New software helps ease cash flow worries

Software is helping some businesses beat the postal strike by generating instant electronic invoicing and statements, eliminating the need to physically mail them out.

Losses as a result of the postal strike are so far estimated to be around £260m.

A software product called Spindle Professional, created by Draycir, allows businesses cash flow to function as normal when used in conjunction with electronic banking.

Draycir said delayed invoices will impact on payment and therefore cash flow for a long time after the postal strike ends.

Spindle Professional has received validation from HM Revenue & Customs as an accredited form of electronic VAT invoicing.

Sicon, which is already using Spindle Professional, said: "We use the email that the software generates, so we haven't faced any adverse financial consequences due to the postal strike," said Jane Youngman of Sicon. "We also save on the enormous cost of paper and postage, so all in all we are delighted with the results of using Spindle Professional. A lot of our clients use Spindle Professional for the same reasons."