RIABU – the Singapore-based social fintech that helps companies get their invoices paid on time – has launched a package of three initiatives to help SMEs improve their cash flow:
“Let The Cash Flow” book
“Let The Cash Flow” is a practical how-to guide which provides actionable and easy-to-follow steps which helps business owners get paid on time.
Authored by 30-year management consulting veteran Simon J. Littlewood and ex-CNBC anchor Mark Laudi, the book aims to cut dramatically awkward collections calls, legal demand letters or the need for invoice factoring.
RIABU collections management portal
The book accompanies the RIABU.com collections management portal, which helps business owners put the learnings from the book into practise.
Pledge2Pay.com is a public service initiative which calls on companies to pay their suppliers within thirty (30) days. It also allows suppliers to give kudos to those customers who already pay in thirty days and call on others to take the pledge.
Businesses have always struggled with late payment. A study by collections firm Atradius reported that it took companies on average 39 days in 2020 from invoicing to get paid, up from 29 days in 2019.
The ongoing pandemic has put even more pressure on small and medium enterprises (SMEs), with many facing insolvency. Atradius indicated that respondents in Singapore saw an average of 40% of the total value of B2B invoices being overdue, a significant increase compared to 31% late payments recorded in 2019.
“There is no reason business owners and finance departments should think late payments are a normal part of doing business – they are not. “Let The Cash Flow” shows readers how to influence the customer’s payment conduct so that they get paid on time,” said Mark Laudi, Managing Partner of RIABU, “The book is tightly integrated with RIABU.com, which helps readers put these insights into practise. We look forward to helping more businesses survive the tough economic times through actionable strategies detailed in the book.”
“We are delighted to work with RIABU to release “Let The Cash Flow”. This book provides timely and valuable strategies that SMEs will find useful in this day and age.” said Ms Ethel Tan, General Manager, Marshall Cavendish International Asia. “With Simon and Mark’s experience and expertise, the insights provided will be an important value-add to any business.”