How to More Effectively Convert Your Accounts Receivable into cash

Consumer CollectionsInvoice factoring and selling your accounts receivables to a factoring company at a slight discount in order to receive money up front is a great option for smaller businesses who find it challenging to financially fund their enterprise when the majority of the income is derived through invoiced billing. Typically, once you complete a project, job or service and you then bill the client, you need to wait for the client to pay the bill. This can take 30, 60 and even 90 days in some cases. One option, invoice factoring, allows you to sell off your invoices the moment they are generated to a factoring company and receive cash in hand much sooner compared to the traditional method of billing.

The invoices are sold at a discount, which means the factoring company is paid by taking a small percentage of the total invoice amount as their fee for the service. You receive the discounted amount directly from the factoring company and the customer pays the bill as normal and you turn the check from the customer over to the factoring company. Regardless of how you approach accounts receivable factoring, the end result is you have the ability to receive cash in a rapid and streamlined manner to keep your own business flowing smoothly.

If you are hesitant about the lost revenue through the discounting fee, you can always change the amount you charge or bill customers to offset this difference. Though you will still pay for the factoring discount fee, you will earn and receive the money you intended when you first took on the job or project. Once you get in to the swing of invoice factoring, you will realize that with a constant and current flow of funding you will be able to do more work, buy more materials, hire more employees and operate your business in a more efficient manner. This type of situation is beneficial for smaller firms just starting out or for established companies who are trying to grow their business and require more cash to do so. Invoice factoring is not as complex as it seems and is truly is a great option for getting cash faster.

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