Top Service News
What is Insider Intelligence and how can it help my construction business?
Insider Intelligence is our construction industry specific information that provides up to date, relevant, reliable information to enable more informed business decisions to be made when accepting an application for a trade credit account.
When mainstream agencies look at credit information they number crunch. They use the last set of accounts and any public record information to produce credit limits and scores. It’s a pretty good way to look at credit information but it can overlook information that a person notices, for instance:
- What has happened from the time the business filed their last set of accounts to the time the credit check is performed?
A business has nine months from its financial year end to file its accounts. Then there is a whole year trading plus nine months that is unaccounted for until the next set of accounts is filed.
That is where industry specific trading experiences come into play. It’s these trading experiences that tell a potential supplier how the data subject is paying other suppliers right now. Which, when a business is looking at whether they are willing to risk extending credit facilities to another business is what they need to know to make an informed decision. What is the likelihood that they are going to be paid on time, late or not without a lot of time, effort and cost or even at all.
The people and ears to the ground element of insider intelligence is spotting those things that just don’t look right or when trading experiences change. It’s the information that a computer, algorithm or any amount of number crunching will miss. For example, the 16 year old Director that following investigation turns out to be the son of someone with a bankruptcy order, potentially acting as a shadow Director. It’s the Director our helpdesk team remembers from another business that traded fraudulently 10 years ago that Companies House haven’t been able to link.
Maybe it’s from generally paying suppliers but exceeding terms, to accounts now remaining overdue. It’s that information that our helpdesk team spots which leads them to look a little more in depth into a data subject and potentially pick up on an unadvertised winding up petition. Or another TS customer who has filed a petition today. Or something the business has told our debt recovery team that doesn’t add up that starts some extra investigations.
“When considering whether or not to extend credit facilities, having information to help you calculate whether to expect to be paid on time, late or struggle to collect payment is vital.
We urge our members and the wider construction industry to protect their businesses by actively monitoring trading experiences and acting upon early warning signs. Don’t wait for the information to come to you, use an industry specific service that can spot changes in payment patterns resulting in regular, more in-depth and up to date checks being carried out to pick up information quickly.
If you already have a trading history with the business look at the orders that have previously been placed. Some companies will establish a good line of credit with suppliers, placing small, regular orders to give the appearance of a good customer. However, once an order pattern starts to change, ask questions to establish the reason for the change.
Top Service Ltd gives you access to this construction specific information. As well as information you would expect to see on a standard credit report,” Emma Miller Company Director, Top Service Ltd.
What makes Top Service Ltd different?
As the only credit reference and debt recovery agency specific to the construction industry, we make it our mission to ensure our members receive the most up to date, credit information and company trading experiences. Our insider intelligence can make a real difference between company profit and painful write-offs.
Are you struggling to recover the money you are owed?
Top Service members have access to an exclusive combination of no collection, no fee recovery services.
Contact our helpdesk team today on 01527 518800 to discuss how Top Service can support and help you protect your business.