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on the market today, cash is a real problem for many companies. It seems impossible to grow your business if you do not have a stack of money sitting around. But it is possible to grow without a lot of money just lying around, and you do not even need to be able to qualify for traditional bank loans. You do not have two years of financial information to show you profit. You do not have assets that are tangible in order to secure a bank loan. Instead, you can ensure the money through the account factors.

Here is how the process works.

Invoice Factoring companies buy Receivables your rates. Then they give you money up to a certain percentage of the amount customers owe you. The easiest way to look at this process as if you are selling your accounts for a little less money than what they are actually worth so you can get the money now instead of a month or two when customers actually pay you .

Every time you make a deposit and bill a client, you are eligible to receive money from the account factoring business within a day. This makes it possible for you to get paid faster, which in turn allows you to grow your business. You are able to pay their bills on time because cash flow is not a problem. You can even buy supplies or equipment or get special discounts offered by a dealer when you pay them early.

In most cases pay the factoring company anywhere from 80 to 90 percent of the value of your accounts up front. After receiving payment from customers, they draw a small fee from the payment, and give you the rest of it. The amount of the fee is determined by how creditworthy your customer is, how long the average payment time, and the amount and size of the accounts you follow.

It may seem like invoice factoring is a new company, but it really is not. Invoice factoring companies have been offering services for hundreds of years. Some of the oldest factoring companies appeared in the American colonies. They helped handle transactions between sellers and European colonial buyers. Retailers would rely Factoring companies when he said the buyer was creditworthy. They pay a fee to offer advice on credit and then became merchants in the industry with the purchase and resale of various products.

There are Factoring companies in every part of the financial system. Some are small financial services companies while others are linked to the major banks. However, each one on its own criteria for use. Each company has its own “personality” in the factoring industry. In addition, many of them specialize in one particular type of industry, so if you are considering signing up for this, make sure that the company you choose for your business with other companies in your industry.

Investment in invoice automation can save your company a significant amount of money. Work out where you can make these savings will help you to convince managers that hold the purse strings they will see the results on the bottom line

main areas invoice automation could save you money are :.

, or related expenses

o faster payments

o Advanced payments

o Reduced storage costs

o Reduced operating costs

Ten ways to save money

1. Reduced cost of invoice processing – Research from the Institute of Management and Administration (Iomai) suggests it costs a company with low invoice automation £ 7 to win each invoice payment. However, accounts departments with a high level of automation report reduce this to about £ 4.20. This represents a savings of almost 60%.

2. Reduced personnel costs – invoice automation, accounts staff will be able to deal with accounts more quickly and easily. This means you may need less employees. You should not have to hire any extra personnel and the need for Temps will be reduced.

3. Fast Return on Investment (ROI) -. Many companies report their accounts reduce costs by 50% within nine months of the implementation of the purchase to pay solution

4. The first payment incentives – Invoice Automation gives you much tighter control over when bills are paid. You will be in a much better position to take advantage of early payment discounts. These are usually 2% discount for payment within ten days. At £ 5,000 account would represent savings of £ 100 so you can see how the savings add up.

5. No late fees – Legally, if you pay late, customers can charge you extra. Under defaults Commercial Debt (Interest) Act 1998, if the bill is not paid on time, customers are entitled to charge you interest date of the Bank of England base rate plus 8%.

6. Improved cash flow -. If no early payment incentives are available, automated billing gives you control and precision to pay bills on time, not early, thus improving cashflow website

7. More accurately – Invoice automation mean that it is simple and quick to find accounts, which means that you will avoid problems associated with errors such as duplicate payments. According to the results Iomai is, 17% of companies have duplicate invoice payment rate of 0.1 to 0.5%. If a copy of a bill rate your company was 0.3% and accounts payable team earned 300 million pounds worth of bills each year, this would represent an overpayment of £ 900,000 a year. Of course, you should be able to apply for this money (as long as the system alert you to an overpayment). However, this could involve paying a third party. Bata companies charge an average of one-third of the outstanding invoice amount, which in this case would be £ 300,000.

8. Lower storage costs – Research suggests that it costs a company about £ 11 to file each document. Lots of potential productive working time is also wasted looking for lost or misfiled documents.

Invoice automation slash the cost of archiving because you will no longer need to find something to put a growing body of paper. Nor will you buy additional equipment, such as filing cabinets to hold all paper.

9. Working with paper documents does a lot of printing, fax, post and copying. The cost of these processes all add up. Invoice automation means that many of these processes is no longer needed and therefore reduces costs, especially those related to postage and other shipping services.

10. Business continuity – If there was a disaster like a flood or fire, losing all paper files would be a disaster. With invoice automation, files are stored electronically and backed up -. The risk is minimal

After payroll, the largest disbursement of funds firm is usually associated with accounts payable. Accounts are often the largest single cost in the accounting function. However, no “often the least accurately tracked process due to the highly manual and trade great nature of the process. This study is a list of common problems and errors related to accounts payable processing found in most organizations.

common issues / errors

Data Entry Errors

Data Entry errors can occur on any account area and account for most errors in accounts payable processing. According to the research report, data entry errors on average 1.6% of AP business overall. But the percentage may seem small, the absolute number of errors increases in companies with hundreds AP business. This also increases the chances of errors causing a large amount of influence on the economy and payments! The risk factor is that these errors are not easily measurable and / or observable in most accounting departments. This “hidden” nature makes it difficult to develop policies or measures to reduce the impact of these errors.

Closed Errors

Matching invoices to purchase orders and goods receipts / packing slips is complicated and prone to errors that business rules for matching is often not about or for AP staff. In most companies, the lack of sufficient information for matching business rules allows automation of this process difficult. This forces the accounts payable staff to manually apply the rules so as to increase the possibility of errors.

Excessive use of PO-Receipt-Invoice Matching Tolerances

Many accounts payable departments use the corresponding tolerances to reduce efforts to resolve unmatched items, but these tolerances are often too loosely (to reduce the burden), allowing dollars to be lost.

Copies or wrong accounts

Sellers often create duplicate accounts when the account has not been paid in a timely manner. Most companies can only monitor such accounts if proper mating accounts with POS is done.

Wrong account coding

account coding is judgmental and rules on programming are not well documented or otherwise established in most companies, this may lead to inconsistent coding across departments or treatment for budgetary or other purposes. This

Disappearing Accounts Unauthorized invoice discrepancies in coding can also policy comparison for different costs or income difficult or false.

accounts that come directly from the seller to the business unit manager or other than accounting tend to get delayed (sometimes intentionally) or lost due to unorganized paper work or file systems, decentralized actions and multi-point touch for accounts. Therefore, the exact quantum of accounts may not be known for accounting and the company’s debt may not be truly known or reflected in the balance sheet. This also leads to late fees and poor credit from vendors.

Approval of New Vendors and update Key Vendor Information

Careful monitoring should be set that can accept to establish or review vendors to prevent fraud.

Hard to find accounts and post-processing and Document Storage is expensive Paper

Documents are hard to find for accounts payable processing for filling errors and are expensive to store and find. Many companies store account, a copy of the check and purchase order together for ease of retrieval, but this is very expensive. Lack of appropriate electronic document management system also increases the problem.

Results of a recent study highlight common errors and problems faced by the accounts payable department. They also focus on manual, inefficient and error-prone nature of most payables process. The key findings of the study are:

• Errors: The average accounts payables department has 1.6% error rate

• High Cost: The average cost to process an account is $ 16.54

• leniency: office workers has broad discretion on how to apply the rules of management around the PO / receipt / invoice matching and payment and invoice authorization rules are not always followed

• Poor Visibility: Financial management slide outstanding payables monthly; many of the individual transactions are paper bills sitting in the manager’s inbox waiting for approval to financial institutions executives have not seen

• Poor Documentation: The paper-intensity of the process leading to difficulties in finding files manually account and check documents

• Time Management: All of the above contribute to too much management time, attention and resources devoted not value-added activities

One of the toughest parts of any company’s billing and invoicing. There are a lot of invoice billing software that can help people in this area of ​​work to efficiently automate this process. But there are also some people who tend to use this type of system for different reasons not usually be explained immediately. According to the different surveys conducted market research firm, there are about 60 percent to 70 percent of all accounts that are used and generated in all types of industries companies are still using manual procedures form the collection. They are not in any way any modern form monthly billing software.

Most of these corporate organizations are not showing interest to come out and get rid of the billing systems that are manually committed. They say that the actual amount that will be shed will eventually increase when different kinds of factors are involved, such as the purchasing cost of the software for billing, cost of customization in order for it to be customized according to the business needs of particular the cost of training for the users, the cost of implementing new software, the future up gradation costs and the cost of daily maintenance. But in reality, the cost of all use this type of software is not that big and is quite different from what was mentioned above. With the use of conventional and traditional manual collection, there are thousands of different accounts which have been inspected and were able to enter the external accounting system. This type of method entails a massive cost in terms of staff, various resources and staff. And you may not know it immediately, but the traditional form of billing is giving way to stop certain errors in the billing process. So basically, it is clear that the monthly billing software is more expensive than manual invoicing system.

What kind of account processing actually involves a special kind of software module is specifically designed for ease of use and automation of billing. This will now allow the billing process to finally accelerate in a drastic way. And this will now affect is prominent enough to reduce admin accounts expense is associated with processing invoices and will also make companies and school administrators to make the best use of all the important times of payments that could be attracting rates of suppliers.

Nearly all invoice software is to allow a wide range of accounts that are all public so that it can be simultaneously scanned. This helps to facilitate reconciliation automatically against real purchase order. This may not actually need to have certain involvements which data entry will be done manually and if it happens, it will only be very small. Most types of billing software uses optical character recognition, or OCR, along with data that could fit algorithm for a particular purpose. This can really help and provide businesses lot of great advantage.

There are three ways people try to take paid costs in QuickBooks, but should only use two of them. Here to discuss the details of each, with ideas about who you should use

Method 1 – Tab cost / expense account Method :. When recording costs incurred client, click Expenses tab write checks or the Bills screen. Select the appropriate expense account, select the appropriate client, and not checking the column with invoice icon over it (also labeled “Account” in later versions of QuickBooks). Save the transaction. You can now create an account for customers, and fall transaction account after clicking the Time / Cost button

behind the scenes details of this procedure :. Using this method results in an expense account to be credited when the invoice is generated for the client. This reduces the cost account, rather than increasing sales / revenue account. If users want this – if users will not reimburse the costs to be recorded as income, you should use this method

Method 2 – The cost Tab / cost calculation method :. Similar to the method 1, click on Expenses tab write checks or bills into the screen when you enter the cost for the customer. In order to choose an expense account, select cogs account. Then select the appropriate customers. Unlike with method 1, after the column along the far right can not check

Behind-the-scenes details of this procedure :. . “Unpaid Claims” It creates unbillable This will show the unpaid costs report but when the time / cost Clicking on the account screen, they will not appear in the window. In other words, this will be, forever, the unpaid cost report, and can never be dropped in the customer account. Because of this, this method should never be used under any circumstances If it is necessary to send a cogs account, follow Method 3

Method 3 – The Items Tab method Go to list items and create new cost item. Click the box that says, “This item is used in assemblies or is paid a fee.” This sets up the item so it can be used effectively in writing checks / Enter Bills screen, and Invoice screen. Fill in a team with the desired cogs account in left field and desired income account in the right box. Fill in the other information required.

Then, when you write checks or type accounts for reimbursable expenses, instead of using Expenses tab, click the Items tab and select the object just created. Fill in the correct amount, and do not place a checkmark column on the far right. Save the transaction.

When invoicing customers, click the Time / Cost button and the item used above will appear. Select it, and QB puts it on the customer’s account. Vista transaction

Behind-the-scenes details of this procedure :. When the item to write checks, Enter Bills, or a credit card screens, the amount will be sent to each cogs account was selected when you set up the items. When you use the items in the invoice or Sales Receipts screen, amount will be sent to each income account was selected when you set up the items.

This is the method to use if you take Markup refund. It adds refund the customer’s income, and is the only method that allows the margin to determine without creating unbillable “unpaid costs.”

This method can be difficult because it takes a bit of thought to get Item installed correctly. In the Edit Item screen, careful attention must be given transfer right cogs account the “purchase information” side, and also to correct the sales / revenue account on the “Sales Information” side.

Another reason this method can be difficult for your company may want to set various income and cogs outlines various reimbursable business. If this is the case, individual items need to be established, each customized according to accounts they need to send to.

Final Thoughts

Most people will probably follow the method 1, but few will want to follow Method 3. If you need more help to decide, seek professional advice from local accounting expert.

Although you’ve never heard the term web-based billing software may be the answer to some of Time Efficiency problems especially if you have small and medium enterprises. If you were to add up all the time you and your employees spend each month chasing invoices and payments and make follow-up calls. And marking the date on the calendar to be sure to call back when the accountant gets back from the break, it was a very large amount of time that electronic billing could deliver you.

Every month the average small business owner spends eighteen percent of their time on paperwork, most of which is asking for, or chase the money is excellent. If you could harness all the time you could spend it more fruitfully by making more money, instead of trying to establish what is owed. This is where small business online billing may be able to help and give you back the missing time.

Online billing software can automate the entire process will send out bills and allow your customers a simple and effective way to make payments. So you do not have to wait for them to cut a check and make it the days of mail. Small business online billing side step ‘the check is in the mail “situation by telling customers how much they owe and give them a chance to make the payment immediately.

Online collection is modern and cost effective solution for payment nightmares. If people are avoiding the payment of which can always be a problem for any company. But very often what is believed to be no more than forgetfulness or plain laziness. The customer simply can not get it together to take up the pen and write a check.

A web-based billing solution may be the answer to your prayers when it comes to these lazy or forgetful payers. Small business billing through the Internet provides several key advantages it provides a simple and intuitive interface, so no special training is required, everyone can take advantage of this simple system.

These online billing solutions offer automated billing and messaging plans with the option to print PDF copies for you to keep physical records. Web based billing will offer online payment collection that takes advantage of payment you customers will be familiar with, such as the very popular paypal, regular credit card and even Amazon Payments.

So they are used to this payment and know how they work and do not think they are making a payment with some online companies they have never heard of. These familiar brand payment are mixed with small businesses online billing for seamless payment solution.

You can customize the account and provide information on Selling Manager eBay. When you customize your account, you can give your site that gives you the opportunity to promote your website to your buyers. You can even add a personal logo to your invoices or eBay Store logo if you store seller. The personalized message to your buyers can also add your account that allows you to give buyers a personal touch.

Examples of personal messages can be among the “Merry Christmas” to your account at Christmas or add a “thank you” note to buy the product. Telephone number of you and the buyer can add shipping labels. Email your buyer can also add shipping labels. You can even customize by changing the default paper size, either International A4 size or US Letter size. And this can be done while you are formatting all printable formats.

When you go to the ‘print’ on eBay click the ‘edit invoice template “Make the changes discussed above, as personal messages and logos. Click’ preview ‘button and when you are happy with the template customized by you, click ‘save template’ button to save your changes.

Duplicate payments are becoming one of the main culprits in the cost the company money, according to a new report Fiscal Technologies. The report, called Trade Promotion Effectiveness , looks at how duplicate payments affect accounts payable departments of both public and private, and suggests that solutions could help prevent this issue. Although there is no sure fire way to avoid the problem completely, to invest in the Invoice Management Solution (IMS) could lower double payments significantly.

So what are some of the causes that create duplicate payments? According to the Fiscal Technologies, there are over 30 different reasons duplicate payments occur, many are trivial and there is no one reason that causes this to happen. Fiscal believes that the main reason duplicate payments are such a problem is because it is usually the responsibility of the AP team. However, in order to fully address this issue, human intervention both customers and suppliers is required.

One way to combat it is to invest in account management solution. Some, if not all, of the invoice automation solutions will offer light (OCR) as part of the package, giving companies the option to automatically ‘read’ all the information on the account and input this data into the system. Integration of OCR with business financial applications or ERP system will ensure that there are no opportunities for duplicate data entry.

Another common mistake that can cause duplicate payments covering typographical errors. This can include:

• confusing number 5 with the letter S
• confusing number 1 lowercase L or I
• Mis-writing or simply skip punctuation
• Adding letters to the end of the invoice number to bypass the system checks flagging it as a duplicate.

All these errors can lead to higher costs in the AP department and the company as a whole. By investing in IMS, companies will reduce the amount of time manually writing information in the financial system, the solution will be able to scan, read and automatically send the bill to the appropriate party to households. Manual data entry required can be done as quick and easy as possible with the use of scanning and on-screen display. The recording system software includes features such as zoom in and look up, while barcode merger removes any duplicate data entry.

According to the Cabinet Office, duplicate payments are the main offender fraudulent procurement activities, which cost the government £ 2.3 billion last year. Studies show that 23% of companies pay duplicate accounts, which can be set up to a staggering amount of money for the company to lose every year. By eliminating manual data entry and obtain Invoice Management Solution or E-billing system, companies could prevent the above discrepancies, while also benefit from reduced costs and streamlining.

If duplicate payments are a concern in your company, then consider the above advantages implementing invoice management solution in the AP department, and how it can help your business save money and reduce errors.

Factoring is selling invoices to get money at the moment, instead of waiting to say, two or three months. That is why it is one of the most important financial management tools – especially for small businesses that do not have debt. Factoring does not have to give up any ownership in your company.

To perform any operation, finance is required. So, necessary finance is rising, assigned and managed for effective implementation of the action. The success or failure of the company as such depends on how effectively finance part is attacked.

The finance function consists of controlling and raising the necessary funds from appropriate sources and proper allocation and control. The goal is to achieve the enterprise goal of maximizing cash. Wealth or value of the company is at its peak when the return or profit is also high. But with the increase in return risk also increases. For example, keep less stock can increase the profitability of the smaller amount is locked up in inventory, but it may increase the risk that the possibility of running out of inventory is higher.

According to experts, factoring process has some distinct advantages. For example, unlike loans, collateral is not required in the factoring process, there is no interest, and no debt shows up on your balance sheet. What’s more, the fees paid in the form of a percentage discount, drawn by all accounts have been paid to the Factor. Discount amount depends on the length of time it takes to collect accounts.

Always keep capital budgeting and capital in mind while understanding financial management. Capital budgeting evaluation and ranking of investment projects with the aim to find out the most suitable projects from among other courses. On the other hand, working capital is the financial commitment for the day-to-day operation of the company.

A free sale agreement form identifies the item, the seller and buyer. Similarly, pointed out that service provider and their customers. Also it shows paid and to transfer ownership of the item (s) to the buyer. . Even the date of the transaction is identified

To do a free account sales form, simply go to the following:

1. Buyer’s name, the name of the vendor / service provider, date of transaction, description of the item / service, the volume of sales and any warranty provided will be available to you.

2. First write the buyer’s name and address.

3. The writer seller name and address.

4. Set the date of the transaction will take or takes place.

5. Next, write down who is buying what from whom and how much.

6. Mention in detail if there is some responsibility to provide to the buyer.

7. Then, both the buyer and seller sign it.

8. Finally, make a copy of the purchase contract for the buyer. The original remains with the seller.

To do a free account form is also easy.

1. Basic requirements include the company name, logo, address, date the account is crated, the name and address of the purchaser, the date when the item or service is ordered, a description of the item or service, the total amount due, taxes (if applicable ) and the terms of payment.

2. Either you are using paper or electronic bill account. Paper bill would be selected.

3. Create style account. The word ‘accounts will appear across the top of the document.

4. Now, the account is ready to be filled in and signed every time you sell an item or service.

5. Make sure to keep a backup copy and transfer to the buyer.