To help keep your cash flowing and acknowledge the stain your customers will be feeling, we’ve created a dedicated web page to help you adapt to COVID-19.

The page includes:

• Key considerations before you change your reminders.
• New reminder templates for COVID-19 – feel free to download, customise and send to your customers [view in Google Docs] [view as Word Doc].
• Instant access to our team (via Live Chat) to advise and action your required changes.

Visit our COVID-19 response page now

Bank reconciliation tips

If you’re struggling to keep up with bank reconciliation, there are a few things you can do:

• Reconcile payments daily, but reconcile expenses weekly
• Switch from automatic to manual reminders – then use the Ready to send tab to see what’s due to be sent. This can also help you decide who to remind and who to delay til later.
• Not sure what to do? Talk to a CreditorWatch Collect Receivables Specialist.

Offering payment arrangements or payment holidays

Agreeing on payment arrangements or payment holidays can help to keep the cash coming in. Make sure you confirm your terms in writing.

We can help you set up a workflow to monitor these or even get started with GoCardless or Stripe to lock-in regular payments.

Other tips to help you get paid

Add mobile phone numbers to contacts in your accounting software. With more people working from home, SMS is likely to become a more important communication method.

Final note

We’ll all be better off if we keep communicating with suppliers, and paying our bills.

A consistent message I’ve heard from business owners & leaders is that we’ll all be better off if we keep paying our bills.

In times like this, it’s our hope that our governments can cover the shortfall, and provide rapid relief to businesses struggling to make ends meet.

With that in mind, our recommendation is that you keep reminding your customers to pay, BUT in an appropriate way that considers their circumstances and wellbeing first.