Get paid faster with Chaser
15th September 2014
So after testing the software for a few weeks we are pleased to say that Chaser is now live and so far we are really impressed.
Chaser is a Xero add-on so it links to your Xero account and allows you to set up automated emails to your customers to chase up payment of invoices. Once you have spent a little time setting up your customisations then you are ready to go.
What we love about Chaser (and what we always look for when selecting software for both our business and to recommend to clienst) is that it saves you time whilst also improving something, in this case your cashflow.
We interviewed CEO David Tuck to find out more about him and the product:
Tell us a bit about your background and how you came to start Chaser
I personally qualified as a chartered accountant and chartered tax adviser with Deloitte, before heading up two small business finance teams. We decided to start Chaser from the experience of 3 years carrying out the monotonous chore of credit control for those small business finance teams. It was abundantly clear that polite persistent chasing was the single most effective thing we could do to get our invoices paid on time. But it was taking an average of over 20 minutes a day, equating to over £1,000 a year in time costs. Chaser was born because we believed there had to be better way.
What can businesses hope to achieve using your software
Improved cashflow and substantially reduced time spent on invoice chasing. We enable businesses to automatically send polite persistent chasing emails to customers in respect of their invoices until they are paid. We appreciate that no-one enjoys having to spend time writing out these emails manually and that in a small business, it’s incredibly easy to forget to chase with the requisite regularity. This is why there is such a big late payment problem (UK SMEs were owed £55bn in overdue invoices as of February 2014). We enable you to send the chasing emails you would send manually to get your invoices paid on time, just automatically.
What are your top 5 tips for small businesses
- Send your invoice as soon you’ve finished your work. It will significantly improve the likelihood of getting paid earlier;
- Never, never, never, ever be afraid to chase your customer for payment when your invoice is due. As long as you are polite, it will not risk damaging the relationship you’ve worked hard to build;
- Be crystal clear on the difference between profit and cashflow;
- Spend as much time as possible doing what you’re best at. There are incredible specialist service providers and pieces of software that enable you to reduce the time you need to spend doing non-core stuff; and
- Take advantage of the lack of structure and bureaucracy that comes from not working in a big company to move fast!
What has been the hardest part of your journey so far
Judging when to launch. We started the company in May 2013 and launched in August 2014. Along the way a lot of people stressed we should get Chaser live prior to August 2014. But we knew we weren’t catering to the core use cases of both our beta testers, but also those from our own chasing experience. Having the discipline to say “we’re not ready yet” and continue to invest in building the product was really challenging.
David will be at our Launchpad event on 23rd October demonstrating the software, so come along and find out more. If you are already a Bainbridge Lewis client look out for your special invitation coming soon.