Available with a ledger/CSV connected or in Free Trial, Full Subscription or Add-ons Check-it.
Know-it will monitor the customers in your ledger and alert you of any change. There are different types of monitoring in the platform: Gazette Notices monitoring, Companies House updates monitoring, Unsecured creditors monitoring and CreditSafe monitoring.
💡 There is no setup required to start monitoring! Just connect your ledger, and we'll let you know if there is anything to know.
No need to log in continuously to check your notifications, we will send you email alerts if anything requires your attention!
1. CreditSafe data
Know-it relies on Creditsafe intelligence for its automated company credit checking and monitoring service.
CreditSafe scoring system is designed to help you make informed decisions about a company's financial stability quickly and accurately. They use advanced statistical techniques and key metrics to predict 70% of company insolvencies up to 12 months in advance, saving you from the worry of bad debt.
Credit Score is a number between 0 and 100 that represents the level of risk associated with a company.
CreditSafe takes into account various factors such as trade payment information, public information, industry sector analysis, and other performance indicators to generate this score.
The higher the score, the lower the risk of default or bankruptcy, while a lower score indicates a higher risk of default or bankruptcy. For easy decision-making, CreditSafe has colour-coded the scores based on severity, with green indicating low risk and red indicating high risk.
CreditSafe Credit Score is backed by statistical analysis and considers important variables such as financials, trade payments, demographics, industry, legal filings, group structure, business size, and more to provide you with an accurate assessment of a company's creditworthiness.
2. How can Know-it monitor CreditSafe updates?
Know-it will use the existing data in your accountancy software to monitor your customers. To do so the platform will use:
- The company name
- The company registration number or postcode
This allows the platform to match the company against a CreditSafe record. View here how to view and fix missing data in your ledger which could prevent you from monitoring your customers.
3. Alerts and credit rating
Know-it will continuously monitor your customers and alert you if there is anything you should be aware of. No need to continuously check the platform, every user will receive an email alert.
3.1 What would trigger an alert?
You will receive an alert on any change that could impact the credit score of your customer:
- Rating
- Credit Limit
- Company Name
- Address
- Director(s)
- Telephone Number
- Company Status
- Financial Changes
- Ultimate Holding Company
- Administration/Receivership Notice
- Liquidation Notice
- Meeting of Creditors Notice
- Winding Up Notice
- WRIT Notice
- County Court Judgment
- Voluntary Arrangement Notice
- Dissolution Notice
You can then decide if you’d like to pull a credit report on this customer to have more insights.
3.2 Credit rating
Know-it will monitor the credit rating of your customers, and give you visibility on this rating – ranking from A to D.
A – Very low risk
B – Low risk
C – Moderate risk
D – High risk
E – Not scored
4. Different types of monitoring
4.1 Monitoring of your ledger or CSV
Once you’ve connected your ledger or imported a CSV of your customers, Know-it will continuously monitor your customers and send you alerts to notify you of any changes. Every user attached to the ledger or CSV will get alerts.
To properly monitor your customer, Know-it will use the exact company name and registration number to match the records with the Companies House and CreditSafe records. You can find those details on the Companies House website.
4.2 Monitoring of a credit report
Available when you pull a credit report in any plan: in Free Trial, Free Plan, Full Subscription or Add-ons Check-it or Chase-it
Once you’ve pulled a credit report, Know-it will monitor this credit report for the next 12 months and send you alerts to notify you of a new change. Every user attached to your account will receive notifications.
If you have any questions, and can not find the answer here, please reach out to our support team by raising a ticket here.
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