As we approach the end of another remarkable year, I want to take a moment to express my heartfelt gratitude to each and every one of you, our team, consultants, contractors, investors, shareholders, partners and customers. Your unwavering support and dedication have been the driving force behind our collective success.
As we stand on the threshold of a new chapter, it's essential to reflect on the milestones we've achieved together. This year has been marked by numerous accomplishments, and it's through your hard work and commitment that we've reached such heights.
Let us take this opportunity to collectively celebrate our achievements and recognise the invaluable contributions that have propelled us forward. Your efforts have truly made a difference, and I am sincerely grateful for the privilege of working alongside such a talented and dedicated team.
Key achievements
Chaser’s mission is to help SMEs worldwide get paid in a friendly and effective way, aiming to significantly improve their cash flow.
A vast majority of businesses, especially SMEs, struggle with late payments. Research suggests that around 87% of businesses frequently experience delays in payments (2022, Chaser). Cash flow delays can severely impact a business's cash flow by hindering the ability to hire essential staff, obstructing timely payments to suppliers, and disrupting financial forecasting accuracy. In some cases, these challenges can even escalate, leading to the severe consequence of insolvency. In October 2023, The Financial Times reported that company insolvencies in England and Wales were at the highest level since 2009. Needless to say, it’s been a difficult year for businesses.
At the start of 2023, Chaser set an ambitious target to get $5 billion USD collected for businesses in 2023 to help combat the issue of late payments. By the start of October, not only was the $5 billion USD target met, but it was significantly surpassed with Chaser now having helped businesses collect over $7.2 billion USD in 2023 (Learn more)!
Even though Chaser has reached and exceeded this milestone, it will continue to ensure all businesses get paid efficiently and in a friendly manner, so that they can improve their cash flow.
Meanwhile, we’ve seen the following benefits achieved for customers in 2023:
1. Maximised revenue and cash flow
Chaser's software stands as a powerful ally for businesses seeking to enhance their cash flow. By automating and streamlining credit control processes, businesses utilizing Chaser have witnessed significant improvements in their cash flow dynamics. The software's effectiveness lies in its ability to reduce the time spent on chasing payments and manual email and SMS communications. Users have not only saved countless hours but have also increased their chances of securing faster payments.
At the core of Chaser's mission is the dedication to helping businesses recover the money owed to them. Through the implementation of automated reminders and personalized communications, Chaser users have experienced a streamlined and efficient approach to collecting payments. In the year 2023 alone, businesses leveraging Chaser's platform successfully received a staggering $7.2 billion USD by November 2023.
This impressive figure serves as a testament to the relentless efforts and commitment of Chaser's users in pursuing overdue payments. It also underscores the efficacy of Chaser's services in providing robust support to businesses. By empowering companies to adopt a proactive stance in managing their accounts receivable, Chaser has not only facilitated prompt payments but has done so with minimal effort on the part of businesses.
2. Streamlined receivables tasks
In the fast-paced world of business, time is a precious resource, and efficiency is key. Chaser's software has emerged as a game-changer, empowering businesses to save valuable time and streamline their receivables processes. By automating tasks such as sorting through spreadsheets to identify outstanding invoices, sending reminders and thank-you emails, and chasing payments, users have reclaimed countless hours. This time-saving element allows them to redirect their focus toward more impactful and revenue-generating endeavors.
A standout benefit of Chaser's software is the significant time it saves for businesses. Automating otherwise tedious and repetitive receivables tasks has resulted in a cumulative time savings of over 9,186,140 minutes for businesses in 2023 alone. This newfound efficiency not only frees up crucial resources but also enhances the effectiveness of the credit control process. With Chaser, businesses can allocate more time to direct communication with debtors, resolving issues promptly, leading to a reduction in late payments and fostering improved customer relationships.
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Rossana Vittorielli's Experience: Rossana Vittorielli, Credit Control Manager at LoveBrands, attests to the transformative impact of Chaser on her company's receivables process. She highlights the software's flexibility, ease of use, and impressive adaptability to their evolving needs. LoveBrands has saved a substantial 15 hours per week, demonstrating the tangible benefits of Chaser in real-world scenarios. |
Chaser recognizes that effective communication is diverse, and businesses have unique needs. In 2023, Chaser users utilized a staggering 14,909 different email templates. This wealth of options enables businesses to tailor their communications precisely to their requirements. Chaser's customizable templates not only save time and effort but also ensure that messages are delivered in the right tone and context. Each template is adaptable, reflecting the specific voice and situation of each company.
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Customization for TaxAssist Norwich: |
3. Automated email communication
In the realm of business, automation stands as a transformative force, and Chaser's software is at the forefront of enabling effective automated email communications. Through the utilization of personalized templates and strategic scheduling, businesses have harnessed the power of automation to bring about substantial enhancements in their credit control processes. In the year 2023, Chaser facilitated the sending of over 1,872,228 automated reminder emails to debtors. These reminders, tailored to each customer's specific needs, have proven highly effective in prompting timely payments.
This automation not only ensures efficiency but also allows users to redirect their time towards improving relationships with customers and addressing any payment or invoice-related queries. By automating repetitive tasks, such as sending payment reminders, Chaser has played a pivotal role in liberating skilled staff from mundane responsibilities, enabling them to focus on more critical tasks and ultimately yielding a better return on investment.
A critical aspect of credit control involves maintaining positive relationships with customers. Chaser's platform goes beyond reminders by facilitating the automatic sending of "thank you for paying" emails. In 2023 alone, over 446,099 of these appreciation emails were sent. This not only expresses gratitude for timely payments but also contributes to the nurturing of positive relationships, fostering customer loyalty and encouraging continued punctuality in payments.
4. Enhanced accounts receivable processes
An efficient accounts receivable process is crucial for ensuring timely payments. Chaser’s software and solutions empower businesses to elevate their receivable processes significantly. Through the automation of payment reminders and process streamlining, businesses have witnessed a substantial surge in on-time payments.
In 2023, businesses using Chaser achieved a remarkable milestone with a total of 3,131,579 (as of November 2023) invoices paid. This significant accomplishment underscores the effectiveness of Chaser's platform and services. Through streamlined credit control processes and automated communications, businesses have successfully collected payments promptly and efficiently.
Chaser proudly reports that users secured payments for over 1,034,188 invoices before their due dates in 2023. This achievement speaks to the effectiveness of Chaser's platform and the impact of before-due reminders in prompting early payments. With Chaser's platform, businesses have not only realized financial security but also established a proactive approach to credit control, resulting in improved cash flow and overall financial stability.
5. Reduced DSO (Days Sales Outstanding)
A pivotal metric in evaluating a business's credit control efficiency is Days Sales Outstanding (DSO), which measures the average number of days it takes for a company to collect payment after a sale. Chaser, through its adept automation of accounts receivable processes and improvement of follow-up practices, has played a vital role in substantially reducing businesses' DSO.
In the transformative year of 2023, the impact of Chaser's platform is underscored by a remarkable achievement – Chaser users experienced a noteworthy 10-day decrease in their average DSO. This tangible result serves as a testament to the efficacy of Chaser's services in expediting payment collections.
A reduced DSO not only signifies a faster inflow of payments but also contributes to enhanced financial stability and a reinforced bottom line for businesses. With the adaptation of Chaser's software and services, businesses have successfully and significantly decreased their DSO, exemplifying the tangible benefits of a more efficient and effective credit control process.
6. Helped businesses save time and increase productivity
In the year 2023, Chaser's software and services emerged as catalysts for success, empowering a multitude of businesses and SMEs to optimize their receivable processes, expedite invoice payments, and reclaim valuable time previously spent on manual tasks and processes. The outcomes highlighted in this blog serve as a testament to the tangible impact of Chaser's platform and services, effectively streamlining credit control processes and bolstering financial stability for businesses.
Behind these accomplishments lies the commendable effort and dedication of the teams and businesses using Chaser, demonstrating a shared commitment to managing receivables and ensuring the punctual settlement of payments.
Looking forward, Chaser remains steadfast in its dedication to building on this success, with a promise to deliver even more innovative and personalized solutions for SMEs. By doing so, Chaser aims to guide businesses towards achieving not just improved cash flow but also a healthier bottom line.
Product innovations
As the year comes to a close, it's a perfect time to reflect on the incredible journey of innovation and success that Chaser has experienced in the past year. The company has been at the forefront of revolutionizing receivables management, evidenced by the results above, introducing several groundbreaking products and features that have not only simplified processes for businesses but have also garnered praise from satisfied clients.
Chaser API: Revolutionizing integration
One of the most significant milestones for Chaser this year has been the launch of the public API. In the midst of a challenging economic climate, Chaser's Open API has empowered SMEs worldwide by providing access to high-performance receivables management tools that can seamlessly integrate with any system. This development eliminates the need for manual processes, allowing businesses to automate their debtor management processes efficiently. This move has been especially crucial for businesses using accounting systems without direct integration capabilities, opening up new possibilities for smoother workflows. Read more
Payer ratings: See your customer’s payment behavior
Understanding and segmenting customers based on their payment behavior is essential for efficient collections. Chaser's introduction of Payer ratings has been a game-changer in this regard. Leveraging machine learning, this feature provides instant insight into customers' payment behavior, enabling businesses to customize their follow-up strategies. By analyzing payment history, Chaser's Payer Ratings helps businesses identify good, bad, or average payers, paving the way for improved accounts receivable management. Read moreDays Sales Outstanding (DSO): A window into cash flow
Managing cash flow is paramount for businesses, and Chaser's new DSO graph has made it significantly easier to track and understand payment cycles, and evaluate the success of the business’s current accounts receivables process. This financial metric provides businesses with a clear view of the average number of days it takes to collect payments after a sale. The DSO graph not only saves time but also empowers businesses to make informed decisions about credit control policies and payment collection strategies. Read more
Chaser Pay: Simplifying and expediting payments
Late payments have been a growing challenge for businesses, and Chaser has responded with the introduction of Chaser Pay. Seamlessly integrated within Chaser's accounts receivable software, Chaser Pay offers a range of fast and secure payment options, making it simple and efficient for businesses of all sizes to process payments. This feature addresses the rising issue of late payments by providing a variety of payment options, improving the chances of receiving payments sooner. Read more
Late payment predictor: Anticipating challenges and making informed decisions
Chaser's Late Payment Predictor has empowered businesses to assess the risk associated with specific customers and make proactive credit control decisions. By analyzing past payment behavior and predicting future payment behavior, this feature provides valuable insights into the likelihood of invoices being paid late. The accuracy of the predictor, coupled with its consideration of various variables, contributes to smart decision-making in credit control. Read more
Recommended chasing times: Eliminating guesswork in collections
Recognizing the challenges businesses face in managing collections efficiently, Chaser has introduced the 'Recommended Chasing Times' feature. This innovation eliminates guesswork and ensures that users are following up with customers when they are most likely to pay their invoices. By streamlining the chasing process, businesses can save valuable time and resources, ultimately contributing to more effective collections. Read more
Call reminders: Streamlining collection calls for timely payments
In situations where a more direct approach is necessary, Chaser's Call Reminders feature proves to be instrumental. Users can seamlessly schedule and manage reminders for collection phone calls, streamlining the process and optimizing the chances of timely payments. This functionality not only addresses the challenges of figuring out who to call and when but also ensures that every call is accounted for in the pursuit of faster payments. Read more
As we look back on the remarkable year of product innovations and releases from Chaser, it's evident that the company has not only responded to the evolving needs of businesses but has also set new standards in receivables management. The success stories and testimonials from clients speak volumes about the positive impact these innovations have had on businesses of all sizes, providing them with the tools they need to thrive in today's dynamic financial landscape.
Chaser's commitment to simplifying processes, improving cash flow, and reducing late payments has undoubtedly positioned it as a leader in the field, and we eagerly anticipate what the future holds for this trailblazing company.
Event highlights
As we bid farewell to 2023, we can't help but reflect on the incredible journey Chaser has had, marked by our active participation in some of the most influential events in the accounting and finance industry. These events have not only allowed us to showcase our innovative solutions but have also provided invaluable opportunities to connect with professionals, share insights, and stay at the forefront of industry trends.
Accountex London 2023: A resounding success
Kicking off the year, Accountex London 2023 stood out as a beacon for finance professionals, accountants, and bookkeepers from across Europe. With over 10,000 attendees converging at the London ExCeL, the event offered a platform for networking, insights, and exploration of cutting-edge solutions. Chaser proudly exhibited alongside 250+ global brands, immersing ourselves in the 180 CPD-accredited talks and seminars. The experience was nothing short of brilliant, leaving us eagerly anticipating the next edition in 2024. Read more about our highlights from Accountex 2023. Read more
Xerocon Sydney 2023: Where work meets play
Xerocon, the annual conference organiszed by global accounting leader Xero, took Chaser’s team to Sydney this year. This vibrant event, often dubbed the "Coachella" or "Glastonbury for Accountants," brought together Xero users and partners for a unique blend of work and play. With over 80 global brands participating, including Chaser, the event featured notable speakers like Xero's CEO Sukhinder Singh Cassidy, former Nike Vice President Lisa MacCallum, and futurist Mark Pesce. The Chaser team had a blast and is already looking forward to the next Xerocons in London and Nashville. Discover our highlights from Xerocon Sydney 2023. Read more
Xero UK Roadshow: Driving growth across the UK
In recent weeks, Chaser hit the road with Xero as part of the Xero UK Roadshow. Covering cities such as Belfast, Bristol, London, Birmingham, Manchester, and Edinburgh, the roadshow aimed to unite accountants and bookkeepers, fostering collaboration and sharing tools for growth. Chaser exhibited in Bristol, Belfast, and London, engaging with over 15 partners in Xero's ecosystem. It was a fantastic opportunity to connect with both familiar and new faces, discussing all things accounts receivables. Relive the highlights from the Xero UK Roadshow 2023. Read more
Accountex Canada 2023: Embracing innovation in Toronto
Heading across the Atlantic, Chaser was part of Accountex Canada 2023 held at the Metro Toronto Convention Centre. This event brought together accountants, bookkeepers, and finance professionals, providing a platform to stay ahead of innovation in accounting and discover new ways to grow revenue and support clients. Explore the highlights from Accountex Canada 2023. Read more
QuickBooks Connect 2023: A remarkable debut in Vegas
In November, Chaser made its debut at QuickBooks Connect 2023 in Las Vegas. Hosted by QuickBooks, this three-day event united accounting experts, QuickBooks partners, and the broader ecosystem for learning, inspiration, and relationship-building. It was an exceptional experience and marked Chaser's first exhibition at QuickBooks Connect in the United States. Revisit the highlights from QuickBooks Connect 2023. Read more
As we reflect on these events, we are grateful for the opportunities they provided to connect with the industry, showcase our innovations, and learn from the best. These experiences have not only enriched us but have fueled our passion to continue pushing boundaries in the coming year. Here's to a year of growth, collaboration, and continued success in 2024!
Awards and recognition
As we reflect on the remarkable milestones achieved by Chaser in 2023, we are thrilled to announce our triumphs in three prestigious awards that underscore our leadership, innovation, and commitment to excellence in the fintech industry.
The Leadership Awards, hosted by Credit Strategy, is a distinguished event celebrating exemplary leadership in the credit and financial services sector. This year, I was honoured to be recognized as Outstanding Leader in Collections. I felt privileged to be recognised for steering the company towards revenue growth and fostering a positive company culture that prioritizes employee development and well-being. This recognition is signed with Chaser’s dedication to resilience, innovation, and creativity at all levels of our organization.
Chaser's success at the Xero Awards further solidifies our position as a frontrunner in the fintech space. Winning the UK Small Business App Partner of the Year is a testament to Chaser’s proven track record of growth with Xero's UK customers, our commitment to delivering an outstanding user experience, and our world-class engagement program. Being part of Xero's ecosystem since its inception in 2013, this award is a celebration of our enduring partnership and our ongoing efforts to empower small businesses to get paid and improve their cash flow through cutting-edge technology.
The Management Today Business Leadership Awards 2023 recognized Chaser for the 'Best use of innovation in business,' specifically applauding the SMS payment reminder feature. This feature has not only showcased our commitment to innovation but has also delivered tangible results for end-users. This award acknowledges our dedication to leveraging technology to enhance business processes and improve outcomes for our clients.
Lastly, I was again honoured as the Innovator of the Year at the Women in Credit Awards 2023. This prestigious award, presented at The Brewery in London, was awarded as a testament to my contributions to the credit and financial services industry. The Women in Credit Awards recognise exceptional women and their allies, and I am beyond grateful to be named as one of their winners.
These awards are not merely accolades; they represent the collective effort, ingenuity, and dedication of the entire Chaser team. As we conclude 2023, we carry these honours as badges of distinction, propelling us to even greater achievements in the coming year.
I extend my heartfelt gratitude to our team, partners, and clients for being integral to Chaser's extraordinary journey
Future outlook
As we stand on the precipice of a new year, Chaser is excited to unveil our vision and goals for the upcoming year, setting the stage for an even more transformative and innovative journey in the realm of receivables and credit management.
Vision for 2024: Pioneering the future of receivables with AI and ML
At the core of our vision is the integration of cutting-edge Artificial Intelligence (AI) and Machine Learning (ML) technologies into Chaser’s receivables solutions. We believe that the marriage of AI and ML holds immense potential in revolutionizing the way businesses manage their receivables, making the process smarter, more efficient, and ultimately more effective.
We envision a future where Chaser's solutions leverage AI and ML algorithms to predict payment behaviors, identify patterns in customer payment cycles, and optimize collection strategies dynamically. This proactive approach aims to empower businesses to take preemptive actions, reducing the instances of late payments and streamlining cash flow management. Read more
Importance of accessible data: Empowering businesses to combat late payments
One of Chaser’s key goals for the upcoming year is to emphasize the critical role of accessible data in helping businesses combat late payments. We understand that timely and accurate information is the lifeblood of effective credit management. By providing businesses with real-time insights into their receivables, we aim to empower them to make informed decisions and take prompt actions to mitigate the risks associated with late payments.
Accessible data also plays a pivotal role in enhancing customer relationships. By understanding customer payment behaviors and preferences, businesses can tailor their approaches, fostering a collaborative and transparent payment process. Chaser's commitment is to facilitate the seamless flow of actionable data, ensuring that businesses are equipped with the insights they need to navigate the complexities of credit management successfully. Read more
Automation of manual tasks: Liberating credit controllers
In the year ahead, Chaser is dedicated to further automating manual tasks that credit controllers traditionally handle. We recognize the strain that repetitive and time-consuming tasks can place on credit management professionals. By harnessing the power of automation, we aim to liberate credit controllers from mundane processes, allowing them to focus on strategic decision-making and building stronger relationships with clients.
From automated communication workflows to intelligent reminders and follow-ups, our goal is to streamline the credit control process, reducing the administrative burden and increasing overall efficiency. This not only saves time but also enhances the precision and consistency of receivables management. Read more
Exciting plans and expansions: Elevating the Chaser experience
As we look to the future, Chaser has exciting plans and expansions on the horizon. Without giving away too much, we can tease that new features, enhanced capabilities, and a user-centric approach will define our trajectory. We are committed to continually refining and expanding our solutions to meet the evolving needs of businesses navigating the intricacies of receivables management.
In conclusion, 2024 promises to be a year of innovation, empowerment, and growth for Chaser. By leveraging AI and ML, prioritizing accessible data, and automating manual tasks, we aim to redefine the landscape of receivables management. We invite our clients, partners, and the entire Chaser community to join us on this exciting journey as we pave the way for a future where businesses thrive, powered by intelligent and efficient credit management solutions. Stay tuned for what promises to be a groundbreaking year!
Thank you and acknowledgements
As the year draws to a close, we want to take a moment to express our heartfelt gratitude to the pillars of our success – our clients, partners, and the incredible team that makes it all possible.
Gratitude to the stellar Chaser team:
To the exceptional individuals who form the heart and soul of Chaser – our team, your hard work, dedication, and passion have been the driving force behind our achievements. Each one of you contributes to the vibrant and innovative culture that defines Chaser. Thank you for your resilience, creativity, and relentless pursuit of excellence.
Thank you to our valued customers:
To our customers, your trust in our solutions fuels our drive for excellence. Your commitment and collaboration inspire us to continuously enhance our offerings and exceed expectations. Thank you for choosing Chaser as your partner in navigating the intricacies of receivables management. We are honored to contribute to your success.
Appreciation for dedicated partners:
Our partners, you are an integral part of our journey. Your collaboration and shared vision have been instrumental in achieving milestones and fostering innovation. Together, we have created a synergy that propels us forward. Thank you for your unwavering support and the enriching experiences we've shared throughout the year.
We extend our gratitude to our stakeholders and investors for their confidence in our vision. Your support has been a cornerstone in our ability to innovate and grow. Together, we navigate challenges, celebrate successes, and build a future where Chaser continues to lead the way in receivables management.
Thank you to the community:
To the broader community that surrounds and uplifts us, thank you for being an essential part of our journey. Your feedback, encouragement, and engagement contribute to the vibrant tapestry that is Chaser. We are grateful for the sense of community that transcends boundaries and fosters collaboration.
As we express our gratitude, we recognize that it's not just the end of a year; it's a milestone in a journey of continuous growth and evolution. Your collective efforts and support have laid the foundation for the remarkable year that has been, and the exciting prospects that lie ahead.
Here's to each of you – clients, partners, team members, stakeholders, investors, and the community – for being an integral part of the Chaser story. Your contributions make our success possible, and we look forward to achieving even greater heights together in the coming year.
Wishing you joy, fulfilment, and prosperity in the upcoming year!
Closing
As we conclude this reflection on the remarkable year we've had at Chaser, we'd love to hear from you, our valued readers. Your thoughts and feedback are essential in shaping our future endeavors and ensuring that we continue to meet and exceed your expectations. Whether you have insights to share, suggestions for improvement, or simply want to express your experiences with our solutions, we welcome your input. Your voices play a crucial role in the ongoing evolution of Chaser.
Feel free to reach out to me via sonia.dorais@chaserhq.com or connect with me at https://www.linkedin.com/in/soniadorais.
As we look back on the accomplishments of the past year, we are filled with gratitude for the collaborative spirit that defines Chaser’s community. Together, we have achieved milestones, overcome challenges, and set the stage for an even more promising future.
With optimism and enthusiasm, we embark on the journey that lies ahead. The coming year holds exciting possibilities, and we are eager to explore new horizons, driven by innovation and guided by your invaluable feedback.
As we bid farewell to this year, we eagerly anticipate the opportunities, growth, and shared successes that await us in the future.
Wishing you a joyful and prosperous year ahead!
