Software to boost small businesses

A credit information service for small businesses will launch this summer, providing lenders and credit insurers with access to up-to-date management accounts for the first time.

The offering from credit reference agency Graydon and Validis, the online software provider who launched a new product with Accountancy Age last week, is the first of its kind.

SMEs will be able to use the Validis software to validate and analyse their monthly management accounts with the information converted into a common format, to produce standardised feeds.

The validated information is then sent to Graydon and incorporated into its existing credit information database.

Stephen Alambritis, head of public affairs at the Federation of Small Businesses, said: ‘Last month the chancellor’s budget put in place a really useful top-up trade credit insurance scheme. This service will definitely come to the rescue of many firms wanting to access both finance and credit insurance cover.’