Credit control solution, Know-it, has confirmed its expansion onto mobile devices as the firm looks to continue a period of growth.
As a result of the move to mobile, Know-it users will receive live credit management updates via the app, with notifications enabled to provide updates.
Know-it CEO & Founder, Lynne Darcey Quigley, spokeadded on the move: “We are currently in the midst of a late payment crisis engulfing British SMEs.
“We’re seeing double digit growth in the number of businesses going insolvent on a monthly basis, with some recent figures showing 40% more businesses failing compared to last year.
“As businesses continue to be squeezed with higher interest rates and inflation not falling as expected businesses must do everything they can to protect their cashflow.”
It comes as consumer credit has never been more vital with the strained economic period being endured in the UK.
It has also arrived at a vital point for businesses, with increasing company insolvencies, hiked interest rates and inflation are all contributing to the dramatic increase in businesses not having invoices paid on time.
Darcey Quigley added: “Our mission is to democratise credit control so more smaller businesses are armed with the necessary tools and data for robust credit management so they can make more informed credit decisions, reduce debtor days and boost cashflow during this challenging time.
“Developing the mobile app will help keep business owners and credit controllers in the loop regarding their credit control so they can make decisions and take action quicker.”
The Know-it platform was formed in a bid to make credit control accessible for businesses of all sizes.