How it works
The UK factoring services market size was estimated at US$ 346.44 billion in 2022, and is anticipated to grow at a CAGR of 6.8% from 2023 to 2030 (Source: Grand View Research), highlighting the increasing demand for effective financial solutions in this sector.
Factoring companies often focus on managing cash flow fluctuations, handling diverse client portfolios, and ensuring timely collections. By addressing these key priorities with robust financial analysis tools, we can streamline invoice processing and offer personalised debt collection strategies.
How IMS Decimal supports factoring companies
By harnessing our expertise in outsourcing services, we help factoring companies to master their financial landscape, ensuring they stay agile and competitive in a dynamic market.
Services for Factoring Companies
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.
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.
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.
1. Payment Allocations:
- Allocating received payments to relevant invoices.
2. Allocating Credits/Adjustments:
- Applying credits or adjustments to customer accounts.
1. Email Management:
- Managing and responding to emails related to invoices, payments, and queries.
2. Query Resolution:
- Resolving customer queries regarding invoices or payments.
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.
Why IMS Decimal?
Robust Processes
Quick Turnaround Time
Scalability
Cost Efficiency
Software deck
