year before.
Almost half of the invoices issued by small businesses are paid late (on average 14 days after the due date) causing these businesses to struggle to pay their own suppliers.
This research comes after the addition of PayPal as a payment option to invoices in Xero.
Xero's Gary Turner called for more action to be taken for the worst offenders of late payments. “Late payments don’t just damage business finances and relationships; they can compromise personal finances and relationships.”
To avoid a duplicate transaction when a client sends paperwork after the accountant has closed the books, Receipt Bank has included a feature that matches the receipt to the existing transaction in Sage.
Receipt Bank has also introduced an option to create an instant Missing Paperwork report that can be shared with the client so they know they need to submit paperwork.
AML platform SmartSearch to offer business credit checks
Anti-money laundering online platform SmartSearch is introducing business credit reports. Users can now see an overview of a business’ credit score and four years’ worth of profit and loss statements, balance sheets, key ratios, payment history and in-depth credit history, including information on whether the business has CCJs or if it was ever filed for bankruptcy.
If there are changes at a company that a user has already checked, a monitoring service will alert them, explained Martin Cheek, managing director at SmartSearch.
“All our clients will now be able to access the same level of detail about businesses as they can about individuals,” he said. “This means being able to pull a full, detailed credit report about any business they work with or are planning to work with so they can make an informed decision.”