Protect Your Business – Undertake Business Credit Checks on Customers and Suppliers
Adams Moore’s Business Protect service allows you to order company credit reports for customers or suppliers so you can feel secure in the financial stability of your business’ future. Having full financial assessments of key suppliers and customers at your fingertips will enable you to make informed and sound decisions about starting, or continuing, new business relationships. It could therefore prevent your company from having to deal with bad debtors or a sudden break in your supply chain.
We understand it may sound like a costly and laborious process to purchase and read multiple company credit check reports on prospective clients, customers or suppliers, but not safeguarding your business’ future has even greater implications. What’s more, we offer our customer credit check service at a fixed fee so you can stay informed with no surprise bills.
The Damaging Effect of Financially Insecure Customers
> Resource is required to chase payment when the amount becomes doubtful debt
> Likely expenses relating to legal advice
> More resource may be required for legal proceedings
> Pressure placed on cash flow
> Effect on finances can prevent you from keeping up with accounts payable
> Repeated bad debt issues can lead to bankruptcy
The Damaging Effect of Financially Insecure Suppliers
> Resource is required to chase goods
> Production and distribution schedules may need to be adapted, possibly accruing costs
> Customer delivery dates may be missed, damaging your company reputation
> Legal expenses may be required should your customer file for damages or you pursue yoru supplier
> Customers may leave, defying forecasts and plans
> A supply chain collapse can lead to closure of a business
Adams Moore’s Business Protect service not only helps businesses stay afloat, but with robust credit reports, firms can also build on their reputations and flourish. Furthermore, because our experienced team provides business advice and accountancy services and is committed to helping firm’s grow and become more profitable, our Business Protect Service is not resource hungry, on your time or purse.
Each company credit check report from Adams Moore’s Business Protect provides information on:
> Company financial history
> Company credit score and history
> Company payment history
> Details of any County Court Judgements , writs, petitions, insolvencies and CVAs
> Details on Directors, shareholders and company structure
> Five years of profit and loss accounts, balance sheets, cash flow data, creditor figures, and long term liabilities and assets values
> Growth rates and ratio data
Simple Credit Reports
We have made the process of undertaking business credit checks as simple as possible. Each full report starts with a company summary, followed by the firm’s credit limit, score and history.
There are many pieces of information that will help you decide whether to enter into or continue business dealings with the firm in question, including previous petitions, CCJs and insolvency details. However, please be assured that Adams Moore doesn’t leave you with a document full of numbers; analysis is made straightforward thanks to a traffic light system and one of our partners will offer expert comment on the content.
Other key information includes payment performance trends that show how many days behind on terms the company was, satisfied and unsatisfied mortgages, and five years’ worth of data for areas such as profit and loss, and cash flow. Reports on companies that are not audited will have fewer pieces of information included.
Live data is available so you can monitor existing customers and suppliers for early indicators of potential risk or reward.
Cost Effective Company Credit Checks
Our supplier and customer credit checks are offered as a fixed fee service, meaning you can order unlimited company reports, and if you want to keep abreast of any particular business’ credit information you can order an updated document each month. Furthermore, so that you can be confident in our company credit reports, and that the data will help to facilitate informed business decisions, your first full report is free of charge.
Want to Prepare Better for Bad Debt or are Already Experiencing Issues?
While customer and supply chain credit checks can safeguard some potential issues, bad debt can also occur due to a drastic unforeseen change in the customer’s or market circumstances, or the customer is fraudulently circumventing processes. We would advise that you should ideally create a doubtful debt reserve of funds to mitigate against not being able to collect any accounts receivable sum.
If your business is already experiencing problems due to bad debtors, the amount can be charged directly to your income statement, but mitigation as opposed to writing off bad debt should always be favoured. Should you need assistance, please get in touch to discuss what attempts you have made to recover the debt, as bad debt can be tax deductible on occasion.
Whether you only require Adams Moore’s business credit check and reporting services, or additional business and accountancy support, please contact us on 01827 54944 or use our contact form.