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Invoice Finance With Credit Control (also known as Factoring)
Invoice Finance is designed to boost your cash flow. At Aston
Rothbury, we accept invoices both manually and electronically,
enabling us to make same day payments against your invoices
at an agreed prepayment percentage.
If your invoices reach maturity and are still unpaid, our collections
department will aim to recover all overdue payments, paying particular
attention to your largest debtors.
The above processes are the two major functions of an invoice
finance service. These are detailed below and described under
the two main headings of Sales Ledger Management and Customer
Management.
Sales Ledger Management
A Client Management team is allocated to each of our customers,
helping to build client familiarity and mutual trust. This
overcomes the problem of always having a different person at
the end of the line, who does not understand the intricate
workings of your day-to-day processes.
Credit Assessment
As an essential part of risk assessment, we manage the funding
limits on your customers, using the help of well established
credit reference agencies as well as information provided by
you, additional sources over the “Web” and recorded
payment histories.
We take a view of your largest and most risky debtors and apply
them to our FREE financial monitoring service, which informs
us daily of all significant reported changes within the companies’ structure
and financial status.
We can also assist by making credit recommendations on your
prospective customers, helping you to optimise your sales efforts & resources
to those customers who will be successful in making payment.
Cash Allocation
Payments received from your debtors will be managed and processed
by our cash allocation department and reported to you daily
so you can update your ledgers accordingly.
Our cash allocation department is centralised & works closely
with the client management and collection departments. This minimises
the risk of misallocations. When payment of your invoices is
received, the remaining unpaid percentage is made available to
you same day, unlike many other competitors who withhold payment
until Cheques and BACS payments are cleared.
Query Identification
When your debtors raise invoice queries, we assess whether they
can be dealt with in house. If they can’t, and intervention
is needed by you, we will log them whilst you deal with the
problem. We will then remind you regularly, should that query
remain outstanding.
Record Keeping
A detailed computerised record of payments and collection notes
is maintained, which assists our assessment of funding limits
or collection follow-ups. These details are available to you
when judging if further orders and sales are to be fulfilled,
or whether accounts are to be put on stop.
Free Archiving of Invoices
A valuable resource available to us is our manual and computerised
archiving service, which comes FREE to you as a client.
Customer Management
A Collections team is allocated to each of our customers, which
helps build a rapport with your debtors, as any company would
in a normal trade credit situation. This helps to speed up
payment by always being at the top of the “pecking order”.
The most important part of credit management is the ability
to use all available resources to assist in the collection of
overdue invoices.
Telephone Chasing
Our professional collection staff optimise the use of this very
powerful collection tool using a wide variety of telephone
collections techniques acquired over many years in trade credit
and finance.
Many companies will find that the Pareto Principle can apply
to their sales ledger, meaning that 80% of the debt is owed by
only 20% of the debtors.
At Aston Rothbury we realise this and therefore mark each one
of your large accounts as a priority debtor to ensure once again
that your cash flow is kept to a maximum by effective prioritising
of collections efforts. This also reduces the risk of a large
bad debt write off.
Overdue Letters
A range of letters with varying severity can be set up for your
individual debtors requirements, thus enabling our collections
staff to concentrate on your more important outstanding items.
Statements
Up to date account statements with tear off remittance slips
are sent out each month to all your debtors, with full payment
instructions and invoice status notifications included.
Legal Actions
Our dedicated legal department now deals with most cases in house,
which keeps costs relayed onto our clients to a minimum & rapidly
increases the speed at which cases are dealt.
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