Entering the world of business with your own idea can be a daunting task, and getting your company...
A guide for corporate businesses
Corporations are slightly different to large enterprises based on their structure and how they work. However, most large businesses worldwide are corporations. Continue reading this resource guide from Interbacs as we aim to help you scale up your business.
What makes you an established business?
The UK definition of a ‘large business’ is one that has more than 250 employees and, according to government data, there were 8,000 of businesses of that size in 2021.
Despite only accounting for 0.1% of the country’s economy, large businesses produce 48% of the turnover of UK companies. This is in stark contrast to businesses that have fewer than nine employees, which make up 95% of the UK’s economy, but just 14% of the turnover.
So, what is the difference between a large business and a corporation?
A corporation is legally a separate and distinct entity from its owners. An important element of a corporation is limited liability, which means that its shareholders are not responsible for any of the company's debts.
Almost all large businesses are corporations, like Microsoft, Coca-Cola, and Google. They’re created when the business is incorporated by a group of shareholders who share ownership, represented by their holding of stock shares.
The majority of corporations have the aim of returning a profit to their shareholders.
What things you need to consider for your business
In order to run a successful corporate business, you will have different processes than a small or medium-sized company. You must always be on your toes and know the steps to prevent failure, because a company of your size failing would be catastrophic to so many people’s lives.
Consider these steps to ensure you continue to run a successful business:
- Continue on the path of what’s worked and made you successful.
- Keep a clear budget and manage your cash flow responsibly because the financial security of your employees’ relies on you.
- Always try to innovate to scale up and grow your business further. There is always more room for growth and improvement.
What services you’ll be looking for and why
Despite being a large corporation, you’ll likely still have talent gaps in your staff that can be filled to help accelerate your growth. Here are some things you will need as a corporate business:
- Brand identity
Considering there are so many staff members on the books, a good accountancy team or service is needed to ensure everything runs efficiently and that your financial records are correct.
Despite being a large corporation, many people may not actually know you or what you offer. In order to reach these potential customers, you’ll need to improve your brand identity. This includes all kinds of services like social media outreach, blogging and marketing. The aim is to achieve a more refined identity across the board. This will include consistent branding on all signage, products, and services and an enhanced ideology towards customers and the environment.
A company of your size needs a recruitment team and strategy to bring in the best of the best. You’ll have staff that leave, like every company does, so you’ll want to ensure the best possible replacements are brought in.
A website is a go-to for customers when trying to find out information about your company or when attempting to purchase items or services. Websites provide key information, like opening hours and prices. Without a website, your business can struggle and stagnate in the digital age.
How Interbacs can help you
Large corporations typically have complex integration needs and often require a HSM solution. Usually there are several complex systems that need to be connected via an API. At Interbacs, our software has a powerful API that allows various systems to integrate with it. Accounts packages, CMS systems or bespoke payment capture platforms can capture and push payment data directly to our platform. You can then pull reports back from it with meaningful data. Also, it can tell you how much money you have paid or collected and can tell you what has bounced, cancelled or been amended.
Our ID checking and payer identification service is fully anti-money laundering (AML) compliant and can verify the data to ensure fraudulent transactions are minimised. You can access this service for Know Your Customer, bank verification, AML, risk assessments, affordability checks or even to find out ultimate beneficial owners.
Our BACS approved HSM system ensures a high level of automation meaning your payment systems can work automatically for the duration of the BACS window. This means if BACS are open and processing payments then your system can access it automatically and process your payments. Our systems are highly configurable so you could set it to process your payments every 20 minutes and get your reports back every hour. If the system ever finds an error, a system notification is activated and the user group receives an email.
Large corporations typically have complex security requirements. Our software can be configured to allow a high level of control and enhanced authorisation processes.
At Interbacs, we offer market-leading Direct Debit solutions. If you’re looking for a financial payment software to help you control your payments, or would like a robust contingency service, consider Interbacs and the services we can offer.
As one of the first Bacs Solution Suppliers in the UK, we have a wealth of experience in delivering first-class Direct Debit and payment systems. Our extensive range of products and services can help you manage your cash flow, including our Bacs Approved Bureau and our InterPay Bacs payment software.
Our Direct Debit solutions make signing up new customers a quick, easy and streamlined process. You can browse our complete selection of Direct Debit payment solutions below.
Interbacs can work with your IT or marketing team to integrate your choice of payment software and modules into your existing CRM or accounting packages using our powerful API. The result is more efficiency, better productivity and greater profitability.
Contact Interbacs now
If you’re in the process of scaling up your large business, save yourself valuable time and money with reliable and professional payment solutions from Interbacs. For more information about any of our products or services, please contact us.