Account Receivable Factoring – Why You Should Go For It?
Account receivable factoring is the easiest and best way to acquire funding for your company. Furthermore, this is a financial method in which a business owner sells accounts receivables at a discount to a third-party funding source, also called factor, to raise capital. Most companies prefer this method because it allows you to convert a large portion of your accounts receivable into cash very quickly.
The major advantage you could have with factoring is the fact that this method allows companies to have access to much needed funds without taking on a new debt. Additionally, outsourcing your accounts receivable management to another company, frees up your resources to focus on other more productive activities such as selling.
The factor company will then purchase it and pays 75-80% of the face value immediately and forwards the remainder (less the discount) when your customer pays. There are a lot of benefits from using account receivable factoring in acquiring working business capital for your company. First is its fast and easy money access. It is fast as compared to having a traditional bank loan.
Second, this method allows company to access needed funds without taking on a new debt. Since this method focus on the principle that it is extending credit not to their clients to their clients customers, companies who had outstanding credit balance could avail of this option. Additionally, account receivable factoring doesn’t require that a company has been in business long, nor do they need to have good credit.
There are certain warnings that you should follow in accounts receivable factoring. A careful planning is a must. A careful study on the terms of agreements, as well as the rates, interests and stipulations is needed. However, to be on a safe side, it is much better to consult an experienced accountant to help you decide what best option is needed for your company.
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