Factoring - Get your business funding to work harder, so you don't have to!

Not had time to get some lunch today? Planning another late night in the office? Haven’t seen the kids all week?

Running your own business can be highly rewarding but the commitment and effort required to make it a success can take its toll.

As owner-manager you’re best placed to make the strategic decisions and secure the deals that will drive the company forward.

For many people though it’s the time-consuming administrative jobs that eat into their working day, causing them to work harder and longer.

Ensuring the sales ledger is effectively managed is often cited as one of the most time-consuming and frustrating elements of running your own business.

Not all customers pay on time and some never pay at all. These situations can generate serious cash flow issues which cause no end of grief when wages have to be paid or when you’re under pressure from your own creditors.

So many managers commit significant time (both their own and the time of others) to administering the sales ledger, issuing statements and chasing up with phone calls and letters.

In fact the management and administration resource tied up in ensuring a business’ invoices are paid can equate to tens of thousands of pounds over the course of a year.

More and more owner-managers are recognising that significant time savings can be made if they outsource this element of their operations to factoring specialists.

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Factors use state-of-the-art accounting systems and specifically trained individuals and are capable of collecting the money in a professional and highly efficient manner.

Many factors can also offer additional protection against the risk of non-payment of invoices and customer insolvency.

When a customer’s business fails it usually involves joining a long line of creditors, a lot of time-consuming chasing and no guarantee that at the end of it you’ll get what’s owed to you.

Debtor protection facilities ensure that payouts relating to insolvency are usually made within 30 days. Some also include a protracted default feature, where if a company fails to pay invoices, a claim can be made once the outstanding debt is over 180 days old.

These facilities take the legwork out of spotting potential credit risk problems before they lead to a bad debt and ensure you’re time is not spent trying to release the capital needed for your business to continue expanding.

Factoring and debtor protection facilities provide tangible time saving benefits for owner-managers and entrepreneurs.

So if you want to focus on generating more sales rather than chasing up on late paying customers, consider this form of finance….and make sure you get home tonight in time to see the kids.

• Click here to get a Factoring QUOTE