Tax time is rolling around once again. Preparing business taxes can be an arduous task, more so when there is the possibility that your business may actually owe money. A common practice is to file an extension and put off the inevitable. On some occasions, cash flow can be so tight that taxes are not paid and the government can impose a tax lien.
Every business wants to avoid a tax lien. A tax lien is the government’s legal claim against your property if your business fails to pay a tax debt. This can affect the ability for your business to borrow money in the future. It most certainly should be avoided. This is a great time to consider invoice factoring as a way to pay any unpaid taxes.
How can invoice factoring help my business?
It is a common practice to offer your customers terms when it comes to paying invoices. Often these terms can extend anywhere from 30 to 90 days. This may not present a cash flow problem during regular months, but when taxes are due even careful planning can leave your business short of funds to cover taxes and regular operating costs.
Invoice factoring offers your business the opportunity to access those funds now rather than waiting up to 90 days for payment. A factor purchases your outstanding accounts receivable, quickly providing the much-needed cash, minus a factoring fee, to keep up with your working capital needs. Once your company is approved and invoices are submitted, cash can be provided in as little as 24 hours.
Bay View Funding has been offering fast invoice factoring, and a reliable service for over 30 years. But what should you look for in a factoring company, and why should you let us factor your invoices?
- A deep knowledge and understanding of the process of accounts receivable funding, along with available help when it comes to tax issues preventing your company from obtaining financing
- Extensive knowledge in a wide range of industry solutions
- Passionate customer service and support
- Dedicated industry experts handling your accounts
- Factoring Facilities up to $5 Million
Simply put, Bay View Funding can work with you to try and find an answer even if a tax lien is already in place. The sooner you contact us, the sooner we can consider your options.