July/August 2022

Contract Business Talk Advice
Continued from page 58
A stringent and effective company credit check will
answer three key questions:
• Can the full amount owed be paid within the
defined timeframe?
• Is your customer likely to run into financial issues
soon which could impact whether they can pay you
on time?
• Do they have a record of late payment to other
suppliers?
Combining credit and company intelligence
Credit information on a company from a reputable
credit bureau such as Graydon is the foundation of
a good company credit check.
However, we’d always recommend going a step
further and do your research on the company, their
directors and check for any Notices on The Gazette.
Layering this company information from the public
domain with credit intelligence will give a more
complete picture of the companies you’re doing
business with.
Unsecured Creditor Claims
Unsecured Creditor Claims reveal a wealth of
valuable data not found in typical credit reports.
It allows you to see losses suffered by your
customer as a result of their own customers going
into liquidation or administration.
Why is this so important to know?
Think about it this way. The credit cycle can be
extremely fragile. If your customer misses out on
“It is vital you mitigate as much credit risk as
possible, as leaving yourself open to this sort
of risk can put your cashflow under immense
pressure when things don’t go to plan and
invoices aren’t paid on time”
a substantial amount that they’re owed, it could
indicate that they will have issues paying your
invoices.
Automated company credit checking and
monitoring
Check-it automates your credit checking process
using real-time data from reliable sources such
as Graydon Companies House, The Gazette and
Unsecured Creditor Claims to give you a complete
picture of the creditworthiness of your customer.
Check-it integrates with your accountancy software
so you’ll be able to credit check and monitor every
company on your sales ledger and be instantly
alerted to any changes to your customer’s credit file
that could impact you.
Always being in the know and keeping up to date with
changes to your customer’s credit file minimises the
credit risk you’re exposed to since you’ll be able to
make more informed credit decisions.
Check-it is part of Know-it, the all-in-one credit
management platform, empowering you to credit
check and monitor companies, automatically chase
late payments and collect overdue invoices in one
platform.
Contact Know-it
www.know-it.co.uk
@Knowitglobal
60 TI JULY/AUGUST 2022 PRACTICAL CONTENT FOR THE GLAZING INSTALLER & HOME IMPROVEMENT SPECIALIST