Invoice Factoring Sheffield
How does Invoice Factoring help business in Sheffield?
The concept is straightforward with Invoice Factoring Sheffield. Instead of having to wait weeks for your invoices to be paid by your customers, the invoice finance company (lender) will advance you most of the VAT inclusive value immediately, should you request it. That means you have access to the money from completed work immediately, so you can focus on running your Sheffield business.
Features of Invoice Factoring
- The lender will provide credit control services to keep your customers paying on time by sending regular statements of account, reminder letters and telephone calls as appropriate.
- Outsourcing the credit control allows you to focus more on your business and not having to chase late-paying customers.
- The lender handles collecting payment from your customers, so your customers will know you’re using a factoring provider.
- The lender can provide credit checks on existing and potential customers.
- Well suited to small or early-stage companies.
Benefits of Invoice Factoring
- Factoring bridges the cash flow gap between paying suppliers and getting paid
- Credit control expertise helps to reduce in-house overheads and improve collection times
- More flexible than overdrafts and bank loans, as funding grows in line with sales ledger
- Credit protection can safeguard against debtor insolvency or protracted default
- Improved cash position can help you secure supplier discounts
There are a number reasons why Sheffield Companies may look at using invoice factoring to improve their current situation. It maybe that you’re struggling to cover your running costs or that lengthy invoicing terms are restricting the amount of new work you can take on.
If so then it may be worth considering invoice factoring as a funding solutions for your Sheffield business. This allows you to gain access to essential funds as soon as your invoices are sent out, giving you the capital you need to grow your business.
If you are a Sheffield based business, looking for Invoice Factoring please complete our online enquiry form and a funding consultant will contact you by return.