Romford, United Kingdom, November 24, 2011 --(PR.com
)-- Check That Company, the leading online credit checking service for small businesses, is warning UK companies to prepare themselves for a difficult few months ahead after the government underlined its determination to press ahead with spending cuts and new figures showed that UK household finances were at their weakest point for two years.
While the government attempted to give hard-pressed UK businesses and consumers some relief by delaying plans for fuel duty rises, it is going ahead with other measures designed to cut the UK’s budget deficit. The cuts darken the prospects for any upturn in confidence and spending. In its household finance index for February, research company Markit said that UK households suffered the sharpest deterioration in their finances in two years. The index hit its lowest point since March 2009.
Although the focus will be on the impact that the tax and spending plans will have on UK consumers, Dennis Scott, Operations Director of Check That Company, says that businesses need to be wary of the knock-on effect they will have in the wider economy. “Everyone has been bracing themselves for the cuts but it is only now that we’ll start to get any idea of how they are going to affect both consumers and business. The situation is fragile and if we start to see further contraction in spending, it will certainly to have an impact in the commercial sector as well.”
The picture is especially worrying for smaller retailers, he notes. “In many cities and towns in the UK, we can already see rows of empty shops and we could see even more soon. That’s a worry for the businesses that supply goods and services to those retailers – and to everyone further down that supply chain.”
Ensuring that you check credit and keep on top of outstanding payments will be vital, says Scott. “It’s important to be disciplined at times like this; the outlook is uncertain and we’d strongly advise every business to take appropriates measures to minimise the risk of bad debts and late payment. It’s not hard to run a check on the business credit rating of a new customer, or get hold of director’s reports. On www.checkthatcompany.co.uk you can get started for only £1.99 and once you get into the habit, you will soon see the value of making sure businesses can pay their bills before you give them credit.”
The Check That Company website enables any business to check up on the credit status and financial health of a company in the UK or Ireland. It runs as a pay-as-you-go service, so there is no need to make any major up-front commitment – you just need to register to start using the service. Basic company searches are free and you can buy credits for company reports and credit checks in bulk, which helps regular users to keep costs down.
The service is ideal for all businesses and for accountants who regularly need to run formal checks on businesses. Once registered, it gives you access to the accounts of over 7 million UK and Irish companies and more than 400 million original document images, which you can view online to view and print. You can also carry out company director reports and run simple business credit checks that give you a simple scoring and traffic-light indicators of how much credit you should extend to a customer. For more information, just go to www.checkthatcompany.co.uk .