Showing posts with label company monitoring. Show all posts
Showing posts with label company monitoring. Show all posts
Monday, 12 August 2013
UK company credit checks & company credit reports available online
Wednesday, 7 August 2013
Why Carry Out Company Credit Checks
Doing business in the current environment is difficult enough without having to worry about getting paid. For non-retail businesses, where credit is expected by wholesale customers, there is nothing worse than providing goods and services only to end up with a bad debt.
For new customers, it is good business practice to carry out a company credit check to try and get some indication that the company with whom you will be dealing will be able to pay your bill. Whilst such a check is no guarantee of payment, a company credit check with a credit score provides some degree of comfort.
Even with existing customers, it is good practice to regularly check their credit worthiness as part of your credit control system. Diarising regular business credit checks is an important process for every business, however monitoring systems are used to do this automatically for you. It is a system that once you have added your desired companies will send details of any changes via email at the time change occurs.
Even if the businesses that you are dealing with do not leave you with a bad debt, delayed payments can cause almost as many problems particularly in an environment of limited finance. Additionally, it can of course cost you time and money in chasing outstanding amounts.
Every business should have a clear system to deal with credit risk and should involve credit limits, procedures for chasing debts, all in line with your terms and conditions of business.
Company credit reports help build such a system.
Creditserve offer differing packages to suit any and all requirements, so please feel free to visit www.creditserve.co.uk to view the differing services we offer.
Tuesday, 19 March 2013
The Corporate Version of Phoenix From The Flames...
In mythology, a phoenix is an immortal bird that, when it dies, bursts into flames and is reborn from its own ashes. "To rise from the ashes of the phoenix" means to make a miraculous comeback.
We are all well versed with the saying 'Phoenix From The Flames', however the meaning has taken new form recently with the corporate world seeing more and more limited companies failing and then resurfacing shortly after under a very similar limited company name, with the same business shareholders and directors!.
Now companies that fail for whatever reason is not new as new statistics tell us that 50% of new businesses do not make their 3rd birthday. This is quite a staggering statistic, however we all know that for whatever reason there will always be businesses that cannot continue to trade.
There are some ways of protecting your company against this form of injustice, one way would be to carry out extensive credit checks prior to dealing with your customers. Credit agencies offer online facilities to obtain instant credit information. These credit reports are generally well detailed with financial accounts, shareholder information and director information, within the director information you will be able to view other limited companies that the respective directors have operated and their current credit limit and status.
These online credit checking agencies provide what is called a monitoring service which will keep you informed via email of any changes which happen to your customers and therefore will keep you up to date with important
Creditserve offers various credit reporting solutions which can assist in making initial credit decisions, maintaining account management through company monitoring, group structure credit reports, director database reports, companies house documents with our professional debt recovery department as a back up to the online credit checking facility we offer.
There are packages to suit any size company or budget and our credit reports are of the highest standard which makes Creditserve one of the fastest growing credit reference agencies in the UK.
If you would like more details on any of our services whatsoever please do not hesitate in contacting us through sales@creditserve.co.uk, LinkedIn Page Creditserve Business Information, twitter@creditserve1 or on 01992 414222
Monday, 11 March 2013
Company Monitoring And The Benefits Of Keeping A Beedy Eye On Your Customers, Competitors and Suppliers
This blog is written to give an insight into the whys and wherefours of monitoring your customers, competitors and suppliers financial information.
In the current financial climate it is wise to carry out the relevant credit checks and run credit reports to ascertain whether you are putting your own company at risk by dealing with potential new clients or suppliers.
However, it is just as important to monitor your new customers and suppliers once you have extended credit terms to them, a company that seems secure at first may indeed see changes to their own business which can directly affect your own.
Below are the reasons for change within companies which can directly affect you:-
Filing of Annual Accounts
Filing of Annual Return
County Court Judgment/ Derogatory Information
Change of Directors
Group Ownership/Shareholders
Company monitoring allows these changes to be sent automatically to you via email on a daily basis so therefore you will receive this information as soon as it is available through a live feed of information. You will be sure that the information sent will be backed up by filed information at Companies House, the registry trust or local gazette.
With this in mind this would mean that a company that has just had some derogatory information filed against them such as a CCJ, you would be in the best position to stop supplying and recover your outstanding monies, therefore negating finding out later on what has happened and potentially being at the bottom of a list of companies chasing their outstanding debts.
It is not always on the negative effect that the monitoring system can be used for, it may be a very helpful procedure when receiving filed accounts information, for instance if a company files a new annual accounts document and their company has grown their need for credit has potentially grown and you can benefit by looking to extend larger levels of credit should the company be worthy.
Credit reference agencies such as Creditserve allow customers to obtain access to monitoring facilities when a subscription is made to their online credit checking facility. These credit checking facilities are best used in an unlimited basis. Creditserve offer unlimited business credit reports on all UK and Irish limited and non limited companies, company monitoring, Companies House documents, director database, online international credit reports as well as consumer credit checking and AML (anti money laundering) checks.
Please feel free to visit www.creditserve.co.uk or follow on twitter @creditserve connect on LinkedIn Martin Brown or email martin@creditserve.co.uk
In the current financial climate it is wise to carry out the relevant credit checks and run credit reports to ascertain whether you are putting your own company at risk by dealing with potential new clients or suppliers.
However, it is just as important to monitor your new customers and suppliers once you have extended credit terms to them, a company that seems secure at first may indeed see changes to their own business which can directly affect your own.
Below are the reasons for change within companies which can directly affect you:-
Filing of Annual Accounts
Filing of Annual Return
County Court Judgment/ Derogatory Information
Change of Directors
Group Ownership/Shareholders
Company monitoring allows these changes to be sent automatically to you via email on a daily basis so therefore you will receive this information as soon as it is available through a live feed of information. You will be sure that the information sent will be backed up by filed information at Companies House, the registry trust or local gazette.
With this in mind this would mean that a company that has just had some derogatory information filed against them such as a CCJ, you would be in the best position to stop supplying and recover your outstanding monies, therefore negating finding out later on what has happened and potentially being at the bottom of a list of companies chasing their outstanding debts.
It is not always on the negative effect that the monitoring system can be used for, it may be a very helpful procedure when receiving filed accounts information, for instance if a company files a new annual accounts document and their company has grown their need for credit has potentially grown and you can benefit by looking to extend larger levels of credit should the company be worthy.
Credit reference agencies such as Creditserve allow customers to obtain access to monitoring facilities when a subscription is made to their online credit checking facility. These credit checking facilities are best used in an unlimited basis. Creditserve offer unlimited business credit reports on all UK and Irish limited and non limited companies, company monitoring, Companies House documents, director database, online international credit reports as well as consumer credit checking and AML (anti money laundering) checks.
Please feel free to visit www.creditserve.co.uk or follow on twitter @creditserve connect on LinkedIn Martin Brown or email martin@creditserve.co.uk
Tuesday, 15 January 2013
Weighing Up Risk Vs Reward - Business Credit Reports
Risk Vs Reward?
When operating a business whether as a business owner, director or head of department there are several things when extending credit or entering into contract with suppliers that we need to think long and hard about.
With the recent news of large blue chip organisations such as Jessops and HMV and last years news of the likes of Comet and JJB failing there has been more emphasis on credit checking and monitoring your customers. Here are a few reasons as to why this is a prudent course of action within any accounts department whether it be for an SME or blue chip company:-
Why should we credit check our existing and potential customers?
Your existing and potential customers along with suppliers need to have business credit reports carried out on them to ensure that you do all you can to make sure you will be paid and also to maintain a secure supply chain.
When do we do a credit check?
A business credit report should be carried out at the point of when the application for credit is generated. This is also wise when setting up new suppliers.
Who offers business credit reports?
There are a whole host of credit reference agencies which can provide business information. Information can be available in different degrees of detail, and most agencies offer PAYG or subscription offers to suit.
What information is available in business credit reports?
The main points of a business credit report on limited companies is the fact you are able to attain the latest financial accounts for the company along with director details, group structure, derogatory information and credit limits to assist you with your decision.
Is there any way to ensure that if information changes I receive updates?
Along with business credit reports most credit reference agencies provide systems such as our monitoring system which sends email updates of any relevant changes on any company which is on the monitoring list.
How much do these credit reference agencies charge?
Some credit reference agencies charge dependant on usage, others on what degree of information the customers require, however the best way to obtain the best quotation is to shop around, trial systems and see which system suits your requirements best. Many providers offer unlimited packages where required covering a range of different services such as business credit reports, consumer credit reports, international credit reports, Companies House documents, debt recovery services, marketing data amongst other services.
If you would like to know anymore about business credit reports then please do not hesitate in emailing me on martin@creditserve.co.uk or Twitter @creditserve or LinkedIn Martin Brown
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