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• 16 Oct

  

  

  An Alternative To Funding Business Through Credit Cards

  Are you funding your business through your personal credit cards? It is an easy trap to fall into, and one that can prove to be very expensive. There is a cheaper alternative method of funding your business.An article in the Guardian (21/09/19) quotes figures from Moneyfacts showing that average credit card interest rates have now hit 24.7% - their highest point since 2006. With base rate holding...

  By Glenn Blackman
• 14 Oct

  

  

  Invoice Discounting Can Be Available After A Liquidation.

  If your business fails it can feel like the end of your world. What's worse is that you might struggle to get back into business, as traditional lenders don't want to support your new venture. Even if you have had a previous company enter insolvency, such as a compulsory liquidation, you may still be able to get funding if you decide to start a new company. Everyone deserves a second chance.We...

  By Glenn Blackman
• 11 Oct

  

  

  Credit Control Tips

  Credit control is a key part of the services that we find for our clients, therefore I am always on the lookout for credit control tips that we can share. Recently I have seen a couple of useful articles, listing some invoice chasing tips.You can also read our free guide to running your own credit control function.Veritas shared an AAT publication - "Chasing Late Payments Without Awkwardness"....

  By Glenn Blackman
• 10 Oct

  

  

  Natwest Rapid Cash Integrated With Xero Accounting Software

  Natwest have announced that Natwest Rapid Cash has been published on the Xero App Marketplace (posted on LinkedIn).Xero is subscription model cloud based accounting software. Xero was founded in 2006, based in New Zealand, and as at Feb 2019 had 1.8M subscribers worldwide (according to Accountancy Age). As at 10/10/19 Trustpilot shows Xero with an average 3.9, out of 5 stars rating across 1,727...

  By Glenn Blackman
• 08 Oct

  

  

  Single Fee Factoring For Small Companies Using Courier Exchange Or Haulage Exchange

  One of our funding partners have been able to help provide factoring to a number of small courier companies recently. We are seeking further small couriers and hauliers to provide with invoice funding, if you are in that sector and looking for flexible funding support please get in contact.GET A FACTORING QUOTEThe facility that has been most popular is single fee factoring, providing funding...

  By Glenn Blackman
• 07 Oct

  

  

  31% Average Cost Savings Found For Invoice Finance Users.

  We have just checked our stats for the invoice finance cost savings FundInvoice have achieved over the last year. We have managed to find average savings of 31% for our clients. These are savings against quotes for invoice finance that have been sourced elsewhere. So that's almost a third that our clients can save by using our invoice finance price checking service.We can achieve these types of...

  By Glenn Blackman
• 03 Oct

  

  

  Why Do Profitable Businesses Sometimes Have Cash Flow Problems?

  Why do profitable businesses sometimes have cash flow problems? The answer, is because profitability and good cash flow are not the same thing. Whilst it is more likely that your cash flow will be good if your are profitable, it is far from a certainty.The reason that profitable businesses can still have cash flow problems is to do with how quickly their customers pay, versus how quickly they...

  By Glenn Blackman
• 01 Oct

  

  

  Mitigating The Risks Of Selling To One Major Debtor

  When you land a major customer it can provide a huge boost to your business, increasing sales turnover and generating profits. However, there is another side to dealing with a major debtor, and that is the increased risk associated with your trade being concentrated into one customer.In a previous post I covered the risks of selling to a single major customer, often called a "prime debtor". These...

  By Glenn Blackman
• 30 Sep

  

  

  Which Is The Best Factoring Company?

  Which is the best factoring company?We get asked that question a lot - surely it's a simple answer?It sounds like a really simple question, but the answer is a lot more complicated than just stating a single factoring company name, that stands out as being a "head and shoulders" above all the others - and there are currently over a hundred different UK based providers to choose from.This short...

  By Glenn Blackman
• 27 Sep

  

  

  How To Increase Working Capital

  This is a short article about how to increase working capital within your business.RAISE WORKING CAPITALWorking capital (WC), in financial terms, is the amount by which the current assets of a business exceed its current liabilities. Current assets, or short term assets are the:Current liabilities are all creditors that are due to be paid with a year.The calculation is as follows:In practical...

  By Glenn Blackman
• 26 Sep

  

  

  Factoring Broker Service

  Our factoring broker service takes care of the hassle of finding a factoring company for you. We have knowledge of the market (backed up by a substantial research archive), and access to all the key providers. Therefore, we are well placed to introduce you to suitable partners that can provide what you need.GET A FACTORING QUOTEFactoring is just one type of invoice finance facility that we can...

  By Glenn Blackman
• 25 Sep

  

  

  Online Invoice Factoring

  Online invoice factoring can have a number of different meanings, each of which I have addressed below. In general terms, factoring normally refers to a facility that provides prepayments against outstanding sales invoices, together with a credit control service to collect those payments in.The modus operandi of factoring facilities will be very different depending upon the provider (called a...

  By Glenn Blackman
• 24 Sep

  

  

  Percentage Of SMEs Using External Finance Increases.

  The percentage of SMEs using external finance has increased to 46% (H1 2019). This is an increase, up from just 36% in 2018, according to the latest Q2 2019 SME Finance Monitor - published by BVA BDRC.FIND EXTERNAL FINANCEThe report shows that there has been a significant increase, of nearly 28%, in the proportion of SMEs that are using external finance - positive news for the business finance...

  By Glenn Blackman
• 23 Sep

  

  

  You Can't Rely On A Name Like Thomas Cook

  Another failure of a well known, long established company proves, yet again, that you can't rely on dealing with a "big name" to ensure that you get paid for services rendered, or products supplied. Sticking to "household names" is no longer enough to ensure that you avoid bad debts.The latest corporate failure, reported by the BBC today, was the holiday company Thomas Cook. After a 178 year...

  By Glenn Blackman
• 19 Sep

  

  

  Funding A Confectionery Manufacturer With Orders From A Supermarket

  Another quirky example of a small startup customer that contacted us for funding help, where other invoice finance companies had been unable to help - due to the small size of the company.They were a small confectionery manufacturer that have traded as agents for a few years, but are developing their business by moving to supply as principals to supermarket chains.GET A FUNDING QUOTEThe had...

  By Glenn Blackman
• 17 Sep

  

  

  The September 2019 Edition Of FundingVoice Is Out Now

  The September 2019 edition of FundingVoice magazine is out now. This is our monthly e-magazine that we email to our database of subscribers.This edition includes a selection of our recent news articles relating to the invoice financing sector.These include:You can read it online here: FundingVoice September 2019 - "What Is Going On At Optimum Finance?".We recommend that you subscribe to ensure...

  By Glenn Blackman
• 16 Sep

  

  

  Video Explaining Invoice Finance Pricing

  I have just posted the latest of a number of short videos on YouTube relating to invoice finance. This particular video focuses on invoice finance pricing. It's only 30 seconds long so it won't take up much of your time.Specifically it focuses on explaining pricing and highlights some of the huge differentials in price between different providers. We have discovered these through our research...

  By Glenn Blackman
• 12 Sep

  

  

  How Construction Companies Can Prepare For The Delayed Reverse Charge VAT Change

  Many construction sector companies have breathed a sigh of relief as a one year delay was announced to the Reverse Charge VAT implementation (TheConstructionIndex 09/09/19), however that additional time to prepare will soon be eaten up if construction companies don't take steps now to prepare for the new deadline of 1st October 2020.The plan was to implement this change on 1st October 2019,...

  By Glenn Blackman
• 11 Sep

  

  

  UK Economy Grows Helped By The Services Sector

  The UK economy grew by 0.3% in July 2019 (see BBC News), helped by the dominant services sector. The services sector apparently now accounts for 80% of the UK economy and is a segment that is highly suitable to the use of invoice finance - as are growing businesses.INVOICE FINANCE PRICE SEARCHThese growth figures should see the UK economy avoiding a technical recession in Q3 2019, a recession...

  By Glenn Blackman