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covenant
02-01-2003, 05:57 PM
Happy new year to all.
Does anyone know where I can get financial data or annual report of big companies for free.

Thank you.

elena
02-01-2003, 06:13 PM
I believe that if the company you are looking for is a plc you can phone their head office and they will send you the accounts free of charge.

If its a ltd company you can get the info from companies house but you do have to pay. when i got some info i paid about 9 per company.

I hope this helps
Elena
www.oohlalaa.com

HSS
03-01-2003, 01:30 AM
One of the best places to look is www.wilink.com. I've used them a few times in the past and they can get the report(s) out to you within 2-3 days. Hope that helps!

Chris
03-01-2003, 02:58 PM
Hi Covenant

You may wish to take a look at the Dun & Bradstreet. They are the worlds leading commercial credit bureau, however, as such their reports do cost but the information they provide you will be of a top standard.

If your seeking this kind of information for your own credit control purposes you could seek to credit score and vet your customers yourself. You can ask them to provide you with trade references who you would then contact to seek their opinion of your potential client. You can ask their permission to seek a bank reference on their behalf, for example if they were looking to obtain a credit limit of 1000 you would ask their bank, if in their opinion they would be able to meet this monthly commitment. Failing that you can invoice them on a pro-forma basis.

Regards

timbrown123
03-01-2003, 07:36 PM
Originally posted by Chris
Failing that you can invoice them on a pro-forma basis.

Thanks for the info Chris.

What does "pro-forma basis" mean?

ion_star
03-01-2003, 11:51 PM
If you are working on a proforma basis you are simply issuing say an invoice inadvance of shipping the goods (or providing a service) indicating the cost of the goods(service) and ask for the money to be remitted on the basis of this. Once the order has been transacted a full invoice is raised and sent.

In shipping agency if you are looking after a ship at a port near to you before it arrives you may issue a profoma-disbursement. This lists all the costs the ship might occur in the port and asks for the ship-owners to send the money on the basis of this.(usually 50%-100%). Once the ship has been and you know all the costs you then raise a proper invoice and the ship owners remit the balance if needed.

Proforma's are very common. Have used them all the time myself.

Regards

Richard

timbrown123
04-01-2003, 12:45 AM
Thanks for your explanation Richard.

So, in my case, if I'm offering IT services can I just inform all prospective customers that I work on a proforma basis and bill them for, say, 50% up front then demand the other 50% on completion?

Is this normal? I understood that the standard way to bill clients is on completion with payment due within 30 days.

craig_bell
04-01-2003, 03:54 AM
This is normal for companies that are offering a service. For example, if say a company was selling a physical product that would be shipped (e.g a doll) then they will often offer this on invoice and the other company would pay within 30 days (or usually around this amount of time). Say another company was offering internet design then they would often charge an upfront fee (say 50%). This would in a way safeguard them in case the client 'stole' the designs or simply ideas for the designs. The company would then bill the other for the rest of the payment.

Hope this helps,

Craig

ion_star
04-01-2003, 02:09 PM
While asking for payment in 30days is often the norm. It does not have to be. It is whatever you have agreed with your client. You could have the contract which states 25% upfront, 50% provision of service, ie software etc, remainder to pay paid within 30days. This gives the purchaser some assurance that he will have time to review the service and that you are simply not going to ignore him if there is some problem.

Payment terms can be immediate, 7days, 14days, etc. I even know of several cases were payment terms are 120days. Again it is whatever is agreed.

timbrown123
04-01-2003, 04:00 PM
Thanks guys,

Hope to see you next Saturday!