Ever changing trading conditions continually impact business, affecting stability and opportunities to grow and thrive. It is vital that businesses have effective account monitoring processes in place to ascertain the financial stability and trading history of their customers – potential and existing.
Account Monitoring is a way that companies can manage financial risk and avoid becoming collateral damage should another firm find themselves in financial distress. By taking a proactive approach into fully understanding your customers’ financial stability will enable you to respond quickly to signs that your customer might struggle to settle their invoices or might be approaching insolvency. Account monitoring is a vital element to credit control and should play a role in your account opening processes, as well as your everyday account receivables processes. Good due diligence is key to avoiding vulnerabilities: all new customers should be scrutinised before providing credit.
identeco’s Account Monitoring services will ensure that your credit control department is working with the most up to date company account information. Our individual company account monitoring alerts will help you manage your customer accounts more effectively, manage risk and avoid non-payment as well as avoid the distressing circumstances of a customer entering into administration and insolvency, with an invoice still outstanding.
Subscribers to identeco can easily and quickly monitor company accounts and receive a series of alerts which will notify you of changes in areas that could adversely affect your business. Alerts include notification of any financial difficulties, a drop in credit rating, an increase in creditor days (days to settle invoices), changes in shareholder structure or simply a new trading addresses – all of these can be a cue to take a closer look at outstanding invoices and at current orders.
identeco's individual monitoring service is included in our Business Support Toolkit subscription and allows you to update up to 1000 companies at no extra cost to your annual subscription. To enable alerts, simply click the account monitoring option at the top of the company record and you will automatically receive an email with specific changes to this company, as they are recorded. You will continue to receive updates for as long as you need – if your subscription is valid. You can disable alerts easily from your personal dashboard – which will keep a visible list of all companies that you are monitoring. You may find that you wish to import your whole sales ledger for complete transparency.
Having this information at your fingertips will put you in the driving seat and eliminate unnecessary risk by providing an up-to-date picture of your customer's financial position.
Our Account Monitoring is one of nine vital business services available on an unlimited basis for an annual subscription of £79.95. To sign up and begin using the services immediately, subscribe here or complete the subscription form below.
If you require further information or have any questions, please email us, or call us on 01527 549 531.
Alerts for registered Companies are updated as they are added to Companies House records or information is published. To access our Individual Company monitoring service visit our Company Search page and select the monitoring option, once selected identeco will provide alerts against the following: Click here for a full list of alerts
Should you require a facility to list the whole or part of your customer sales ledger, require name, number or address confirmation or want to review customer financial health ratings with our Company Watch List, please see our Sales Ledger Monitoring Service