So you want to factor your accounts receivable. You are actively looking for a reliable invoice factoring company to use, but are not sure exactly what questions you should be asking. The concept behind factoring your invoices seems simple enough, but not all factoring companies are the same.
Topics: About Invoice Factoring
Have you ever stopped to think about how that fresh produce gets to your local market in the middle of winter, in the mountains? Or for that matter, how does the produce get from the farm to the distributor? Or what about the shipping containers that arrive by sea, or by train at port? What happens then? How does the freight get to its final destination? More than likely, a trucker was a major part of making those products available to you, 24 hours a day, 7 days a week, 365 days a year.
Topics: Cash Flow, About Invoice Factoring, Trucking Factoring
How recently have you ran a health check on your company? Your day to day business seems to be running smoothly, but when did you last double check your figures to find out how solvent you really are?
Topics: Cash Flow Solution, Cash Flow, About Invoice Factoring, Financing Government Contractors
Topics: Alternative Financing, Cash Flow Solution, How to Grow Your Business, About Invoice Factoring
Are you looking to unlock the tremendous value of unpaid debts, as well as make the most use of your valuable assets?
Invoice factoring is no longer a last resort answer to better cash flow, it has become the solution many businesses turn to.
Topics: Alternative Financing, Cash Flow, Factoring Receivables, About Invoice Factoring, Financing Government Contractors
Are you finding it hard to predict your cash flow? It is more of a challenge for smaller businesses to create a cash-flow forecast, and therefore a clear business plan, but it is not impossible. A recent blog from Heather Smith of the Flying solo Community, "Forecasting Unpredictable Cash flow" suggests some practical strategies that can help you develop a useable cash-flow forecast for your business.
Heather's blog points to the basics of cash flow management, such as:
Maintaining accurate financial records
Preparing a cash flow forecast
Setting aside sales tax that has been collected
Monitoring your spending habits
Getting paid on time
As well as suggesting some simple tips to creating an effective cash flow checklist:
Raise your prices in small increments
Stop doing business with difficult customers
Issue invoices promptly
Take advantage of discounts
Check that your invoices are correct
Stay abreast of technology as an outreach to your customers
Keep business simple
Heather Smith explains in simple terms the most effective way to set up a cash flow template which will be your first, and essential piece of the cash flow puzzle. By isolating the elements of your cash flow that are constant, you can begin to identify the factors that are unpredictable. Once you have reviewed your past trends and identified any unpredictable factors, the puzzle pieces will begin to come together. When it comes to understanding causes and past trends, the Bureau of Economic Analysis may provide some useful information. Smith also suggests looking at seasonal trends as these can be extremely relevant for certain businesses such as temporary staffing agencies, or manufacturing companies selling seasonal items.
Once you have generated best and worst case scenario predictions, these should be added to your cash flow template so you end up with two options, and hopefully your actual cash flow will fall somewhere in-between. In general terms, it is really about being aware of all eventualities so you can realistically predict your cash flow and therefore create an awesome business plan. Don't forget to review and update your forecast regularly so you can really see how your business is performing.
Analyzing the figures can be a daunting, but necessary task. We all know that no matter how well we plan, everything can change, so that the cash flow you thought you had may no longer be as readily available; one large customer chooses not to pay and your predictions for the month simply no longer add up. One of the best ways to manage your cash flow is to consider invoice factoring, a form of working capital financing for businesses selling goods and services to other businesses on credit. By "selling" their invoices to a factoring company, a business has access to instant cash. Factoring is ideal for those months where business may be slow, or as a regular source of cash flow. Bay View Funding understands the frustrations of cash flow management, and would love to answer any of your questions.
Topics: Cash Flow, About Invoice Factoring
So you are ready to grow your business. What immediately jumps to mind is some form of physical growth, such as opening up a new store, or moving to a new location. But there are many other opportunities worth considering. Some are dependent upon the type of business you own, but many support all forms of businesses and can be a smart and relatively simple way to grow.
Topics: Cash Flow Solution, Business Growth, Factoring Receivables, About Invoice Factoring
