One of the many challenges that comes with running a business is making sure SME business owners keep on top of administration, GST compliance and finances to maximise their profit. As their business grows, new challenges appear. Particularly with trades and service business who are not only working "on the tools", but they are also require business management skills.
They now find that their business role has changed dramatically into that of a management role. This comes with the territory, viz staff recruitment, managing staff, chasing new contracts, building business relationships, providing quality service, debt collection and cash flow.
Tradies in Australia have had to contend with late payers and bad debts far too often. I have heard many stories of woe and as one of my clients has mentioned "he is out there driving new business and does not want to be the one chasing bad debts".
The key to success is working smarter and this is where I believe CreditorWatch, who has sashayed into the online ecosystem space to provide real time credit reports, customer monitoring & alerts and debt collection tools, is a winner.
What is CreditorWatch? & How It Can Help Small Business
CreditorWatch is a cloud based credit-reporting agency that manages the credit files of all commercial businesses in Australia. It assists to identify bad debtors and helps to provide credit management solutions. CreditorWatch comes in three flavours with various levels of access. The monthly subscription plans are packaged on a 15 day trial period and can be upgraded or specifically tailored to suit the user's needs.
Some of their cool features and what I like about CreditorWatch:
I have been using CreditorWatch with Xero for just over a month and have found the tools, email notification updates and resources terrific, all of which have been really beneficial in running my own business. Love that CreditorWatch Connects with Xero.
Collaboration: Within 24 hours of signing up, I received a welcoming letter thanking me for connecting CreditorWatch to my Xero account as well as receiving a follow up phone call from my new account manager, who offered to take me on a guided tour.
Customer Lookup: Search for a business by "Name, ABN and ACN": Whilst assisting one of my clients when performing their quarterly BAS Business Health Check, came across a new sub-contractor my client was dealing with and was not sure if he was had an ABN &/or registered for GST. I was able to do a quick search and had the answer, readily available just by entering the contact details from the dashboard.
Customer Love: Excellent. Easy to use, wide range of functionality. Cloud based am able to use on my iPad. Ticks all the boxes.
At a glance:
- Online: Provides the tools to assist with decision making, knowing who you are dealing with before opening up that account and whether there are any risk factors.
- Integrates with Xero: Synchronise with Xero via API with seamless integration of customer list and outstanding balances brought across appearing on dashboard with each company's Australian Business Number and an option to turn on the monitoring tool.
- Credit Reports & Scores: Access a credit report on any business in Australia and have these readily available in graph format when logging into CreditorWatch.
- Risk Monitor: There is a “High Risk” portfolio summary visible from the dashboard showing companies you are dealing with and whether any adverse rulings have been associated against these companies. The listing shows a comprehensive report on court judgements, company deregistration, strike off actions in progress, ASIC insolvency notices and or whether mercantile footprints have been registered.
Members can take action against bad debtors and non payers, by lodging defaults online and warn other businesses.
- Education and Tools Portal: A raft of debt collection tips, credit management documents and articles on how to assist with managing credit.
- Use CreditorWatch Logo: Incorporate their logo in conjunction with your own company branding on invoices, statements, website and final payment requests.
- Online Support: All-In-One support, awesome customer service. Quick and easy to get up and running.