Global accountancy firm RSM has announced “major growth plans” for its creditor services business, including new investments in products, people and premises.
As part of a long-term strategy, the firm said it is further enhancing its product portfolio designed to help businesses manage credit risk among suppliers and customers.
It has invested into its Portfolio Risk Manager system (PRM) which enables a business to monitor its credit portfolio, providing early access to trusted information including court petitions, notices of dissolution and credit scores. PRM was originally developed for a large utility client, and is now used by a number of blue-chip clients.
RSM’s cloud-based risk management system is also being upgraded with a new user interface, set to provide instant and up to date access to information on company credit scores and financial health.
The firm has also invested in a new Customer Relationship Management (CRM) system designed to support the growth of the RSM’s B2B debt collection services. This system will support Creditor Services clients, as well as the firm’s own insolvency practitioners in the collect-out on debtor ledgers.
In addition, the firm said plans are at an “advanced stage” to recruit an additional partner for its creditor services operation. This follows a number of other recent appointments to the faculty’s leadership team. RSM said the move reflects a “continued commitment” to growing the business in an area where some competitors have scaled back or withdrawn.
Under the new plans its creditor services business will be rebranding to operate entirely under the RSM brand, and it will be relocating from Finsbury Circus in central London to purpose-built offices in Essex – while also retaining a permanent presence at the Farringdon office.
The team of 40 will join RSM’s existing employer services business creating a 85-strong RSM presence in Brentwood, bringing the firm’s total headcount in Essex to around 140. The move will take place in May 2020.
Robert Beat, partner for the RSM creditor services business, said: “Businesses and consumers have faced many challenges recently, not least the transition out of the EU.
“We are seeing strong growth prospects for our business ahead, as prospective clients’ finance departments work to improve their management of creditworthiness among both suppliers and customers.”
He added: “The technologies and processes we have developed are tried-and-tested with clients ranging from SMEs to major banks and utility companies, and we are very well placed to provide clients the reliable and cost-effective services needed to enhance their returns and protect their brand. 2020 will be an exciting time for our business.”