Don’t Let Your Accountant Force You Out of Business

Ignorance by accountants of how credit reference agencies treat filed accounts is damaging clients credit files, leading to a record number of unnecessary business failures.
 
 
www.thesalesdoctor.co.uk
www.thesalesdoctor.co.uk
 
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Listed Under

Tags:
Credit File
Credit Rating
Improved Credit Rating
Abbreviated Accounts
Accountancy Improval

Industrys:
Accounting
Banking
Business

Location:
Oxfordshire - UK

Sept. 30, 2008 - PRLog -- The credit file of your business is vital.  Analysts’ in companies such as Dunn and Bradstreet and Equifax, put it together based on the information submitted to Company’s House, plus publicly available information.  The total file stretches to a staggering 46 feet of data for an average company.  The rating and report they give you will dictate how the rest of the world sees your company. Typically, it is used by:
 
·        Banks for lending decisions
·        Suppliers for setting credit limits
·        Potential customers when vendor vetting
·        Investors
·        Shareholders

In fact, millions of reports are requested each year in the UK.  They are delivered electronically, and all of the providers offer free 24/7 monitoring, automatically flagging up any changes as soon as they happen.
 
Whilst all accountants work diligently to produce accurate accounts, very few of them are aware of how the analysts will interpret the information.  This means they are unable to help present the data in the most favourable way.  

In a recent study 64 out of 80 clients assessed at one accountancy practice, had their credit rating significantly increased by being conscious of how the analysts work, and presenting the accounts accordingly.  Getting it wrong can be catastrophic.  Problems include:
 
·   Credit application failure
·   Bank lending restricted or called in
·   Vendor vetting failure
·   Contracts lost
·   Increased cash-flow problems
·   Business deals fold

“This is so important, particularly to businesses turning over less than £6.5M per year,” comments Ian Corkin of www.thesalesdoctor.co.uk. Ian continues: “The majority of accountants see abbreviated accounts as an office juniors job, simply doing the bare minimum required, causing unnecessary, and sometimes fatal damage to the company.  This is not about changing the facts; it is about how you and your accountant handle them and in today’s challenging business environment, it can make the difference between survival and failure”
 
As a way of positively networking, www.thesalesdoctor.co.uk offer a free face-to-face review of your credit file, including a detailed report on how to improve your credit rating.  For further information contact info@thesalesdoctor.co.uk

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The Sales Doctor is an Oxfordshire based consultancy offering a range of business improvement services. Based around mentoring and doing, rather than training and talking, this is practical help for businesses that want to see real and sustainable improvements. www.thesalesdoctor.co.uk
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