Finance provider teams up with accountancy experts to help SMEs
A leading UK finance provider has collaborated with accountancy experts to help small businesses control cash flow.
DueCourse will be working with top providers of accountancy packages, such as SageOne and Xero, to provide SMEs with a faster method of financing and enable them to free up valuable funds.
The new technology will provide businesses with a confidential contract-free service which is available for use with all online accountancy packages in the UK.
The service comes after research by ABFA showed that cash flow is one of the main barriers for small business growth in the UK.
The research found that businesses with a turnover of less than £1 million wait over 70 days on average to be paid by suppliers, while 46% of businesses said that they had been affected by at least one cash flow setback recently.
Paul Haydock, CEO at DueCourse, explained that DueCourse created the service because the company realised that traditional methods of financing were too “inflexible and too slow”.
He said: “As an SME ourselves, we understand the problems faced by small businesses. Before starting DueCourse, most of our senior team worked in small businesses and experienced first hand the problems associated with lack of cash flow.”
Haydock added that by working with the accountancy platforms that are already used by SMEs, DueCourse can help more businesses to free up valuable funds so that they can “realise their ambitions.”