Just Cashflow is now providing a £10,000 flexible finance facility to businesses that qualify for its new Business Account in response to the record numbers of SME start-ups.
Analysis of Companies House data shows over 770,000 new businesses were set up in 2020, an annual increase of over 13%. There was a particularly strong surge during the COVID impacted second half of the year.
Chief Commercial Officer Martine Catton, explains,"SMEs are going to play a key role in driving a post COVID economy and start-up businesses, in particular, will really need cashflow support. We know from experience that good ideas will be backed up by a credible business plan. However, we also know far too many new businesses fail because they run out of cash often in the first few months of trading.
"This is where the £10,000 Revolving Credit Facility from Just Cashflow will be invaluable as it acts in the same way as a traditional bank overdraft. Inevitably, new businesses will face cashflow challenges and having immediate access to funding means they will live to fight another day and have a much better chance of then becoming successful businesses”.
The new Business Account is designed with small business owners in mind, who through necessity have to be head of finance, HR, marketing, etc, often all on the same day. This means they can miss the tell-tale signs that signal a looming cash flow hurdle. The account allows small businesses to keep control by providing live data on all spending and easy access to information.
The account gels seamlessly with accounting software such as Xero, Sage and A3 all of which have cash flow tools. All spending on expenses cards is automatically logged and auto-prompts ensure that staff are adding the appropriate details required to file their expenses. This not only reduces onerous admin but allows a business owner to track and manage the business spending.
The product, as with all Just Cashflow services, is supported by a UK-based telephone helpline as well as an app built to be simple, quick and intuitive. Specifically, the Business Account web and app service has been designed to minimise the need for detailed administrative processes, therefore saving time and money for small business owners, and helping them keep a careful eye on cash flow without spending hours micromanaging employee spending.
The Business Account also comes with the functions that small businesses require – debit cards easily controlled through an advanced management suite, faster payments in and out, payments via BACS, as well as functionality to set up recurring payments and scheduled one off payments.
“Start-ups often need signposting in order to be able to access the right support in those early months in order to first survive before they can start to grow. Our experience and customer feedback tells us access to a Business Account, flexible finance and a real time expense and cashflow management facility provide the foundations upon which they can build,” adds Martine.
Find out more about the Business Account
Date Issued 13th April 2021.
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Insights is Just Cashflow's online resource and information centre for ambitious growing businesses.
It offers inspirational profiles, expert knowledge and more, backed up by a range of briefings, checklists and other information that we hope will help you to develop your business.