Factoring is when a third party firm (usually a financial institution such as a bank), or factor, buys a business’ accounts receivables and gives the business a cash advance based on those unpaid bills.
The third party takes over collecting the owed receivables. This back end system is designed to allow the business to monitor and better track their accounts receivable and compute the true cost of factoring such invoices. Le ERP provides up-to-date information to the business in terms of fees, interest, finance charges and projected cash flows for each invoice.
A must have for all business that are utilizing factoring as a means to improve their cash flows, finance new products & services and cut collection costs.
Instantaneous information on accounts receivable cash flows from factoring
Detailed analysis on the true cost of accounts receivable financing by the aggregation of fees, interest, commissions and other expenses associated with accounts receivable financing
Accounting, Supply Chain Management