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Stories Tagged ‘Smart factoring Quotes’

14 Feb

Recruitment Finance »

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Recruitment finance can take various formats. Typically it depends on the type of recruitment and also the size of the company. We will look at the three main options available:

Recruitment factoring: this is suitable for recruitment companies of all sizes and for both temporary recruitment companies and permanent recruitment companies. It provides an advance against invoices raised of up to 90% allowing temps wages to be paid. It is also suitable for permanent recruitment companies but prepayments are typically around 70% for perms. Recruitment factoring is available to new start businesses aswell as larger well established companies. It includes a credit control service and can also include credit protection to reduce the risk of bad debts.

Recruitment invoice Discounting: suitable for companies that are better established and have a good credit control function within the business. This type of recruitment finance does not include a credit control service. It can be confidential or discolsed and can include credit protection to reduce the risk of bad debts. Again it can be used for either temporary recruitment or permanent recruitment.

Recruitment back office solutions: well suited to recruitment companies that want to outsource the full back office function. This service can provide finance in the same way as factoring but 100% prepayment levels can be achieved. It also includes payroll and admin services aswell as optional credit protection and credit control.

If you have a requirement for recruitment finance it is worth contacting Smart Factoring Quotes to discuss your options in detail.

30 Nov

Invoice Finance Brokers Owned by Insolvency Practitioners – Why? »

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There seem to be several invoice finance brokerages appearing that are linked to insolvency practitioners. Only today I was asked by a client of mine why this was so I thought a post may be due on the topic.

In short the insolvency practitioners see the invoice finance leads that give to lenders as a carrot to attract insolvency work from the lenders. In fact some of the IP owned brokers will only give leads to lenders if they give them insolvency work in return. I have seen some e-mail marketing from one such broker offering 2 new deals to a lender in return for a ‘fee generative appointment’.

Reciprocity is a buzz word in many industries these days and the invoice finance industry is no different.

However, in my opinion it does raise concerns for business owners who approach these brokerages looking for independent and impartial advice about factoring or invoice discounting. There is every chance that the business will simply be placed with the lender that they ‘owe’ a deal to. If this is the case it means that they are not really acting in the best interests of that client.

03 Nov

Confidential Invoice Finance »

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I am quite often approached by clients who insist on using confidential facilities. The reasons for this can be varied and I always try to accomodate their requirement.

Traditionally confidential invoice finance has been hard to obtain as the only product available was confidential invoice discounting. The criteria for this were quite rigid and it was reserved for large, profitable business with a good finance and administration function.

The good news is that confidential facilities are now more readily available than ever. This makes the life of an invoice finance broker much easier as it means we have a wider range of products to offer clients based on their unique requirements.

Confidential facilities now include confidential factoring, confidential CHOCS there is a new confidential product due to be launched in January 2012 which we are quite excited about.

If you have a business that is looking for a confidential invoice finance facility please contact Smart Factoring Quotes on 0845 863 0738

 

12 Oct

Factoring in Birmingham »

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We have recently been approach by several businesses in and around Birmingham who are looking for factoring facilities. Being based in Birmingham has some serious advantages as it means that virtually every factoring company in the UK can service businesses there as they are so central in terms of location.

The challenge for any business based in Birmingham is choosing the right lender. Not all factoring facilities are the same – far from it. As most require a contract to be signed it is important you choose the right factoring facility and lender.

Invoice finance companies each have their own target market and this will be based on business turnover, sector, geography, debtor profile, etc..

Smart Factoring Quotes will look to understand your business and can recommend which factoring company is best placed to help your business.

If you are looking for factoring Birmingham please call Smart factoring Quotes today on 0845 863 0738.

11 Oct

Fixed Fee Factoring »

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Fixed fee factoring is ideal for businesses looking for a single flat monthly fee when factoring.

Research has shown that small businesses find factoring charges confusing and unpredictable. Fixed fee factoring takes away this confusion by combining all the charges into an easy to understand single monthly factoring fee. It is easy to budget for and provides a valuable boost for the cash flow of a small business.

It is ideal for a business with a fairly smooth cash flow. However, if your turnover is more variable you could find yourself paying the flat monthly fee in a month where you have not had any turnover in which case you would be paying for nothing.

An alternative to fixed fee factoring could be a bundled fee deal. This is a single fee but is charged as a percentage of each invoice with no minimum fees. It is arguably as easy to understand as a fixed fee deal but is more flexible.

26 Sep

Factoring Companies Leeds »

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We are often approached by companies looking for factoring companies in Leeds.

This request usually comes from companies who are in and around Leeds and want a local provider. Fortunately there are a good choice of factoring companies in and around Leeds. The right one for you will depend on the size of your business, your sector and your financial performance.

There are also a large number of factoring companies outside Leeds who are happy to help Leeds based businesses with a factoring facility.

Smart factoring Quotes would be delighted to help you frind a suitable provider.

10 Sep

Factoring Manchester – Security Company »

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We have recently assisted a company in Manchester arrange a factoring facility.

Our client is a security company with a single debtor. While paying wages weekly they were only getting paid monthly at best by their customer who was a larger security company based in Birmingham.

We used a Manchester factoring company because the requirement was urgent so they could react quickly. We knew which local lenders could assist a security company with a single debtor.

The solution was implemented quickly to the satisfaction of our client.

 

05 Sep

Factoring No Minimum Contract »

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Factoring agreements are typically for 12 month periods with either a 3 month or 6 month notice period.

However, there are companies offering factoring with no minimum contract.

You could opt for a trial period, a rolling 28 contract or a rolling 3 month contract. Smart Factoring Quotes can help you access all these types of agreements.We will also explain in full the fee structure so you have a full understanding of what you will be paying.

We understand the invoice factoring market and all that it can offer. We also understand the frustrations that businesses face when looking to set up these agreements. We understand how to get you the invoice finance facility that you want.

If you are looking for a factoring agreement anywhere in the UK or Ireland we are here to help you. Visit the Smart Factoring Quotes website or call us for a chat on 0845 863 0738.

02 Sep

Cash flow problems »

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Cash flow problems within your business can be solved by looking at several solutions.

Some of those solutions for cash flow problems are financial solutions and involve borrowing money or restructuring existing facilities. The others are operational changes in terms of how you operate your business. Let’s look at each of them briefly:

Working capital facilities

You could look at an overdraft, invoice discounting or factoring facility. If one of these is already in place you could look to restructure to ensure the maximum amount of cash is generated for the minimum cost. Smart factoring Quotes can assist with this. call 0845 863 0738

Asset Refinance

If you have any assets within the business you can look at refinancing these assets. This will mean an injection of cash however it can prove costly in terms of interest costs and you should consider the cash flow implications of the monthly repayments. If you already have asset finance facilities in place it may be worth refinancing to reduce the monthly repayments. Funding Solutions are a good port of call for this.

Remortgage

If you have a mortgage or an unencumbered property you could look to refinance this to raise money or reduce the monthly repayments. Again Funding Solutions UK Ltd are a good port of call.

Collect in money owed

If you have a debtor book it is important to ensure that debts are collected in on a timely basis. Your credit control skills could vastly improve your cashflow. Can you offer a settlement discount to get paid quicker?

Supplier Terms

Can you negotiate better terms from your existing suppliers or can you approach alternative suppliers with a view to obtaining extended terms?

Cost Cutting

Can you cut costs within the business by cutting out unnecessary services, insurances, staff members? You may need to make some tough decisions but you have to protect your business.

 

29 Aug

Cheap Factoring for Small Businesses »

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Cheap factoring for small businesses is now available. Typically the minimum fees levied by lenders made factoring particularly expensive for small businesses with a turnover less than £500,000. Some may argue that there is no such thing as cheap factoring no matter how big your business is but I believe that a cost effective solution now exists.

At Smart Factoring Quotes we have a bundled fee solution which means that you pay one simple fee as opposed to a seperate service fee and discounting fee. For a recourse factoring facility this fee is 1.95% of the each invoice. If you wish to include credit protection to protect you against bad debts this fee increases to 2.95%.

This has been well receieved by virtually all small businesses that I have spoken to. The benefits include:

  • up to 85% prepayment against your invoices providing valuable working capital for your business
  • no minimum fees which can prove expensive when turnover dips
  • easy to calculate fees which can easily be priced into your product or service price
  • optional credit protection to protect you from bad debts

Typically my advice also includes an explanation about hidden costs as detailed in other posts on this forum but with this facility it is easy to use, transparent and easy to understand.

Contact us on 0845 863 0738 for more details about the cheap factoring solution for small businesses

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