iRed can now focus on developing their team’s innovative ideas instead of worrying about cash flow
Introduction
iRed is an industry-leading remote sensing consultancy based in the UK. The company uses thermal imaging, multispectral photography and drone deployment technology to provide specialist inspections, training and equipment to the UK.
Goals & objectives
To expand the training division and establish more permanent training centres nationwide.
Results with Rapid Cash
iRed can now focus on long-term goals and stop worrying about interruptions in cashflow.
The iRed Story
When iRed opened up its sales division, iRed Solutions, towards the end of 2017, the company was introduced to a new set of challenges within the business environment. Within a few weeks, the iRed team was handling large, high-value orders for drones and specialist sensors which started to hinder the ability to re-invest into the company.
Everyone in the office was aware of the need for a funding solution, we just needed to find the right fit for us.
Meet NatWest Rapid Cash
We’ve always used NatWest for our business banking and have received fantastic support from them since the company was founded back in 2002. It was initially our local Business Relationship Manager who suggested the platform, and we’re very pleased he did!
Rapid Cash has given iRed the tools needed to more effectively manage cashflow without having to review all of the existing systems in place.
Seamless integration
For many businesses it’s important that any new solutions or systems integrate seamlessly with those already in place.
A big benefit we’ve found in Rapid Cash is the seamless interaction between both our current account and accounting platform, Xero. When we need to draw off from an invoice, Rapid Cash automatically creates items in our system, which makes it easy for our accounts department to reconcile any transfers and keep track of our finances.
Easy to get started
When changing systems or adopting a new business platform, the last thing SMEs want to deal with is confusion amongst their team or difficulty in set up.
Getting started with Rapid Cash was very simple. The app is clear, simple and straightforward, which makes for a great user-experience. Any issues or questions we had were answered promptly by the helpful Rapid Cash team.
Flexibility
SMEs today have unique business needs and deserve a modern intuitive platform that it tailored to them, even if that means working to create bespoke solutions.
Working with several leading academic institutions and government agencies, we initially had an issue with the classification of companies within the Rapid Cash system. This was because these customers don’t always have company registration numbers, which meant that we couldn’t draw off of any invoices received. Fortunately, we worked closely with the team at Rapid Cash to establish processes that quickly resolved this issue.
Freedom to grow
After getting up and running on Rapid Cash, the iRed team have found it easy to use and have seen immediate impact across the business.
Since using Rapid Cash, our cash-flow is no longer interrupted by large sales orders. This has enabled us to focus on our long-term goals of growing and developing the business. This is already helping our retail division to manage stock more effectively, and we’re seeing an improvement in sales as a result.
"Rapid Cash has enabled us to spend less time worrying about cash-flow, and more time focusing on growing and developing the business." Ray Faulkner, Managing Director of iRed
See what Rapid Cash could do for you.
To be eligible for NatWest Rapid Cash, businesses need to have been trading for a minimum of six months and have an annual turnover of at least £100,000. Businesses need to be a limited company or limited liability partnership registered in England and Wales.
Additionally, they need to invoice other businesses and use one of the following digital accounting software: Xero, Quickbooks, Sage 50, Sage Business Cloud, Kashflow, FreeAgent and NetSuite. Security and guarantee required. Fees may apply.
