Automation Credit Risk CreditorWatch Risk Management
3 mins read

How can you know which companies to do business with?

How can you know which companies to do business with?

One of the biggest challenges for business owners is being able to tell which companies and providers you can reliably trade with, and which you should avoid. No vendor will tell you this on their own, and many will have reasons to indicate the opposite. So, what gives?

It is more challenging than ever to ascertain this. And yet it has rarely ever been more important.

The uncertainty of the pandemic-impacted economy and a not-so-straightforward rebound ahead adds to the overall difficulty of finding good information about one’s suppliers in the age of information saturation, and the subsequent challenge of filtering the noise from the gold dust.

But if an organisation is able to do so, such information can be crucial to maintaining resilience and value-creation in the long term specifically for small businesses. Good data has an active role to play in enabling such a world, and CreditorWatch’s accounting integration functionality is just what the doctor ordered in this regard.

CreditorWatch’s Xero and MYOB integrations: Data-driven insights on payers

Good, reliable and extensive data is of utmost importance when it comes to managing risk and making credit decisions, including — ultimately — who you want to do business with.

CreditorWatch’s Xero and MYOB accounting automation integrations help you do precisely that.

Drawing on a database of 55,000 customers, our database is the most used credit bureau in Australia.

Coupled with the fact we have more commercial customers than our competitors combined (with 90 per cent of those businesses exclusive to us), companies gain unrivalled access to comprehensive information, modules and templates.

This allows any company to develop a holistic view of their suppliers’ and counterparties’ credit risk, derived from diverse and large data file sources.

The crucial information you need for decision making

CreditorWatch provides not just any data, but data that creates certainty in a world that has plenty of the opposite.

Our data includes the following important information:

  • Payment defaults
  • Mercantile enquiries
  • Credit enquiries
  • Transactional data
  • Corporate ATB data
  • Georisk and geodemographic data
  • ATO tax default data
  • and more.

We also provide information on traditional adverse risk indicators like court actions, bankruptcies and insolvencies obtained from public data sources like ASIC, ABR, Australian courts, AFSA and insolvency notices.

Crucially, CreditorWatch’s data is not just indicative of credit risk – it is also predictive.

Our proprietary and AI-driven RiskScore allows you to assess creditworthiness and late payment risk built on the latest machine learning capabilities and innovations in the world of financial information.

As around 90 per cent of Australian businesses are SMEs, CreditorWatch draws on a large base of corporate uploads and trade payment data that further increase the veracity of generated forecasting insights.

By considering business demographic and geographic risk, you can be ahead of the curve in an economy grappling with fundamental uncertainty.

Integrating your Xero or MYOB package: How it works

By integrating your own Xero or MYOB package with CreditorWatch, you can easily identify the risky debtors in your ledger and enhance your credit reports with unparalleled data insights.

Our integration services will provide your business with the following tools to mitigate the risk of defaulting debtors:

  • Debtor Analysis: CreditorWatch will analyse debtors and compare them against credit files
  • Name Match: Name Match verifies the ABNs of your customers, ensuring you trade with legitimate enterprises all while continually updating your Xero or MYOB records when a match is identified
  • Enriched credit reports: By integrating CreditorWatch with your Xero or MYOB accounting package, you will automatically receive a credit report on a customer when the business is added to the accounting package
  • Automated Credit Checks: As soon as you add a new contact into Xero or MYOB, CreditorWatch will automatically email you a credit report
  • High-Risk Customer List: When accounting systems are integrated, CreditorWatch will identify customers that pose the highest risk to your cash flow.

CreditorWatch allows you to perform data washes to remove, replace and streamline outdated or inaccurate information from your customer records, ensuring business-critical information and workflow is kept up to date.

The pairing of CreditorWatch and Xero or MYOB allows organisation to make informed decisions, backed by the most extensive and relevant database in the country.

For more information and to undertake a free trial, find out more about CreditorWatch’s accounting software integration capabilities here.

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