Mixam Ltd, a specialist UK printing firm in the UK, successfully reduces its debt by £65,000 in less than three months using online accounting software.

During a recession it is more important than ever to keep on top of debtors – nearly 5,000 businesses became insolvent in the first quarter of 2009, up 56% on this time last year. A good online accounting solution can help businesses to manage their finances better as Mixam found out. By choosing online accounting software e-conomic, Mixam is able to benefit from using an outsourced credit control service, which has reduced its outstanding debt by £65,000 in less than three months.

Mixam is a young successful company that has grown rapidly since its inception two years ago. Rami Zetuny, Mixam Director said: “As with many businesses, our management team focused heavily on winning and retaining clients in the early years and consequently some business processes had been neglected. In fact, it came to light that there was a problem with unpaid customer invoices, which in total amounted to over £100,000 and dated back nearly a year.”

Mixam chose e-conomic as its accounting software because, being online, it is possible to get instant up-to-date accounts from anywhere in the world. This proved to be the ideal when Mixam opted for credit management firm TAK-Outsourcing Ltd to manage its credit control. Despite being physically hundreds of miles apart, TAK can work seamlessly as part of Mixam’s business using e-conomic in a way that’s not possible with traditional accounting software.

Rami continued: “Handing over responsibility for credit control to TAK has meant that we have been able to concentrate on growing the business, safe in the knowledge that the sales ledger would be managed in a pro-active and professional manner. e-conomic has been very beneficial in facilitating a smooth partnership between the companies and it is very easy to use. Directors can access the most recent copy of our accounts at anytime and have a clear picture of the company’s finances.”

e-conomic is an online accounting system, which is provided as Software as a Service (SaaS), meaning that companies access the system through a web browser. There are no installation costs, upgrades are continuous and free, and support is unlimited. The basic subscription of £12.99 for businesses includes all the core finance modules needed by a business – general ledger, accounts payable, accounts receivable and electronic invoicing – plus a number of innovative time-saving features such as automated bank reconciliation and direct integration with Microsoft Excel. Additional modules are available including stock management, project accounting and scanning. e-conomic does not charge for the administrator’s module which is free to accountants and bookkeepers. e-comomic is used by nearly 20,000 companies and 3,000 bookkeepers/accountants.

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