An Egg-cellent offer this Easter week!

The long weekend might be over, but we’re extending our Easter special offer – Access CreditHQ FREE for one month!

Now we’ve hit the second quarter of the year, it’s a great chance to reflect on the first few months of the year and review the businesses with whom you’re trading.

Are your suppliers paying you on time? Might it be time to increase or reduce the amount of credit you’re extending to a particular business? Has your business’ credit and payment score improved and you’d like to show potential customers this?

CreditHQ can help improve your cash-flow and credit management, and ensure you’re working with the companies that are best for your business. If you know you want to work with a particular business but know in advance that they’re not likely to pay you until 45 days, you can plan accordingly and make sure you’ve got enough cash in the meantime for other purposes.

So this Easter, we’re offering you access to CreditHQ’s Standard subscription free of charge for one month! Simply enter the code EASTERHQ16 in the voucher code box*.

You’ll need to enter your card details, but don’t worry –  we won’t charge you a penny for 30 days (and if you find you’re not using CreditHQ, simply cancel anytime within the first month to avoid the £25 monthly subscription fee).

So hop to www.credithq.co.uk and start checking out the best businesses you should be working with!

*voucher code valid until 30 April.

Just ask! Your customers know what you need to do

Feedback

I called a long standing customer of our of our software products the other day and the first thing he said was “Hi Rob, I’m amazed you called.  I haven’t ever heard from anyone in your business before.”

And it’s true, he hadn’t actually ever spoken to anyone in the organisation before.  He signed up to access our service via his bank, his access information was sent to him via email, and since then he’s been signing in to the service and using it himself in order to get the value he needs.  At no point in the 5 years+ that he has been a customer has he spoken to any person within our business.

We had a great conversation for an hour, where he told me all the good things about the service we offer, the areas that he hoped it would get better, and importantly he told me about the challenges he faces as being the Finance Director of a small to medium sized business.

All of this information is absolute gold for me in helping figure out how we can get better at making businesses get control of their money.

At one point in the conversation he said ‘would you mind if I email you when i have something I think you should know?’, to which I said ‘of course not’ and I proceeded to tell him how every customer who signs up toCreditHQ will get an email from me where I ask for them to give me some feedback.  

I give every customer the chance to email me with the answer to a specific question such as ‘tell me your biggest business challenge today’ or to complete a questionnaire that takes about 2 minutes to do. 

It’s amazing what you find out.  And it’s amazing how you can use this to make decisions in your business about what you can do next.  Sometimes it’s a little thing (we don’t care about feature X) but sometimes it’s a bigger thing (you should charge more than you do).

And all through just asking.

Many businesses are scared to ask their customers what they think because they worry that they think bad things about them.  But they’re your customers so you already do something they like or they wouldn’t have got that far.  Why not listen to them and get them to give you more of their custom, or get them to spread the word about how great you are because you listen. A colleague of mine who was recently at SXSW (where we were showcasing CreditHQ as part of the UKTI’s Tech Ambassador programme), was told by an Über driver that he much preferred driving for the competitor taxi firm over there, Lyft, purely because they get in touch with their drivers asking for feedback and how they can improve conditions for them. 

We can’t do everything we get told would help, but we might find out some things we can stop doing that frees us up to do more of the good stuff.

You never know! Just ask!

Play our Business Match game this Valentine’s Day!

With Valentine’s Day just around the corner, do you know who’s your perfect match when it comes to running your business?

Pawsforthought
Could Paws for Thought be your perfect business match?

Check out our new Business Match game and sign up to CreditHQ this February for only £15 per month PLUS, we’re giving all new Standard subscribers a box of chocolates plus entering all new subscribers into a draw to win a meal for two at the fabulous Resident of Paradise Row in east London (or if you can’t make it to the big smoke, we’ll give you the equivalent in vouchers for a great national restaurant).

So head over to www.credithq.co.uk/businessmatch  to take advantage of this great offer and make sure you’ve found the perfect business to trade with. And good luck!

It’s Red Nose Day! – giving to charity is good for your business too!

red-nose-2015

It’s Red Nose Day! Are you doing funny for money today?

The money raised for Red Nose Day is spent by Comic Relief to transform the lives of millions of people, both at home in the UK and across Africa, funding fantastic projects that really do change people’s lives. So, donating or sponsoring someone will make you feel that you’ve made a bit of a difference, but on top of that, there are benefits for your small business when you give to charity.

Giving a donation or sponsoring a team

If you make a donation and don’t receive anything in return (apart from a good feeling!), then this is classed as a straightforward donation. It can also help build a positive image for your business too. If your company donates (it has to be a donation from the company rather than from a sole trader or partnership), you can deduct the value of your donation from your company’s total profits when you calculate your Corporation Tax. For how to claim, visit the HMRC website.

So set up a team fundraising page, and start donating!

Giving shares, property or land 

You can’t give shares in your own company to a charity, but you can give ‘recognised shares’ in other companies, land and property as a gift. You can claim corporation tax relief for such gifts, and you can claim relief if the gift is sold to the charity for less than the market value. For more information on how to give, and how to claim tax relief visit HMRC.

Giving equipment or stock

Giving equipment or stock are both considered as ‘gifts in kind’ and you can get tax relief. Company equipment, such as office furniture, computers, printers, cars/vans, tools and machinery all count, but they have to have been used in ‘your normal business activities’ to qualify.

If you donate goods that your business makes or sells – your ‘trading stock’ – to a charity, then you can claim the cost of these goods in your business accounts, reducing your business’s taxable profits by the full cost of the goods. For more information, go to HMRC

You could consider becoming a partner – for more information visit http://www.rednoseday.com/partners

Payroll Giving

Setting up a Payroll giving scheme is a great way to help a charity. Payroll giving enables your employees to give to their chosen charity directly from their gross salary, before the tax is deducted, making the donation worth more to the charity. It also allows charities to budget ahead, providing them with regular, reliable income.

The costs of setting up a scheme and the small ongoing costs of running a scheme are deductible for tax purposes and help support corporate social responsibility (CSR) schemes too. For more information, visit the Payroll Giving Centre and HMRC, for how to set everything up.

Giving is good!

So giving is good – not just for the charity, but for your business too…. So do something funny for money and support Red Nose Day 🙂

(For more information on what you can and can’t claim, and how to claim any tax benefits, then visit the HMRC and The Institute of Fundraising.)

Running a small business isn’t easy. It’s rough out there. Enter CreditHQ: helping small businesses get paid, grow and thrive.

Late payments force small business directors to take pay cuts

Today’s report in The Times, outlines the increased importance of checking out the financial health of the companies you’re trading with: http://www.thetimes.co.uk/tto/business/workinglife/article4354941.ece

3449416468_fa203c6b5f_o

The latest figures from this story, report that the average UK small business is now owed £32,000, resulting in around £677 per month for each company affected – this adds up to over £8.7 billion in late payment costs for the whole of the UK – forcing one in five directors of these companies to be taking salary cuts.

So, if you run a small business – what can you do to ensure that you don’t become one of these statistics? Check, Monitor and Collect…

Check: KNOW who you’re trading with. By registering with CreditHQ, you can check who your suppliers, customers and competitors are for FREE! The simple ‘traffic-light’ payment and credit indicators quickly show you who has a solid credit rating, and who pays their invoices on time- if both of these indicators are red, it might be worth your while having a look for more secure businesses to deal with. If you do want to find out more detailed information about a company, you can upgrade to the Standard subscription to obtain details of net worth, assets, liabilities, sales, and details of adverse credit events.

Monitor: Keep a watchful eye on those you’re doing business with. Add businesses to the Watch List on CreditHQ and receive alerts when that company’s details change – if they’re beginning to struggle financially, make sure you’re the first to know rather than finding out when they get into deep water.

Collect: Chase your invoices before they become due. If a business you’re monitoring is beginning to experience problems, think about re-negotiating your payment terms with them, or reducing the amount of credit you offer to them the next time you trade with them.

cover

Checking out your trading partners need only take a few minutes, but could save you months of chasing payments and juggling cash-flow, simply because you went into business with someone you hadn’t researched. Plus, it’s free to do and could potentially save you from a pay cut later in the year! www.credithq.co.uk

 

 

 

Ormsby Street launches latest version of CreditHQ

 CreditHqLogoVert

Ormsby Street, a Software-as-a-Service business providing financial data services for SMEs, has launched its new product, CreditHQ. The new offering, which was developed from the company’s work with 18,000 SMEs through Barclays bank, enables small businesses to check their customers’ and suppliers’ financial stability, and monitor their credit and payment performance.

Working with major credit data supplier Dun & Bradstreet, CreditHQ offers two different packages to choose from. Every customer gains free access to over seven million company records, all explained in a comprehensible way: the higher the number, the more favourable the company’s finances.

CreditHQ also offers details such as the company number, trading and registered addresses, whilst the simple credit and payment indicators allow users to easily understand the financial risks of working with individual companies, and provide an initial insight into their financial stability. Users are able to search for specific companies either through their registered name or company number.

The subscription package, costing £25 per month, provides users with more detailed credit and payment indicators. This includes up-to-date financial information such as net worth, assets, liabilities, sales, and details of adverse credit events for every trading partner. Small businesses are provided with invaluable financial information that gives insight into their real cash-flow position and awareness of potential upcoming problems for businesses that they deal with. The package also delivers regular alerts informing customers of financial changes.

CreditHQ can be accessed from anywhere – desktop, laptop, tablet or mobile, via a fully responsive website.

On the launch, Martin Campbell, Managing Director at Ormsby Street, commented:

“One of the major problems small business owners cite when questioned about running their own business is ‘cash-flow’ and knowing who they should be doing business with.

”In the UK, a huge number of SMEs are plagued by bad debt when partners fail to pay invoices within the agreed period, with 38% of small businesses having experienced cash-flow problems often threatening to put them out of business. This lack of funds in a business can be responsible for stunted growth and slow company development. CreditHQ aims to make this a thing of the past, offering free, easy advice, allowing companies to the ability  to understand the financial patterns of trading partners, ensuring adequate funds are always available.”

www.ormsbystreet.com
www.credithq.co.uk

580x400OrmsbyStreet

About Ormsby Street

CreditHQ is built by Ormsby Street, a Software-as-a-Service business based in Old Street, London. Formed in 2014 to take over the operation of the financial data proposition of BCSG, Ormsby Street are developing the next generation of financial data services for small businesses. Their team of high-performing product innovators and software engineers are quietly taking sophisticated financial information and turning it into a next-generation digital tool to help businesses make good decisions about customers, suppliers and themselves.

CreditHQ joins Virgin Media Business!

Here at Ormsby Street, we’ve recently launched CreditHQ and are very pleased to now be part of Virgin Media Business – Digital Collection

Virgin Media Business have collated a number of fantastic apps and sites that will be of great value to any small business – ranging from bookkeeping services such as Free Agent to Google Apps for Work.

With CreditHQ, we’re offering businesses the ability to not only check out their financial records (credit scores and payment terms), but the ability to find out valuable insights into who they are about to trade with. With the free Basic subscription service, companies can check out limited financial information and quickly see through our payment indicators, if the company they’ve searched for is a safe ‘bet’ or if both their payment and credit indicators are worrying, a simple upgrade to the Standard subscription offers detailed financial reports including net worth, assets, liabilities, sales, and details of adverse credit events; providing small businesses with invaluable financial information that gives insight into their real cash-flow position and awareness of potential upcoming problems for businesses that they deal with.

Check us out on the Virgin Media Business site…we’ve also included a special offer for anyone accessing through Virgin!

Virgin media business