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credit control, check company credit

Product update: Customer risk insights powered by Xero, QuickBooks and Sage

Easier ways to check and monitor customers and suppliers with cloud accounting integrations

Ollie Maitland Sep 18, 2023

Credit control is important now more than ever

Seeing money drop in your business bank account for the hard work you and your team have done is a great feeling. As a small business owner it’s also stressful if customers hold back paying or suppliers delay.

With business insolvencies hitting record numbers in recent months, there may be more risks in your business than you know.

The UK saw a 13% increase in the number of insolvencies over the 3 months to June 2023, marking the highest level since 2009.

By checking and monitoring the financial health of your customers and suppliers you can have better data to make decisions. 

“Capitalise’s tailored packages offered us a more affordable solution to credit check our customers to see how much credit we should be offering. This helped with our credit control as we knew who to bill with credit, and who needed to pay up front, and the monitoring tool helped us highlight a company that was in liquidation.”

- Johanna, Wholesaler. 

Helpful tips:

  • Credit control is a business process where you work to extend credit for work your business has done only to customers who can afford to pay it back.
  • Debt collection is where you recover funds which are owed to your company, for example an invoice which is owed to you.

Sync contacts and invoices from Xero, QuickBooks and Sage

With our latest update, once cloud accounting is connected, the contacts and invoices are synchronised. By selecting which contacts should be monitored, those will be added to Credit Risk Manager

The platform will automatically synchronise the latest invoice data periodically, or this can be triggered manually at the top of the screen.

With the companies set-up and monitored, this keeps track of the risks with your debtor book, alongside tracking for any emerging risks which might result in late payments or ultimately bad debts.

 

Real time alerts when a company profile changes

No need to keep logging in, we’ll alert you of changes. One challenge of credit control is adjusting your business exposure based on a customer or suppliers finances. We’ll send an email summarising any changes to customers as soon as we get alerts from our data providers.

Debt collection: A single place for invoices and credit risk

We help solve the challenge of knowing where to focus your debt collection efforts. With our release today, you can see the high risk companies who have large debts.

This allows you to prioritise your collections process by email or phone using the intelligence provided through the platform.

We’ve got more releases coming up over the coming weeks so stay tuned as we keep shipping new features! 

Getting started is easy. Create your free Capitalise for Business account and start monitoring risk from your customers or suppliers.

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