Access to working capital is a challenge for any business. It is a particularly big hurdle for hardware tech companies, especially startups.
That was one of the reasons Greg Fisher, a Berkeley, California-based entrepreneur and CEO of Berkeley Sourcing Group, started Hardware Massive, a network and online platform for hardware tech companies.
Congratulations, you’ve recently discovered invoice factoring as a fast and convenient way to deal with those cash flow gaps.
Instead of having to wait 30, 60, or even 90 days for your customers to settle their bills, you’re able to get quick access to capital trapped in your unpaid invoices through a funding partner.
With a factoring credit line, your customer sends payments directly to your funding partner when they’re ready to pay. To allow this new process to happen, your remittance information must be updated with your customer. This is done through a notification letter your funding partner generates and sends out. It’s important to understand what this document means.
Guest Post by Marin Perez
As a small business owner, you’re keenly aware about the importance of minimizing your tax bill by maximizing your deductions. But there’s one write-off you may not be considering: the mileage deduction.
Cash flow management is a huge concern for many business owners.
One of the main reasons many businesses fail is the lack of funds for short-term needs. Unforeseen cash flow gaps can pose a dangerous threat to your company, especially when you’re just starting out.
You have a stable business growing at a moderate pace.
Suddenly, there’s an opportunity that could propel it to the next level. Maybe it’s a huge order from a retail giant, or a lucrative contract with a major manufacturer.
You jump at the chance, but then you face a dilemma: It usually takes 60 days for this new customer to pay its vendors, sometimes longer. You now have this huge unpaid invoice. Meanwhile, you require funds for other business needs. You need to pay your employees and procure supplies for other smaller jobs.