5 New Years Resolutions for Credit Control

1. Implement a Credit Policy for the business or review the current credit policy to ensure it's right and is working as good as it could be.

Many businesses don't have a credit policy and if that applies to you and your business then you should really implement one.

If you have one then you should regularly review it and ensure it is working for you.

A credit policy is a set of rules and criteria that you should follow when taking on new customers and considering extending them credit.

2. Ensure you have good / solid paperwork including terms and conditions as to ensure you are covered for Kate or non payers.

3. If extending credit ensure you use the minimum days of credit that you can get away with, to ensure you don't struggle with cash flow. Don't just put invoices on 30 days as normal, try 7 or 14 days and see what they think. Paying late by 30 days on a 7 day invoice is far better than being 30 days late on a 30 day invoice.

4. Rather than offering credit try taking payment upfront. This sounds like a simple idea but some sales people get on to bad habits and just offer payment terms as standard but on many of these occasions business would be happy to pay upfront on company credit cards, so try and get sales guys to change their ways and adapt to taking payments online or as part of cash collection implement processes of trying to take the payments upfront after the sales or orders have been completed.

5. Implement good solid credit control processes and procedures including wherever possible the use of automated systems to allow you to free up more time to get on the phones and collect any money due.

Interesting Articles about the Different Sample Credit Reports we have on our website:

Yesterday on our Company Website we had an interesting blog post about the different Company and Consumer Credit Report samples that we have available via our company samples page.

You can see the full blog post on:
http://www.creditserve.co.uk/Media-Centre/Blog/December-2012-1/Sample-Company-Reports-Business-Reports-and-Consum

The sample reports allow potential online purchasers to ensure they know what is included in a credit report before purchasing a report via our pay as you go online credit report shop.

We also offer free trials of our system for those interested in an annual Credit Control or Credit Management Package of Services including the online and offline Credit Reports that we can provide.

Company Filings & Requirements

Limited Company Accounts Filing Requirements

This blog is aimed to help you understand the account filing requirements for all limited companies in the UK. You can see below that there a different filing requirements for the various sizes of Limited Companies:-

Small Companies

1. What are the account filing requirements to qualify as a small company?

A small company must meet at least two of the following conditions:

                 

·         Annual turnover must be not more than £6.5 million;

·         The balance sheet total must be not more than £3.26 million;

·         The average number of employees must be not more than 50.

Companies that qualify as small sized companies are not required by Companies House to file a profit and loss account. They are required to file a balance sheet, directors report which is signed by a director and an auditors report. Public companies and companies within certain financial services cannot be categorised as Small Companies

Medium Companies

2. What are the account filing requirements to qualify as a medium-sized company?

To be a medium-sized company, you must meet at least two of the following conditions:
 

·         annual turnover must be no more than £25.9 million;

·         the balance sheet total must be no more than £12.9 million;

 

·     the average number of employees must be no more that 250.

Companies that qualify as medium sized companies are obliged to file profit and loss accounts (with the exception of turnover), balance sheet, group accounts if applicable, directors report which is signed by a director and an auditors report. Public companies and companies within certain financial services cannot be categorised as Small Companies 

Large Companies

3. What are the account filing requirements to qualify as a large company?

To be a large company, you must exceed at least two of the following conditions:

· annual turnover must be more than £25.9 million;

· the balance sheet total must be more than £12.9 million;

· the average number of employees must be more that 250.

Companies that qualify as large companies are obliged to file profit and loss accounts, balance sheet, group accounts if applicable, directors report which is signed by a director and an auditors report.

Creditserve offer the ability to access all company documents via our online shop on a pay as you go basis. We are also providers of business information, business credit reports, consumer credit reports, AML reports and debt recovery services so if you have any requirements whatsoever please visit www.creditserve.co.uk to view all of our products and services.

This blog was written by Martin Brown (Senior Account Manager) on the 19 December 2012. If you would like to discuss anything you have read or would like any advice relating to business information please feel free to contact me on 01992 414222 or martin@creditserve.co.uk 

 

Creditserve Business Information Ltd Now Offer A Further Three Online Countries To Our Online International Credit Reporting System

We are pleased to now offer three more countries to our online international credit reporting system which will now join the following online products:- 

• Belgium Credit Reports
• Czech Rep Business Report
• Denmark Business Information
• Finland Company Information
• France Company Data
• Germany Credit Reports
• Greece Business Report
• Iceland Business Information
• Italy Company Information
• Lithuania Company Data
• Malta Credit Reports
• Netherlands Business Report
• Norway Business Information
• Poland Company Information
• Slovakia Company Data
• Spain Credit Reports
• Sweden Business Report
• Switzerland Business Information
• USA Company Information

New Online International Countries

The 3 new online countries and new products launched by Creditserve Business Information are:-

• Canada | Canadian Business Report
• Portugal | Portugese Business Information
• Hungary | Hungarian Company Information

Who Would Our Online International Reports Benefit?

Our Online International Reports benefit businesses that trade directly with companies internationally and therefore need to confirm legal entity, financial history, group structure & credit rating.

 

These reports also benefit businesses whose UK based customers which have Parent Companies based overseas and therefore want to be sure of group strength and reducing the risk of UK business failure due to group companies elsewhere potentially being of high risk.

 

International Credit Reporting also assist UK businesses when being supplied by companies overseas and therefore being sure of a secure supply chain.

 

To view a sample of an Online International Report or If you would like to access our online shop to purchase an International Credit Report of your choice.

 

Article about our Free Trial offer for UK Business Credit Reports

UK Credit Reference Agency and Online provider of Business, Company & Director Credit Reports Creditserve Business Information Ltd (Est 1995) are currently offering a Free Trial to UK business, company and director credit reports to coincide with the launch of the new corporate website.

For more info on the offer please see the full post on the Corporate website blog:

http://www.creditserve.co.uk/Media-Centre/Blog/December-2012-1/Free-Business-Company-or-Director-Credit-Report-Tr

Creditserve Business Information Ltd have launched their new Corporate UK Credit Reference Agency Website and UK and Irish Business & Consumer credit report online shop

City of Hertford / Hertfordshire, South East England based UK & International Credit reference agency Creditserve Business Information Ltd have recently launched their new UK Credit Management Services Corporate website with new pay as you go online Credit Report and Credit Control Services online shop. 

The online company and director search and pay as you go credit report and credit control services shop is ideal for Business owners, Financial Directors, Finance Managers and Financial Controllers and those involved in Credit Management and Credit Control Activities, including Credit Managers and Credit Controllers who want to buy UK, Irish, European & International Credit Reports on a pay as you go basis, rather than on a large, expensive annual or monthly contract as provided by other larger UK Credit Reference Agencies.

The shop consists of UK & Irish Business & Company Credit Reports, UK & Irish Director Reports, UK & Ireland Companies House Documents including Annual Accounts, Annual Returns and other image documents, Online European & American Credit Reports, Offline Freshly prepared International (Global & Rest of World) Business and Company Credit Reports, Bespoke Sole Trader Reports as well as Consumer Credit Reports, Anti-money laundering (AML) Reports and Consumer Tracing services.

If you are a UK based startup, sme or large business or Corporate Company that require these reports or services to enhance your credit control procedures and activities then please take a look at our online credit report store and see what you think of it and our product range.

We can provide some free samples for those interested in many of our services and also have a Credit Report Samples page for you to view what we offer, prior to having to commit to anything from the online shop.

If you have any feedback for us or any questions please feel free to complete the online contact form or get in touch by phone 01992 41422 or email: sales@creditserve.co.uk