Ensuring your business get's paid
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Our Aim To give the owners of small and medium sized businesses the assurance they’ll get paid for the work they do 2002 Assessment Recovery Training Management Credit Reporting Consultancy
description
Short Slide Presentation of Our 5 Step Process to Ensuring Your Business Gets Paid
Transcript of Ensuring your business get's paid
Our Aim
To give the owners of small and medium sized businesses the assurance they’ll get paid for the
work they do
2002
Assessment Recovery Training Management Credit Reporting Consultancy
5 Step Process Know your customer Establish payment terms Invoice Secure payment When all else fails
Assessment Recovery Training Management Credit Reporting Consultancy
Step 1 – Know your customer
Company Establishment
Owners/Directors Reputation & Assets
Know your customer
Limited Company Partnership Sole Trader
Who are they Where are they What are they liable for
Individuals Organisation
Assessment Recovery Training Management Credit Reporting Consultancy
Companies House
Credit References
Land Registry
Facebook Linked In
CCJ Bankruptcy
Physical Location
Good Credit Checking Organisation
Know your customer
Assessment Recovery Training Management Credit Reporting Consultancy
Company Establishment
Company Name Rannock Properties Ltd Registered Number 02095986 Legal Form Private Limited Liability Company (GB) Incorporation Date 03 February 1987 Issued Capital (Returns) GBP 30,000 Registered Office Rannock House, Geddington Road, Corby, Northants, NN18 8ET Main Trading Address Rannock House, Geddington Road, Corby, Northants, NN18 8ET Telephone 01536 260261 Fax 01536 400208 Website www.tolots.co.uk Trading Style
Know your customer
Assessment Recovery Training Management Credit Reporting Consultancy
Company Directors
Mr Dudley Leslie Annible Positions Held Director Address 42 High Street, Cranford, Kettering, Northamptonshire, NN14 4AA Date of Birth 03 July 1970 Nationality British Occupation Director Date Appointed 27 Apr 2009 Other Associations None
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Assessment Recovery Training Management Credit Reporting Consultancy
Credit Rating – Company 1
Credit Value Credit Limit £20,000 Risk Index Risk of Failure 87 out of 100. 13% of UK Businesses have a lower risk of failure Credit Decision Very good credit Recommended Action Proceed Delinquency Score 87 Late Payment Risk 13% of UK Businesses have a lower risk of paying significantly late
0 20 40 60 80 100
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Assessment Recovery Training Management Credit Reporting Consultancy
Credit Rating – Company 2
Credit Value Credit Limit Insufficient data to provide a safe credit score, seek suitable guarantees Risk Index Risk of Failure 2 out of 100. 98% of UK Businesses have a lower risk of failure Credit Decision Maximum risk Recommended Action Decline Delinquency Score 4 Late Payment Risk 96% of UK Businesses have a lower risk of paying significantly late
0 20 40 60 80 100
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Assets
Date of Accounts 30/11/2010 Sales Turnover - Exports - Profit/Loss Before Taxes - Equity Shareholders Funds 390,984 Tangible Net Worth 390,984 Total Fixed Assets 607,360 Total Assets 672,237 Total Current Assets 64,877 Total Current Liabilities 142,617 Net Current Assets (Liabilities) - 77,740 Long Term Debt 138,636 Number of Employees -
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Assessment Recovery Training Management Credit Reporting Consultancy
Ongoing Trading – Credit Monitoring
0 20 40 60 80 100
0 20 40 60 80 100
Monitor This Company
Change of Address Change of Ownership
New Director
CCJ
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Assessment Recovery Training Management Credit Reporting Consultancy
Know Your Customer - Summary Customer Establishment Directors/Owners Reputation/Assets Monitor Take Action
Know your customer
Assessment Recovery Training Management Assessment Recovery Training Management Credit Reporting Consultancy
Know Your Customer - Summary Customer Establishment Directors/Owners Reputation/Assets Monitor Take Action
Note 1. You don’t have to offer the same credit terms to all customers 2. Credit terms can vary over time 3. You don’t have to offer credit terms at all
Know your customer
Assessment Recovery Training Management Credit Reporting Consultancy
5 Step Process Know your customer Establish payment terms Invoice Secure payment When all else fails
When all else fails
Assessment Recovery Training Management Credit Reporting Consultancy
When All Else Fails
You can’t get paid for the work you have done
Put it down to experience – and learn from it i.e. Do something to ensure that it doesn’t
happen again
Pursue the debt
When all else fails
Assessment Recovery Training Management Credit Reporting Consultancy
Pursuing the debt
Is it worth it? Is the debt in dispute?
Is it likely to be contested/avoided?
Debt Recovery Claims
Principal Sum Late Payment Compensation Interest – 8% above base rate
Court Fees
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Pursuing the debt - How
Letter of Claim (14 days) Serve Notice on the Defendant (14 days)
Default Judgement (or hearing) Pay the Sum Claimed
Enforcing the Judgement
When all else fails
Assessment Recovery Training Management Credit Reporting Consultancy
Enforcing the Judgement – Part 1
Apply to the County Court for:
Order for Questioning Charge on Property or Shares
Third Party Debt Order Warrant of Execution (Bailiffs)
Petition for Bankruptcy
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Enforcing the Judgement – Part 2
Apply to the High Court for the enforcement of the County Court Judgement
High Court Enforcement Officers can forcibly seize assets
belonging to the defendant to the value of the claim
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Step 5 - When All Else Fails - Summary
Don’t let it get that far Have clear processes and procedures Follow them Keep your customer informed Know who to call
When all else fails
Assessment Recovery Training Management Credit Reporting Consultancy
PayAssured
Helping businesses to get paid
From a polite phone call on your behalf to court action and
enforcement
Assessment Recovery Training Management Credit Reporting Consultancy
PayAssured
Credit Management Assessment Credit Management Training Credit Management Service
Credit Reporting Debt Recovery
Consultancy Services
Assessment Recovery Training Management Credit Reporting Consultancy
