We’re proud to be more than just accountants, supporting businesses through every stage of their journey from start up to scale up. As part of that, we’re always looking for new ways to support you and your business, and our partnership with Capitalise’s finance platform is a key part of that.
Capitalise is a market-leading business platform that exists to give businesses and their advisers transparency and control over business finance. Not only does the Capitalise platform, which was created in partnership with Experian, help you stay up to date with your own business credit score, it allows you to see the credit scores of businesses you work with and access a range of business finance options to help you grow.
Why does your business credit score matter?
Credit scores are one of the best indicators of your business’s financial health. Despite this, 1 in 3 business owners don’t know what theirs is. Which is especially concerning when we think about how essential credit scores are when agreeing payment terms, public sector contracts and business finance to support growth.
Through Capitalise’s tools, not only can you view your credit score, so you know what clients and contacts are seeing, but you can also boost it.
Improving your credit score
If, when you check your credit score, it’s not quite where you want it to be, there’s no need to fear. Credit scores are based on information from Companies House which, depending on the size of the business and what you legally must disclose, can be quite limited. Therefore, the credit score created using the information isn’t always accurate.
Through Capitalise’s enhanced reporting service, we can help you confidentially share more recent and in-depth information with Experian, such as your P&L, forecasts and fully filed accounts, which give a much better picture of the health of your business.
In 96% of cases, this process leads to an increase in the business’s credit score and/or its credit limit. You’ll hear back within five working days, and we’ll support you with tools and guidance to help maintain your improved score going forward.
Updating your credit score to more accurately reflect the health of your business can open doors to more competitive funding opportunities, improved supplier payment terms and access to larger clients.
An early warning system: credit checking the companies you work with
Being on top of your credit score is essential, and it’s also a good idea to know the credit scores of your clients too. We all know how difficult the current economic environment is, and one late payment can quickly snowball into an unmanageable problem, so it’s best to get ahead of it so you can make informed decisions for your business.
New for our clients: real-time credit insights and alerts
At Champion, we have been using Capitalise’s monitoring platform to track the business credit score of our UK-based clients. This helps us better serve them, alert them of any change to their financial situation, and of any change that can affect their ability to negotiate terms with suppliers or secure funding.
Today, we want you to be able to reap the rewards too. We’re now offering Capitalise’s credit insight and monitoring solution to clients as part of a monthly subscription model. You’ll be able to:
- Add up to 100 clients to an easy-to-use dashboard which updates in real time
- Receive alerts when your clients credit scores change or when any legal notices, such as County Court Judgements are raised against them.
With these insights, you’ll be able to easily and instantly set appropriate payment terms and credit limits, proactively protect your business from late payers, and confidently start new business partnerships.
Access to business funding
An important part of business finance is securing funding when you need it. And while many of our clients have already benefited from our long-standing funder relationships, Capitalise can support with more straightforward requests.
If you’re thinking about funding, all you need to do is let us know what you’re looking to fund, and we’ll suggest the best course of action and the right funding partner who will be able to help you grow.
The bottom line
Keeping on top of your credit score and using a credit review service to improve its accuracy makes you a more attractive partner, gives you better payment terms and unlocks better options when it comes to business funding. While monitoring the credit scores of your clients gives you the full picture and enables you to make better decisions to protect your business for the long term.
We want to support the growth and security of our clients’ businesses for the long term and Capitalise is a powerful platform that helps us do that. To find out more and get an accurate picture of your credit score, get in touch with your Champion advisor.
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