Factoring companies often revolve around managing cash flow fluctuations, handling diverse client portfolios, and ensuring timely collections. Addressing these hurdles by providing robust financial analysis tools can streamline invoice processing and offer personalised debt collection strategies.
How We Support Factoring Companies
- Tailored solutions.
- Experienced professionals and advanced technologies.
- Ensures accuracy, compliance, and productivity.
- Allows factoring companies focus on core activities by managing accounting and financial back-office functions.
Our Services
Onboarding Compliance:
1. Customer Due Diligence (CDD) Checks:
- Verification of customer information and documentation.
- KYC (Know Your Customer) compliance.
2. Legal Documentation Review:
- Reviewing and organising legal documents related to onboarding.
Invoice Auditing Validation & Loading of Purchase Validation:
1. Invoice Validation:
- Reviewing invoices for accuracy and completeness.
- Ensuring invoices meet predefined criteria for purchase validation.
2. Purchase Order Matching:
- Matching invoices with corresponding purchase orders (If required as per industry).
3. Data Entry and Loading:
- Accurate data entry of validated invoices into relevant systems.
4. Quality Control Checks:
- Performing checks to ensure data accuracy and consistency.
Chase/Follow-up for Collection:
1. Payment Reminder Generation:
- Generating and sending payment reminders to clients.
2. Follow-up Calls/Emails:
- Making follow-up calls or sending emails to clients for overdue payments.
3. Negotiation with Clients:
- Negotiating payment terms and schedules with clients.
4. Dispute Resolution:
- Resolving any disputes regarding invoices or payments.
Allocations:
1. Payment Allocations:
- Allocating received payments to relevant invoices.
2. Allocating Credits/Adjustments:
- Applying credits or adjustments to customer accounts.
Inbox and Queries Management:
1. Email Management:
- Managing and responding to emails related to invoices, payments, and queries.
2. Query Resolution:
- Resolving customer queries regarding invoices or payments.
F&A Services (Bookkeeping and CC) for UK and USA Individually:
1. Bookkeeping Services:
- Recording financial transactions accurately.
- Maintaining ledgers and financial records.
2. Credit Control (CC):
- Managing accounts receivable.
- Monitoring and chasing outstanding invoices.
3. Financial Reporting:
- Generating financial reports as per UK and USA standards.
- Providing financial analysis and insights.
4. Tax Compliance:
- Ensuring compliance with tax regulations in the UK and USA.
- Handling tax filings and submissions.
5. Treasury Management:
- Managing cash flow and liquidity.
- Handling banking relationships and transactions.
6. Vendor Management:
- Managing vendor payments and relationships.
- Reconciliations and query Management
7. Expense Management:
- Managing and tracking business expenses.
- Reconciling expenses with budgets.