Using tracker

Management teams

Tracker makes it not simply possible but also genuinely practicable to review an entire client portfolio regularly. It gives managers up-to-date information that is directly relevant to current clients ability to pay. Prompt action can then be taken where necessary to secure working capital. For example, if a client has a low credit score, you can ask your credit control team to contact the client and perhaps negotiate new credit terms. The Gold-Silver-Bronze health ratings provided by PRM are an important additional management tool, allowing strategic decisions across different client groups.

Sales teams

Vetting prospects in advance both saves on marketing costs and avoids exposure to future bad debts. Tracker allows sales teams to review companies financial histories, giving an idea of ability to pay, assets and recent credit history. For professional service firms Tracker also lists auditors/advisers, giving insights into the kind of service that may have been offered previously. Start-up businesses can be monitored using Tracker, even when an accountant has not been appointed.

Finance

Finance teams can use Tracker to monitor all clients and analyse associated financial risks. Because Tracker uses real time data sources, it also reduces the chances of fraud within business operations. Tracker data allow finance teams to provide financial institutions with client book risk summaries – especially important if further finance is required for day to day running or expansion. Note that Companies House documents can be pulled via Tracker at a discounted rate.

Credit control

Many business owners cite late payment as a major point of concern. Tracker allows credit control and/or risk teams to avoid many late payments by presenting all financial information in one system, including the Gold-Silver-Bronze ratings made possible by PRM. It means that analytical reviews can be completed quickly, and before credit terms are assessed.

Marketing

Using Tracker allows marketing teams to target businesses that are financially stable, in specific regions and with specific search criteria. Tracker enables the use of qualified data lists, rather than poorly targeted mass mailings, and Green alerts from PRM are an important new business resource, showing prospects or clients whose fortunes are improving. Mailing lists can be highly specific – for example, Tracker could be used to select businesses in the North West, in a particular sector, with a credit score above 50 and a turnover of £5m+.

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