The Start-up Saving SMEs From Bankruptcy

SOUTHAMPTON, England, September 10, 2015 /PRNewswire/ --

Developers in the UK have announced the release of an automated system to manage timesheets and chase late debts for millions of SMEs around the world.

Cash flow is known to cripple millions of small and medium enterprises around the globe, in fact Sage undertook a survey in January 2015 that showed 1 in 10 SMEs are being crippled by 'cashflow' and a staggering two-thirds of small businesses had to wait over 60 days for late payments.

Now one small start-up has resolved to help the millions of sole traders and business owners struggling with this very issue.  The team from The Trunk have released cloud-based software to enable entrepreneurs and small business owners to track their client's time, their team's timesheets, automate invoicing to their customers, automate invoicing for their contractors and finally automate late payment chasing.

"We want to save small and medium enterprises from landscapers, to builders, to solicitors and accountants, in fact any enterprise facing late payments that may force them into bankruptcy or cash flow issues," says team lead R Curtis.

Some businesses have turned to borrowing or selling off their invoices, or factoring as it is known, to alleviate the cash flow pressures.  "This can be felt to create a negative feeling with clients, so some SMEs choose to battle on with cash flow issues."  Curtis continues "Some entrepreneurs have even told us they are ashamed to chase late payments and so don't.  We felt that was crippling trade and so made sure we could help those business owners to chase debt without the pain or embarrassment."

For further information about The Trunk and how it can help businesses please visit the website at http://www.THETRUNK.net.

Sage figures taken from http://talkbusinessmagazine.co.uk/2015/01/21/late-payments-leave-1-10-smes-major-cashflow-issues/

SOURCE The Trunk