Companies House Reports
Company House Reports are advantageous when deciding which companies to trade with. Company House Reports will provide you with important financial information as to a company's financial status, therefore allowing businesses or individuals to make informed decisions.
As many companies choose to extend credit to clients, company house reports should be play a major part in the decision making process. Knowing the clients' past financial history will give an indicator as to the level of trust that can be given to them.
When to use a Credit Check
Many large businesses and companies will extend credit to their clients as they find that it is often easier and faster to do so.. However if you are a small or medium sized company (an SME), this practice can be potentially harmful. The client may delay payment of goods or services; they may not pay at all; or they are not even who they say they are and are making fraudulent transactions. Although larger companies are able to absorb small losses, smaller companies cannot afford to do so. Purchasing company house reports on a potential client allows you to assess their credit quality before making a decision to extend credit. Companies should therefore make it normal practice to obtain company house reports on every potential client. This practice will reduce the risk of bad debts occurring at a very low cost.
Company House reports should also be obtained on all new and potential suppliers to ensure they exist. This practice will deter bogus suppliers who may ask for money upfront, and never deliver the goods. You will also know who to contact and where to go if there are any problems with the goods.
In general, Company house reports should be used as a reference guide as to the financial status of a company. It also lets you know the legal status of the company and is a good indicator as to the future viability of the company. Company house reports are an aid to minimise the company's risk, financial history and also how good they are at paying back credit. It will also help you to set appropriate credit terms and conditions with the client.
- Obtain company house reports when deciding to use or switch to new and potential suppliers. This will allow you to verify the exact legal entity that you are dealing with.
- Keep company house reports update (live) on all existing clients. This will alert you to any changes with the client that may affect how quickly they can repay their credit. You can then set revised credit terms with them. Obtain updated company house reports on all existing suppliers.
- Obtain company house reports Online
Company House reports can be purchased online using checkSURE. Reports are generated online immediately after payment and therefore the costs are cheaper, saving postage, packing and administration costs. There is an added bonus - company house reports from checkSURE are updated daily from Companies House which means that you need not wait for data that may already be out of date when it arrives to you. There are also many benefits to obtaining company house reports from checkSURE. Registration is free and everyone receives a personal online portfolio to keep their past company house reports in. checkSURE also provides a free email alert service which emails you every time there is a change within your portfolio of companies. Just register with checkSURE below to purchase company house reports.