This budget-friendly, multi digital platform automates invoicing and payment workflows, reducing manual admin by 30% and improving cash flow transparency for SMB interior designers.
Problem
Research revealed that small and medium enterprises face devastating financial and operational challenges that directly threaten business sustainability and growth potential.
SMEs spend an average of 120 working days per year on administrative tasks, representing nearly one-third of their productive capacity lost to non-revenue generating activities. Payment collection presents an even more critical challenge, with 11% of SME invoices paid late and 7.5% becoming uncollectible bad debt, while 17% of payments arrive late with 18% of businesses reporting up to 24% of their invoices becoming overdue.
These delays create cascading effects where 31% of SMEs face financing delays due to poor financial credibility, while 52% forfeit late payments up to 10 times annually to avoid collection costs. The manual nature of existing workflows exacerbates these issues, with 86% of small businesses manually entering invoice data and 48% still relying on paper invoices, creating inefficiencies that compound collection delays.
Additional research demonstrates that SMEs collectively build £10.8 billion annually in late payment debt, averaging £11,500 per business at £955 monthly, while the total UK late payment debt exceeds £31 billion with SMEs bearing £26.8 billion of this burden
Solution
The platform development centered on creating an integrated app-dashboard that consolidated all financial management functions while implementing intelligent automation to reclaim the 120 working days SMEs lose annually to manual administration.
