If you are considering the benefits of using a third-party financial institution to factor your invoices then the PlanMill Factoring add-on is now available. This service automatically prepares the factored customer invoice while transferring an invoice copy to the factoring party (e.g. a bank or other).
What is factoring?
Factoring is a financial arrangement in which a factoring company takes responsibility for collecting money relating to a business’s invoices, and immediately pays that business part of the total amount owed on the invoices. With the help of factoring, company does not need to chase the debtors for collecting outstanding amount and consequently the management may concentrate on other important issues.
In factoring there are three parties: The seller (your company as the supplier), the debtor (the customer) and the factor (usually a bank or financial company). PlandMill provides the integration solution between these parties.
For Finnish companies we currently have out-of-box settings for Danske Finance and Nordea Rahoitus: simply enter your agreement number.
- Automatically transfers factoring invoice to factoring party (financial company or bank) and customer
- Daily reporting of factoring invoices
- Columns in Finances data table for monitoring statuses of factoring invoices
- Agreement with Nordea Rahoitus or Danske Finance
- PlanMill ERP Cloud
- PlanMill Factoring add-on service including setup pack
- Fast and easy access to cash
- No hassle of collecting bad debt
- Smooth cash flow
- Professional receivable management
More information is available in our Help.
Photo credit: kenteegardin via Visual Hunt / CC BY-SA