Accounts Receivable Factoring Gets Companies Though a Slump
August 3rd, 2010Link: http://www.ifgnetwork.com/accountsreceivablefactoirng.php
New research from payroll and accounting software firm, Intuit Inc. says if you’re looking for a job, it’s still difficult. The monthly SMB outlook report shows missed new job goals, longer hours and an overarching slowing growth rate among small business across the country.
Small business employment grew by 0.2 percent in July, equating to just 2.4 percent annual growth rate. This translates to about 40,000 new jobs nationwide, which is 5,000 fewer jobs than predicted for the month.
If you are a small business struggling to make ends meet and cannot support hireing a new sales associate or employee, accounts receivable factoring could help get you and your small business through the rest of the summer. If you have slow paying clients or those who are 30- 60 or 90 days out.
Once your account is set up with a factoring company like IFG, invoice factoring typically pays within 24 to 48 hours.
Invoice Factoring Helps Businesses Go Global
August 2nd, 2010Link: http://www.ifgnetwork.com
Today many businesses are no longer just competing domestically. With the Internet and expansion worldwide it might be a good idea to expand, but before you even think about taking your business global, here are a few things to ask yourself:
Do new and old customers like your products or services?
Do you get repeat customers?
Can new customers easily find you?
If you can answer yes to these questions, and you have strong revenues, then you might be ready for expansion internationally. You may want to start small and go after a foreign market that’s easy to enter. For instance, one that speaks your language, or one where there are fewer competitors. Next, when that market succeeds, like your domestic market, enter the next couple of markets … one at a time, using the same business strategy, but with customization. Start by adapting the resources, skills, and values in order to develop a global corporate culture.
Hire the right team for your expansion, and accelerate your learning curve. Look online for resources for new companies, international export and government aid. Learn the global financial differences and pitfalls. Keep your business expenses in check. And if you run into tough times, think about using invoice factoring to keep the business growing strong until it is able to sustain on its own.
The Interface Financial Group is a funding source for businesses all over the world, with offices in the United States, Canada, the United Kingdom, Australia, New Zealand, and Singapore. If you need guidance for global expansion or for trade finance transactions, factoring services, or to fund cross border invoices IFG can assist - so be sure to call toll free, 1-877-210-9748.
You will soon see your business go from domestic to international successfully.
Repeal Of Small Business Tax Reporting Requirements Fails In House
July 30th, 2010Link: http://www.ifgnetork.com
Today House Democrats Friday reversed the repeal of controversial Internal Revenue Service reporting rules that were part of health-care legislation. The measure to repeal the rules failed in the House on a 241-154 vote.
Why did this happen? Democrats have come under increasing pressure over the IRS reporting requirements. Business groups believe it will burden small business with extra paperwork. This is the first instance of Democrats broadly calling for repeal of a part of the health-care law.
Under the health-care law, businesses beginning in 2012 will be required to file a form 1099 to the Internal Revenue Service for each supplier or service provider to which payments exceed $600 in a single year. Currently, they are already required by law to report payments to non-corporate service providers. Hoever, the health-care law broadened that to include corporate vendors and purchases of goods.
Companies like The Interface Financial Group (IFG) offer small businesses alternative solutions to funding at www.ifgnetwork.com
Small Business Trends, Mistakes and Factoring
July 29th, 2010Link: http://www.ifgnetwork.com
Senate Republicans today rejected a bill that would aid small businesses with expanded loan programs and tax breaks. Republican leaders filibustered after fighting for days with Democrats over the number of amendments they would be able to offer.
This underscores how many people feel strongly about the badly needed assistance that small businesses need in todays economy. However, in all fairness, small businesses come and go and the reasons for failure are not what you would think. The most common reason is that funds run out before the business can pay for itself. One of the most common fatal mistakes for many failed businesses is having insufficient operating funds because owners underestimate how much money they will need and they are forced to close.They also may have an unrealistic expectation of incoming revenues from sales.
It is imperative to ascertain how much money your business will require; not only the costs of starting, but the costs of staying in business. Basically, you will need enough funds to cover all costs until sales can eventually pay for these costs.
One way to stay in business during this trial period, is via accounts receivable factoring.
Factoring May Prevent Small Business Owner Apathy
July 28th, 2010Link: http://www.ifgnetwork.com
Wells Fargo said the confidence levels among small-business owners has slipped to its lowest level in seven years, as the bank’s small business index fell to -28 this month. The index is down 17 points since April. Calculated each quarter, the index is based on a company’s forecast for the next year and its present financial health.
However this news did not affect everyone. Yesterday was the 5th Annual Small Business Day coordinated by smAlbany, a networking group in the Capital District. These small business owners enjoy always being on the lookout for ways to make their business relevant.
The same might be said for the many small businesses who have been practicing invoice factoring. They have discovered that it is better to factor their accounts receivables, and use the funds they get in less than 24 hours, to build more business. Also known as accounts receivable factoring, a factoring company will first conduct due dilligence before taking on your invoices -- not of your company -- but they will review the clients that owe you money.
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