Recruitment companies are being urged to put their credit control procedures under the microscope and gain expert advice from Topaz, following recent credit crunch warnings.
After the December cut of UK interest rates to 5.5% from 5.75% – prompted by signs of an economic slowdown, the governor of the Bank of England, Mervyn King, has warned that it is likely to be several months before the UK’s banks return to normal, following the Northern Rock crisis – which resulted in the first run on a UK bank for almost 150 years.
Credit control and financial software company Topaz is now urging recruitment companies to take action and is offering a Topaz Credit Control consultation that will also provide the ‘do’s and don’ts’ of corporate credit management, which will include a free white paper that has been authored by international credit risk and management guru Professor Nick Wilson.
“Businesses should now be taking urgent action and carefully analysing their credit control procedures under the microscope, especially if predictions are correct and worse is to come in the credit crunch, which will make banks less willing to lend to consumers and companies,” says Paul Ross, Topaz Senior Account Manager.
“For businesses that need guidance on what measures to introduce we can provide advice or a full Topaz Credit Control consultation.”