If you’re not a trained accountant, managing your books can feel like an overwhelming process. From balancing your budget to collecting on unpaid invoices to paying out payroll. What’s more, it’s not uncommon for growing businesses to have a shortage of funds as expenditures grow. While the growth is great, the shortages aren’t. You can get help for your company with accounting and invoice factoring services. If you’re not sure if these are things that your company could use, read this guide our team at BP Financing has put together to help.
Have trouble balancing your books
There are times with a small business when it feels like money is going out faster than it’s coming in. You’ve probably tried everything at one point or another to make things work. Whether you’ve moved money around from one area to another or even taken a small pay cut, it could be difficult to make your accounts balance as they need to. With help from factoring services, you can get the money you have coming when you need it. This means that we’ll pay on your invoices before your clients do so that you have the money at the end of the month when you need it for utilities or payroll rather than having to rob Peter to pay Paul.
Clients aren’t paying invoices on time
It doesn’t matter how strong of a relationship you have with your clients, some of them aren’t always good at paying their invoices on time. This can be frustrating because your bills can’t be put on hold to wait for the money to come in. For instance, you might have a large client that contributes to a large portion of your revenue every quarter, but so far they’re about three weeks late paying on their invoice this time around. This could put you in a bind with paying the bills that you have to rely on that money for. Factoring services will ensure that you get the money you need without having to pay interest on the cash advance.
Payroll is getting delayed
Having the trust of your employees is a crucial piece to ensuring that the work your company does gets finished. Disgruntled workers lead to a drop in productivity and quality of work. There’s no faster way to lose the trust of your team than having to delay their paychecks. While some might be understanding and financially secure enough that they can handle delayed pay once in a great while, it will eventually get burdensome for everyone and you could have a problem. An accountant and invoice factoring services can help you manage your payroll so employees don’t have to worry about missing out on their hard-earned money when payday comes around.
You’re growing faster than your finances
When your business is ready to grow, the need to expand services or your facility can come fast and furious. It’s not uncommon to reach a point where your ability to meet the needs of your growing client base isn't where it needs to be. This can hinder your chance at growing your business. Of course, it takes money to expand and if you don’t have the capital readily available, you’re probably not going to be able to provide the services you need. An accountant can help you identify areas where you can stretch funds for a short time without hurting yourself financially. What’s more, factoring services make it much easier to get the money you need, when you need it.
Get in touch for help
Don’t put off getting accounting and invoice factoring services for your small business any longer. Reach out to us at BP Financing and we’ll make sure that you have the money you need to meet your upcoming financial obligations. We offer invoice factoring services to businesses that need money sooner than their clients can pay out invoices. Give us a call at 845-352-3700 or send a message using our online contact form. We want to help you make sure your business is financially secure even before your clients pay you.