FSB approval for CreditPal
by David Carter on 01 February 2010
Recently I wrote about the problems caused by published company accounts being so out of date for lenders to make decisions. Well, there may be a solution.
On 27th January 2010, the Federation of Small Businesses (FSB) approved Credit Pal, a new joint venture between Graydon (credit ratings service) and Future Route (provider of Validis accounts software). Its aim is to ensure that supplier and lender decisions are based upon a company's current financial performance, instead of historical data, which may provide absolutely no indication of the company’s current performance and prospects.
It seems a very simple service – you upload a copy of your accounts data every month (the service supports most accounts packages and you don’t need to upload nay new software) and the service builds summarised up-to-date management accounts, which you can check thoroughly before submitting them.
No supplier or customer details are shown and you can decide what information can be seen by others checking out your business. You also get an enhanced credit review from Graydon, so you know your current credit position and what influenced it.
To find out more, take a look at the CreditPal site.
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