Increase Profit With Your Business

What Is Invoice Finance and Factoring and How Can They Benefit Your Business?

What Is Invoice FinanceWhen it comes to financing your business, you may have heard the terms invoice financing and factoring. Unfortunately, if you’re like many business owners, you don’t know exactly what they are?

Invoice factoring and financing are one source of funding for business, however, they’re not a regular loan. It’s somewhat similar to a secured loan because the funding is secured by your outstanding client invoices that are unpaid.

Both methods of funding allow you to borrow against the value of your unpaid invoices, which lets you reduce the date between the invoice and the due date for a fee.

What Is Invoice Financing

cashflowIf you have an in-house credit control system or have an outsourced provider handling invoicing for you, then invoice financing is the best options.

The invoice finance provider will provide you with funds that equal a percentage of your outstanding invoices. Usually, that rate is around 90 percent.

You remain responsible for obtaining payments from your customers, as well as all other aspects of the invoicing process, therefore you remain in control of your company’s finances. Then when an invoice is paid, you receive the balance owed.

You must take into account the amount you borrowed and the finance fee, each time you receive payment on an invoice.

What Is Factoring

If your business does not have in-house credit control and would like to take advantage of invoice financing, you can use factoring, which is a full-featured financing solution.

The factoring provider will take care of all of your business’s credit control processes. They will chase down outstanding invoices and speed up the time it takes to receive payment from customers.

Some business owners are reluctant to hand over their credit control functions since it means giving up control of one of the key elements of your business’s daily operations. However, by outsourcing to an experienced, professional third-party provider, a company can streamline their invoicing process, making it possible to receive payment quicker.

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The Best 5 Things Recruiters Are Looking For In Your CV To Fit You For Your Perfect Job

It is often stated that recruiters only spend around six seconds on average glancing at a CV prior to making a decision.

With hundreds, and at times thousands, of similar job candidates available for one particular post, recruiters do actually review large amounts of CVs. What that means is that they need to have a way to quickly yet effectively filter them.

Of course shortlisting or hiring decisions are not made in six seconds. The initial review revolves around finding individuals who are worthy of a more in-depth and serious consideration. This is the highest and first level of the overall filtering process.

You should be familiar already with the basics of CVs: keep it brief (usually less than two pages), use bullet points and sub-headings, and proofread it a number of times to eliminate any grammar or spelling errors.

What about your Curriculum Vitae content? If you only have a few seconds worth of someone’s attention, what type of information should you be making as accessible and clear as possible to ensure you receive further consideration?

The following are the top five things that your CV should clearly indicate.

1. Recent experience

interviewWhat you are currently doing is the most important aspect of your CV. This is where you should seriously spend some time detailing your accomplishments, key skills and responsibilities.

This is usually the first place that recruiters look to see whether you are working in a relevant field or not, maybe ready for a new position (you might need to provide an additional explanation if you’ve only been at your new job for three months) and if you are working at a company that the recruiter is familiar with.

This final point is critical. Unless you work for well-known brand or FTSE100 company, then you should include a one-sentence summary of the company you work for and provide a link to their website.

That is especially useful in certain fast moving sectors like the London tech industry where great companies crop up so frequently that it isn’t always possible to stay current on all of them. Stating what your company does in your CV can help you avoid being passed over.

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Starting Your Business With Limited Funds

Cash flow and finance for any small business is imperative in order to get business up and running and moving forward.

Setting up your business without cash flow can halt you before you even start.

To help you start your own business, what’s the short video on steps to starting your business.