Bradford Chamber has introduced a pioneering online debt recovery tool to help members recover outstanding debt and to manage credit control more effectively.

The service, called AccountAssyst, was developed by Bradford-based credit management tsar Mike Collins and the internationally-renowned insolvency practitioner Gerald Krasner.

It includes new customer account-opening facilities, account reviews for established customers, fast-track credit control and a unique monitor early warning system, which alerts users to potential emerging credit problems.

Bradford Chamber’s sales and marketing manager, Andy Cullwick, said research by Natwest and RBS suggested that more than 70 per cent of small and medium sized businesses (SMEs) were hit by 12 months of late payment from suppliers.

Overdue invoices for the SME sector stand at about £62 billion nationally, with about £15 billion more than 120 days late, delays which can be ‘crippling’ for SMEs.

He said: “Bad debts and late payment of invoices are widespread problems for UK businesses of any size – but can be crippling for SMEs.

“Our role is to support members in a number of ways. AccountAssyst is pivotal in helping small businesses to insure against the consequences of bad debt thorough establishing simple but highly effective online credit management processes. Prevention is always better than cure.”

In 2010, small businesses reportedly suffered at the hands of late-paying customers more than larger companies. One in five with an annual turnover of between £250,000 and £500,000 has been affected, compared to one in 15 medium and large businesses.

For businesses turning over less than £1 million, the equivalent of 12 per cent of their annual turnover is paid late, according to the leading banks. AccountAssyst inventor Mike Collins said: “If the worst case scenario happens and a customer repeatedly fails to pay, AccountAssyst will provide a clear and thorough business history – a powerful audit trail. Better still, the procedures that are in place ensure that debt recovery can be activated with no complications due to incomplete paperwork and flawed processes.

“The message we're carrying to chamber members is that healthy credit management and positive cash flow is their life blood. AccountAssyst is the long overdue missing piece in their jigsaw.”

For information on debt management support, call Bradford Chamber on (01274) 354496.

Meanwhile, Bradford Chamber will hold its annual meeting at the Cedar Court Hotel, on Tuesday, July 19, from noon. Businesses will be able to hear about the work of the chamber over the past 12 months and find out its plans for the year ahead.

The event will also include a lunch with 150 business people from the chamber’s list of members. To book a place, e-mail events@bradfordchamber.co.uk or call (01274) 354750.

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