By Mira Van
It’s no secret that financial operation administration is highly demanding in terms of manual labor. Your staff must have the necessary skill and a lot of time to accurately and professionally deal with the issues of having to draft, prepare, send out, sign, approve, revise and otherwise interact with documents. Recourse factoring is an area that’s especially demanding in terms of administrative labor. Calculations, estimations, risk management, reports and other areas take a lot of hours to cover and create a paper trail which can be a mile long. But there is a solution and it’s called recourse factoring software. We’re going to show you examples of how it shortens the paper trail and saves you time and money!
Complex calculations made simple
When you’re negotiating with a client on the deals of their factoring agreement, everything can be far from straightforward. Even everyday calculations could require tremendous amount of effort to carry out due to funding being required in different currencies, variable index or interest rates, etc. Luckily, factoring software can be fully flexible in this regard and offer support for multiple currencies. You can automatically match the exchange rate, simplify interest calculation and leave penalty or overdue payment monitoring to the program. This feature alone saves hours of time each week.
Automated invoicing, billing and document management
One of the more demanding areas in the world of financing (including factoring) is trying to keep documents organized and accessible at the same time. Since data is often moved from one platform to another, some things can just get lost in translation. Luckily, software for recourse factoring can almost entirely eliminate these risks, associated with human error or miscommunication. Automated document management will ensure that you send out bills on time, because it can be configured to automatically generate necessary documents according to data inputs. This reduces administrative load each week.
Mastering all legal agreements
The legal part of factoring agreements does have its challenges. Trying to prepare appropriate documents is a massive challenge unless you have a huge legal team which does mean large costs. By implement recourse factoring software, you can have a sigh of relief as it makes managing legal documents all that much simpler. You can manage legal documents and agreements throughout their lifecycle. Create templates, attach necessary amendments, upload additional paperwork or mark them to notify responsible staff members. Instead of hiring expensive legal staff, do the work in-house quickly and effortlessly.
Recourse factoring software also offers G/L integration and smooth data export
For smoother data exchange within the company, software for recourse factoring also offers G/L integration and simple data import/export. Let’s talk about them one by one.
General ledger (or G/L) integration means that you can connect this system to your main financial platform or the general factor module for much more efficient data management. What’s more, simple data import and export is guaranteed thanks to the cutting-edge software solutions. Export documents with a few simple clicks or import data with a variety of formats.
