Factoring is a fast growing industry that has grown because of the need to provide financial solutions to small businesses during lean times. Factoring solution providers offer a wide range of products and services designed to meet the unique needs of the small business owner. Factoring software is readily customizable and usually implemented in three- four months with minimum required training. 100% tailored to fit your individual business needs.
The factoring software supports localization throughout the world. The key features allow for quick calculation of receivables, accounts payable, inventory, cost of good sold and general ledger paper balance. With rapid calculation, factoring software allows the business owner to prioritize receivables, payables, and outstanding invoices to ensure that funds are available when needed. Accounts Receivable Aging is calculated to show customers how long it will take them to clear their accounts.
Factoring solution is designed to automate the document management process and reduce errors and out-of-date information. Customers receive paper check transfers at business address offices and pick up their checks at local post office locations. The factoring software is capable of generating checks for thousands of recipients and is capable of generating electronic checks as well. Checks can be printed and automatically deposited into a bank account. This eliminates the need for paper check verification and eliminates the need to print manual payments, which increases the speed and efficiency of the factoring business efficiently.
The factoring software is a flexible, open-source ERP solution that enables rapid integration of internal functions and external business partners. The factoring platform runs on the most widely used enterprise database system (Oracle). The Platform was designed to coordinate financial transactions between a business partner’s e-commerce enabled website and the company’s e-commerce enabled website. The platform is compliant with Oracle Enterprise Database11g and can calculate deposits and cash flows accurately and rapidly on any data type, including the Excel data source.
The factoring software can manage factored invoices in a variety of formats, including PDF and HTML. In addition, it allows companies to print invoice HTML from Microsoft Word or other compatible software. Invoices can also be printed in color if that is the company’s choice. Online invoice factoring offers several advantages over traditional invoice factoring. For example, online factoring accounts for factored invoices in real time, so that a company can receive bill factoring confirmation even when it is not open.
Invoice factoring software can also automate the process of sending payment to customers and vendors, and factoring companies can receive payments immediately, as soon as the customer or vendor submits the appropriate forms. Another advantage of invoice factoring software is its ability to automatically deduct funds from bank accounts. This feature makes factoring a very desirable financial tool for many businesses. Many factoring software programs also allow factoring investors to take control of operations through the internet. This allows the factoring investor to set up an account with the software and provide daily factoring reports to help business owners make decisions about their finance. Some factoring software programs offer real-time online access to a variety of factoring tools and reports.
Businesses can save money on many aspects of their business finances by using factoring software. Firstly, they can make and manage their own schedules, which in turn saves cash in the pocket book. Secondly, they can get invoices factored more quickly, thereby cutting back on paperwork and processing fees and interest, which can eat up valuable working hours. Finally, they can also receive cash flow, which enables them to purchase raw materials, pay suppliers, and make purchases for employee supplies and other items that enhance the performance of their company. As well, factoring software can make sure receivables financing is processed quickly and efficiently.
A factoring software platform can enable businesses to obtain funds to invest in many areas, including core facilities, growth, expansion and new ventures. In factoring commercial finance, business owners can receive cash on hand when they need it – which frees up cash in their bank accounts to invest in growing or new ventures. Businesses that use factoring software will benefit from this cost-effective finance solution as it enables them to keep expenses and assets at a manageable level and control spending.