Surprisingly the Enterprise Act didn’t receive a huge amount of press coverage when it was first published despite the impact it’s sure to have.

What does this really mean?
Well, The Inland Revenue will now not be as keen to issue winding up orders against companies, partnerships and sole traders. Instead they’ll be looking to react quickly to early warning signs that a business is struggling and will jump in quickly to recover outstanding payments from their clients.

So reacting ahead of other creditors including the Inland Revenue is a key task for Credit Managers to ensure you get your money before the real scramble starts.

A key in factor in effective in-depth monitoring of your customers is being able to have all the earliest Courts and Gazettes data available and the tools of the LedgerCheck in order to match this data against all existing customers.

Having the MasterWatch tools allows our many clients to link their customers to their debts using ‘fuzzy logic matching’- no matter how the customers name and address is described by the various claimants

What’s a fuzzy match? I hear you cry, let me explain.

For example, a company may have ‘variations’ to their trading name to the one you’re familiar with, or a different address to the one you correspond with. As a result, matching the debt to the debtor and not allowing the customer to slip through the net used to be a real problem prior to the availability of MasterWatch

If you have this ‘loose’ connection data highlighting ‘different names’ and ‘near miss’ addresses, you have a distinct advantage why? Because aligned with your good local knowledge of your market you should be confident of making an informed decision as to whether that particular court action or outstanding debt can be matched and pinned to your customer. MasterWatch is unique in providing such in-depth matching data capability.

The MasterWatch data is normally supplied direct to clients via email or is available from the ‘pass word protected’
www.MasterWatch.uk.com and contains information on all commercial debt actions issued by County and High Courts and printed in the Gazettes

Generally we send this information out on a weekly basis. However due to the registry trust and Court services improving their procedures we can now offer an instant daily update to customers.

A daily update will help our customers react even earlier to possible bad debt. Receiving the information on a daily rather than weekly basis will improve a business’s ability to react to bad debt and court orders by upto six days, which can make a significant difference when competing with the ever more competitive and sophisticated Inland Revenue

Paul Latham Sales and Marketing Director
Having a complete in-depth and upto date overview of your customers is now more vital than ever before. Integrating our access to key financial and credit risk data with your own knowledge and payment experiences will mean that you are equipped to keep yourself ahead of the race.