The Know-it Blog

The Know-it Blog

The Know-it team

Dec 29, 2020

Is There Cash Hiding In Your Sales Ledger?

Is There Cash Hiding In Your Sales Ledger?

Is there cash hiding in your sales ledger?

With rising interest rates and soaring numbers of company insolvencies , businesses are getting hit, hard!

For one, a rise in interest rates means loan repayments will increase, it may be more difficult to be approved for funding and businesses will typically have less cash to spend.

This means tighter purse strings.

Then there’s the eruption of companies filing for insolvency we’ve seen over the past year, painting a pretty bleak picture.

Over 23,000 UK companies were made insolvent in 2022, up 56% compared to the year before, with almost 20,000 of these companies winding up because of not being able to pay their outstanding debts.

The credit cycle is so delicate. When a company goes insolvent there’s an extremely high risk of them not being able to repay any outstanding amounts.

If one of your clients with outstanding invoices were to go insolvent, could you repay your own unpaid invoices?

As we weather this storm we must be in total control of our cashflow, ensuring we don’t run dry. And the answer is looking at our sales ledger.

Do you ‘know’ your aged debtors?

Understanding who owes you which amounts, and critically when each amount is due, is vital to maintaining a healthy cashflow.

Some might think this is common knowledge, but it’s surprising just how many businesses don’t have a firm grasp of their sales ledger.

This is mainly due to lack of organisation, time, resource or a combination of all three.

Effective credit control requires stringent monitoring of your sales ledger, checking on a daily basis and making note of when each invoice is due.

To reduce the amount of time you typically need to wait for an invoice to be paid, known as your debtor days, you should have a payment chasing schedule set up.

This means you’ll be sending a payment reminder when your invoice is due and following up repeatedly if your due date goes by with no payment being made.

We’ve put together an article that will tell you how to write a strong warning letter for outstanding payments!

Top tip – clearly see all your aged debtors and take swift action

Know-it seamlessly connects with your sales ledger and clearly displays your aged debtors and which amounts are 30, 60, 90 and 90+ days overdue.

From here you can easily decide which action you’d like to take, directly from the platform. Send a late payment chaser to your customer or action a no win, no fee debt recovery case for your most urgent invoices.

Find out how:

Keeping on top of who owes you means that if sales were to dry up you know exactly where you could pull some much-needed cash from in your sales ledger if the time called for it.

With businesses in such a perilous position these days amidst the soaring number of insolvencies your cashflow has never needed so much attention.

This is why we’ve made it easier than ever to manage your sales ledger and ensure you’re paid quickly for the work you’ve done!

How automation makes managing your sales ledger easy

Know-it is a cloud-based platform that automates the complete credit control process, saving you valuable time whilst mitigating credit risk, reducing debtor days and boosting your cashflow!

Simply connect your sales ledger in seconds and you’ll have complete credit control at your fingertips.

Here’s how it automates your sales ledger management:


Our integrations with leading accountancy packages brings your clients and invoices into the Know-it platform.

Chase-it gives you the power to automatically send payment chaser emails, SMS and letters using your own customisable schedule.

You see, Know-it will know when your invoices are due from your accountancy package. Then it will send a series of payment chasers directly to your customers until payment is made.

You can even customise the messages that are sent!

Find out how-it works!


Collect-it brings the support of UK leading commercial debt recovery specialists Darcey Quigley & Co directly to you!

Take a look at your overdue invoices in Know-it and action a debt recovery case immediately.

Then you’ll be instantly notified of any updates to your debt recovery case so you’re always kept in the know!

Who are Darcey Quigley & Co

Award-winning commercial debt recovery specialists Darcey Quigley & Co have been recovering commercial debts from all over the world for over 15 years.

  • UK & International commercial debt recovery.
  • 93% success rate.
  • Will strive to recover late payment interest, compensation & debt recovery costs directly from your client in addition to your outstanding amount.
  • Risk free – no win, no fee.

Automate your credit control for free!

Automate the complete credit control process with Know-it!

We’ve brought everything you need for water-tight credit control into one platform!


Check-it allows you to make better credit decisions with real-time credit data from Creditsafe and company information from Companies House, The Gazette & unique data insights.

With automatic monitoring you’ll always be notified of changes to your customer’s credit report!


Automate the payment chasing process, allowing you to schedule payment reminder emails, letters and SMS messages with fully customisable templates.

Seamlessly integrate your Xero, Sage, QuickBooks or FreeAgent account to automatically chase payments!

Our Microsoft 365 integration means you can send chasers from your own inbox.


Receive instant quotes to collect your unpaid overdue invoices through our pre-litigation recovery partner, Darcey Quigley & Co.

Stay up to date with real-time case updates, receive instant quotes for recovery and only pay a fee if your debt is collected!

Credit Insure-it

Protect your business in the event your customer goes into liquidation or administration.

Getting a quote is quick and easy and insuring select invoices is more cost-effective than traditional credit insurance.

Invoice Finance-it

Find the funds to cover invoice payments easier and faster than before.

Give your cashflow a nice boost instead of waiting to be paid by borrowing against your outstanding invoices.

Get all of the above in a single platform, what are you waiting for? Be-A-Know-it-all!

Sign up now and get a free business credit report!

+ posts

Lynne is the Founder and CEO of Know-it!

She is a passionate, driven and forward-thinking entrepreneur determined to help resolve the late payment crisis gripping SMEs.

Having worked within the credit management industry for over 27 years and ran UK leading commercial debt recovery specialists Darcey Quigley & Co for over 16 years, Know-it was devleoped to make credit control more accessilble for SMEs to help them effectively mitigate credit risk, reduce debtor days and boost cashflow!

Connect with me on LinkedIn!

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