With the New Year well underway, many businesses are taking the opportunity to explore change and improve their profit margins. Keeping current and relevant in your chosen field is a must for anyone looking to establish themselves as an industry leader.
A new year can often mean big plans for a business. No matter what industry you are in, change is inevitable. There are always things you can do to improve your business and appeal to new customers. An issue that often plagues companies when planning for the future is funding. Creating a plan of how to improve your business will always require money, and obtaining this funding is not always easy.
A method of funding that is proving to be popular amongst many in the business to business sector, is Invoice Finance. This funding solution allows you to boost cash flow by using a company’s unpaid invoices as an asset against which funds can be raised. There are two main types of Invoice funding, Factoring and Invoice Discounting.
Factoring – A method that works by a company being borrowed funds against its outstanding invoices by a lender. The lender will then collect the debt for the company from the client and charge a fee. This method of invoice finance is often preferred by smaller businesses as it gives the owner the opportunity to focus 100% on the business without having to worry about chasing debts.
Invoice Discounting – Here the process of lending is the same you are paid in advance for your outstanding invoices, however unlike Factoring you will be responsible for the collection of the debt from your clients. This allows you to keep the use of a lender anonymous from your customers. This type of invoice funding is preferred by larger companies as you must have the facility to collect your debts in house.
Apart from these options there are various other forms of business funding such as asset based lending, for more information on these services and which one is the best fit for your business be sure to visit www.touchfinancial.co.uk or alternatively call on 0845 388 9725.
Finding the right funding is of course imperative for your businesses future plans, but finding the right accountant can be just as crucial. An accountant has the ability to rejuvenate your business, to show you where you are going wrong and to show you where you are exceeding. An accountant’s perspective is unique as it is solely focused on financial performance, which gives you the benefit of being able to see how what you are doing is affecting your businesses bottom line.
Here at Just Accountants we pride ourselves on the having some of the most pro active and professional accountants in the country. Our accountants have expertise in nearly every business area including entrepreneurship, charities and solicitors. The service we provide is 100% free and we can guarantee that any accountant sourced through us will be a perfect fit for your company and conveniently located near you. For more information please fill out the form on our homepage or alternatively call us on 0800 046 3690.