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Wylie & Bisset advises SMEs struggling with late payment to agree different terms with creditors

WITH a recent report suggesting that SMEs are chasing £50 billion in late payments in the UK, Chartered Accountant Wylie & Bisset is advising those struggling with the impact of late payment to agree on different terms with creditors. Know-it, the cloud-based credit management platform, says that the extent of late payment in the UK is …

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Platform As A Service: Reshaping The Future Of Fintech

Lynne Darcey Quigley, CEO and Founder of Know-it, explains why the platform-as-a-service concept is an advancement that financial business leaders cannot afford to neglect. Customers crave convenience. However, financial institutions often struggle to meet their demands whilst safeguarding information. As banks comply with evolving regulations, customers will benefit from the opening of APIs to customer data.  Platform-as-a-Service (PaaS) …

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Over 50,000 small businesses go bust every year because of late payments

Small to mid-sized enterprises are chasing approximately £50bn in late payments in the UK according to recent research, a figure that equates to five outstanding invoices per firm.  This according to Know-it, the cloud-based credit management platform, is simply unsustainable for many businesses and as debtor days get longer the chances of business survival gets shorter. …

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UK’s fintech industry becomes less London-centric

The UK’s fintech scene has become much less London-centric over the last couple of years, with the likes of Manchester, Cardiff and Glasgow developing into thriving hubs, according to a report from Findexable.Now in its third year, the Mambu-powered Global Fintech Rankings algorithmically ranks cities and countries around the world according to the number and …

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Ask a FinTech: How are new technologies helping lenders mitigate risk?

As new technologies continue to shape the financial services sector, consumers are offered more choice than ever when it comes to lending products.  Traditional lenders need to keep up to date as new offerings disrupt the marketplace and customers expect a more personalised experience than ever. Managing risk – as well as responsibility – can …

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One in Four UK SMEs Facing Cash Flow Crisis

Businesses within the insurance, pensions, charity, and voluntary sector are facing their biggest fight in recent years – late payments. Organisations being forced to continually engage with late payers as a result of Covid, are facing ongoing financial pressures despite significant government support, a position unlikely to improve as we enter what economist have labelled …

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Accelerated Payments to Fund SMEs Due To Brexit

Businesses need operating capital, cash flow, and to eradicate late payments Considerable ambiguity surrounds what the “new normal” may look like as organisations begin to emerge from the COVID-19 crisis. Scenario thinking can equip organisations better predict and adapt to dramatic changes, however, one scenario that may been eliminated for UK SMEs is the thought …

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Accelerated Payments to Fund SMEs in Wake of Brexit and Covid-19 Pandemic

Considerable ambiguity surrounds what the “new normal” may look like as organisations begin to emerge from the COVID-19 crisis and come to terms with the business landscape post Brexit, especially in terms of capital. Scenario thinking can equip organisations better predict and adapt to dramatic changes, however, one scenario that may been eliminated for UK …

Accelerated Payments to Fund SMEs in Wake of Brexit and Covid-19 Pandemic Read More »

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Pandemic Exacerbates the Issue of Late Payments Amongst SMEs

New data from Know-it reveals over half of organisations are forced to do business again with late paying customers Late payments are one of the most challenging issues affecting small businesses and self-employed people. And according to new data from cloud-based credit management platform, Know-it, the impact of the pandemic is exacerbating issue, with new …

Pandemic Exacerbates the Issue of Late Payments Amongst SMEs Read More »

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