Multi-award winning dispute resolution and litigation funding specialist Escalate has become the first legal adviser to offer SMEs an app on the global market leading accountancy platform Xero.
The Escalate Xero portal allows SMEs to quickly identify locked-up cash – including cash tied up in late payments and disputes – and then automate them effortlessly through to Escalate’s expert team. This then begins the process of recovering the amount owed utilising Escalate’s unique ready-made packaged solution including legal, funding and adverse cost protection.
Whilst there are a number of credit control management apps, the Escalate Xero App is unique in that it is specifically designed to support the recovery and unlocking of cash, and help SMEs gain access to justice. As a result, Escalate envisages that its app will work alongside other credit control programmes to ensure SMEs have the best tools available for managing cashflow constraints.
In 2019, Xero research found that £131 billion was tied up in late payments. This position will have worsened post pandemic, so the launch of the new Escalate Xero app is well timed.
Chris Clay, Managing Partner of Escalate, said: “The creation of the portal is a natural evolution of our business and support to the market.
“Escalate was created to help accountancy firms better support their clients, and we have partnered with other 120 practices since our launch in 2017, including major regional firms such as Price Bailey, Bishop Fleming and Dains. The rationale for this is that accountants are often best placed to identify commercial disputes that are affecting their clients’ trading and cashflow – through our partnership approach, we have had over 1,000 cases submitted for Escalate support.
“Our portfolio approach to case delivery has enabled us to apply the Escalate solution to not just the larger value disputes but also to start helping SMEs tackle the smaller value matters and late payments. We can assist with all types of commercial disputes ranging from a simple £1,000 bad debt through to complex mutii-million pound disputes. Our own research shows that many SMEs wrongly believe it is easier, quicker and more cost-effective to simply write-off the smaller value debts rather than tackle them head on. The Escalate Xero portal is designed to turn this on its head by allowing SMEs to automate the process in seconds and without any up front costs. Cash is always king and there will be a significant liquidity benefit to SMEs if they can start making progress in unlocking this current cash constraint.
“Escalate integrates seamlessly with Xero. It is easy to get started – simply go to the portal and sign up with your Xero account. You can then view all of your overdue debts on a single screen and decide which ones you want to Escalate into our multi-award-winning process.”
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