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Is your Outdated Finance Management System Hurting your Business?

Posted by Gil Oliva on Fri, Oct 03, 2014 @ 08:00 AM

How long do you spend working on invoicing and all the related spreadsheets and paperwork inherent in the process? Is this the most effective use of your time? 

Finance_Management_blogYou could be seriously hurting the growth ability of your company by utilizing inefficient accounting procedures. It may be time to examine whether you are using the most effective methods when it comes to finance management and how you get paid.

The idea of letting go of the age old spreadsheet and looking at other methods can be intimidating, but there are other methods on the market that are more efficient and less time consuming. Many times, when you are a small business with limited funds available, it is a struggle to move over to newer technology. There is still a lot of insecurity surrounding trust when it comes to allowing third parties to handle your payment solutions. However, understanding the stringent safety measures in place will go along way to assuaging your fears.

It is imperative to use a financial management system that will streamline all aspects of your invoicing and bill collection. An automated system will improve both your long and short-term business performance, eliminate errors, minimize any record-keeping redundancy, create aging reports and help with tax compliance. It will also help with budget planning, and allow for growth.

Should you decide that factoring your accounts receivable is the best option for optimum cash flow, your factor will also manage your receivables for you. Bay View Funding has an automated Client Center offering a secure online portal, offering your business 24/7 access to up-to-the-minute factored invoice information. Within the Client Center, you can: 

  • Check on the status of your factored invoices, payments, reserve and disbursements
  • Add customers and invoices
  • Request and check on customer credit limits
  • View, print and download reports

The many reports available allow you to view the data in different ways and using different variables so that you get the most complete cash flow picture at any time and from anywhere. The Client Center tools are intuitive and easy to use, requiring little to no training. Once your company finalizes an agreement with Bay View Funding, we'll have you up and running on Client Center in no time. And suddenly you'll have more control of your cash flow situation than ever before. No business practice should compromise your cash flow.

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Topics: Factoring Accounts Receivable, Accounts Receivable Management, Client Center

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