LATE INTEREST AUDIT & COLLECTION
GFTM calculates the statutory interest your customers owe you on late payments, going back six years.
8% above base rate
Six years back
Calculated for you
HOW IT WORKS
GFTM copes with extended and reduced payment terms, and with terms that run to the end of a month rather than a set 30 days.
THE AUDIT
What each customer owes
See the historic interest owed to you customer by customer, plus the interest building up on invoices that are still unpaid.
THE COLLECTION
Added to your chasers
Both amounts can be included in your debt chasing emails: the interest already owed on invoices paid late, and the interest building up on invoices still unpaid. A customer who sees the cost of delay spelled out, invoice by invoice, has a reason to pay now.
Historic interest, collected
Interest on invoices your customers paid late is money you are owed in its own right, going back six years. Once the audit has put a figure on it for each customer, GFTM can pursue it for you, separately from the chasing of current invoices and without disturbing the trading relationship.
Your terms, properly applied
The calculation follows your actual terms, not a flat 30 days: extended or shortened terms, terms that run to the end of the month, part-payments and changes in the Bank of England base rate along the way. Every figure can be traced back to the invoice and the payment it came from.
From your accounting package
GFTM reads invoices and payments from your accounting software, so there is nothing to key in and nothing to maintain. As new payments arrive, the figures update.
