posted by Jeff Novak: Wednesday, February 18, 2009
The New York Times.com Small Business Section offered advice yesterday on how to improve your cash flow. The first step is to check a potential clients credit references before they become a client. Having a thorough understanding of potential of customers and businesses finances, so that you can find out the risk before, not after when you are trying to collect on an invoice. Anchor Funding Services, a factoring company, provides bank and trade references free of charge as part of our factoring agreement.
The second bit of advice is to Bill Early. A business is not going to get paid until they are invoiced, so by billing them sooner, the faster your business will receive payment. Factoring your invoices with Anchor Funding Services can also speed up this payment process, once you invoice your client, Anchor Funding Services will advance you 80% of the invoice and you will receive payment often in 24-48 hrs. Anchor Funding Services will then collect the rest of the invoice and pay the difference to you minus our fees.
If your business is interested in learning more about factoring and how you can get paid on your invoices faster, visit our website or call one of our knowledgable business development officers at 866-950-6669 or fill out a quick quote.
Labels: improving cash flow through accounts receivable finance
