Advertising
Advertising

Understanding The Merits Of Invoice Factoring For Your Business in 2017

Understanding The Merits Of Invoice Factoring For Your Business in 2017

The majority of businesses get stuck financially not because they lack money but due to the fact that they cannot access their hard cash. Sometimes, clients may delay payments for up to 90 days. During this period, a company can make use of invoice factoring to keep the business afloat. We will look into all that you need to know about invoice factoring and the merits it has for your business.

What is Invoice Factoring?

Many terms can define invoice factoring. For example, you may hear some calling it “invoice financing” and others calling it “accounts receivable factoring”. All these names mean the same thing, which is invoice factoring.

Advertising

Invoice factoring is the process of ‘selling’ owed invoices to a lender. Broadly speaking, it allows you to use your money before you receive it. There are more than enough benefits to make invoice factoring worthwhile for your business. We will highlight some of the merits of invoice factoring for your business.

Quick Access to Cash

One of the many reasons invoice factoring is important to your business is because it allows you to get quick approval of loans from banks when you need the money. The majority of small and medium-sized businesses have a major problem in accessing bank loans or any other form of financial assistance. However, invoice factoring makes it easy. You can process a loan within a day or two if you are using invoice factoring services. However, it is important to note that the amount of money you get as a loan is purely dependent on the sum of your outstanding invoices. Most likely, a bank will give you a loan for 90% of your outstanding invoices.

Advertising

Relief from Invoice Collecting

One of the hardest tasks businesses face is collecting invoices. For a small business, this may mean employing new staff to follow up on such matters. It is clear that such a move is likely to raise the cost of operation of a business. If you can find a good company offering invoice factoring services, you will not have to follow up on your clients to get your money. You can use your money without hustling to get it. It is a relief, especially if you are dealing with clients who are notorious for not paying debts on time or at all.

Meet the Daily Customer Demand

It is easy for a small or medium-sized business to be forced to close down simply because they cannot meet the daily demands of customers. A company with outstanding invoices can fail to provide for its daily costs of operation if it does not use invoice factoring. Invoice factoring helps the company to get the money needed to keep the daily activities of the business running to meet the customer demand.

Advertising

Filling Large Customer Orders

With invoice factoring, you do not have to let go of large orders. When you have a customer with a large order, you can seek money and attend to that order instead of letting that offer go simply because you do not have enough money to attend to the order. This is a benefit to both small and medium-sized businesses that are still seeking opportunities to get hold of large orders. Therefore, when such orders come, such businesses should use all the possible resources they have access to, including invoice factoring, to get hold of the order.

Easy Approval Criteria

Not only does invoice factoring give you a way of getting bank loans, but it also provides ways to get such loans the easy way. With invoice factoring, you do not need to add your personal assets as security for the loan for which you are applying. This means that you can apply for and get a loan very quickly without having to go back to your list of assets.

Advertising

As discussed above, it is clear that invoice factoring is very beneficial to your business. You should consider using this option so that you can enjoy the above benefits plus many others.

Featured photo credit: FactoringCompanies198 via flickr.com

More by this author

Deborah Belford

Freelance journalist

Ebooks 6 Great Benefits You Didn’t Know About Reading E-Books Important Tips To Choose the Right Copy Trading Platform Invoice Factoring Understanding The Merits Of Invoice Factoring For Your Business in 2017 Questions 11 Heart-Melting Questions That Will Captivate Her Mind Productivity Learn How Comfortable Sleep Can Help You Increase Your Productivity

Trending in Productivity

1 5 Steps to Building Confidence That Is Unshakeable 2 A Complete Guide to Goal Setting for Personal Success 3 16 Good Habits of Happy and Successful People 4 22 Best Habit Tracking Apps You Need in 2020 5 How to Break Bad Habits (The Only Effective Way)

Read Next

Advertising
Advertising
Advertising

Last Updated on October 12, 2020

10 Best Calendar Apps to Stay on Track in 2020

10 Best Calendar Apps to Stay on Track in 2020

The success of our day is largely dependent on the quality of our planning. Not to miss out anything in their to-dos, some people prefer to make a list of upcoming tasks in a notebook, while others have long started using digital technology solutions.

Calendar applications are some of the main tools that are worth using to organize our life and plan your time carefully.

Many people have switched to specific tools; however, there are still some who do not use calendars on a daily basis. They may find some applications uncomfortable to use, non-functional, or expensive.

In this article, we are going to check out the best calendars apps to help you stay organized.

Before You Download

As you are no doubt aware, there are all kinds of calendar apps available. Instead of you sifting through the hundreds of them, we’ve handpicked 10 of the best calendar apps you can get. On top of glowing reviews from each one, we’ve considered the following aspects when creating this list:

  • User Interface – How you navigate the app should be smooth and simple. The buttons on the app should be clear, obvious and easy to move through.
  • Synchronization – Whether it’s with other calendar apps or with other apps, syncing apps should be easy and enhance your overall experience with the app.
  • Additional features – Since there are so many options for calendars, many of these apps offer additional features. These features make the apps stand out from the other apps and provide unique experiences to you.

1. Any.do Calendar

    This calendar has direct integration with Any.Do To-Do List, which gives you a unique tandem of two applications.

    Apart from its extended functionality, Cal Calendar is easy to use. The creation of events is very simple and fast.

    What is more, depending on the name of the event, the application automatically adds contacts and geolocation data to the entry description. You can even import your lists and entries from Any.do.

    Any.do Calendar is a great option for any type of user. It is very convenient and doesn’t overcomplicate the mode of display.

    Another good thing is that this tool is available for free, so you can use it without spending a dime for the software.

    Download Any.do Calendar here!

    2. Google Calendar

      Google Calendar is the official calendar for Android devices that has been tested out by many users around the globe. If you are right now trying to get away from it, consider changing your mind.

      Since this application is installed on most Android devices by default, many users think that there is nothing special in this program. They are wrong.

      Advertising

      Google has been updating its calendar for quite a few years, and now it comes in Material Design with advanced event features, direct integration into other Google services (for example, supports reminders and Google Now), and comes with Exchange support.

      The program is super easy and will not cost a dime for you. It is a good thing, right?

      Download Google Calendar here.

      3. Calendar

        Calendar is a relatively new app. It works as a web app and for both iOS and Android devices. It is an intelligent app that learns your contacts, schedule and tasks. It also helps you schedule and arrange meetings according to your available time slots.

        A good thing about Calendar is that it allows you to sync up with other calendars you use such as Apple Calendar and Google Calendar. And so you can manage all the calendars you have in one place.

        Calendar also gives you analytics of your meetings, giving you a clear picture on how you can improve your time management.

        Download Calendar: Meeting & Scheduling here.

        4. Business Calendar

          Business Calendar is geared towards people who use their calendar for work purposes and business task planning. It offers different modes with wide configuration capabilities.

          The application gives a default view mode by months, and events can be marked in different colors. Display modes/ sorting can be adjusted to your needs (by month, day, year, or events).

          You can also set a multi-day viewing mode to see how things look for the next few days. Scrolling up and down moves you by month, and if you check a few days, they will be shown in a more detailed form.

          The day display mode offers hourly scheduling, and the schedule mode provides a detailed schedule for a single event.

          Business Calendar is a great tool for planning/ scheduling cases, tasks, and events. There is a support for recurring events, which can be set up in just a few clicks.

          Having purchased software, you can use it to import and export other calendars, delete, copy, or move several events at the same time.

          Advertising

          Android Business Calendar application may seem somewhat chaotic, but it works fine and is easy to work with if you play with it for a while.

          A full version of the application is available for $4.99, but you can also find a free version for the app test drive.

          Download Business Calendar here.

          5. aCalendar

            aCalendar opens our collection of top 10 calendar applications available on the market today. With its appealing design, easy navigation, and great functionality, it is one of the most popular calendar apps in our list.

            Some of extra functions include color schemes for each case type (48 colors to choose from), different types of demonstrations, different widgets, moon phases, and much more.

            Taking into account it functionality, aCalendar is a reliable calendar application that has an easy-to-navigate interface with three display options. Scrolling from side to side allows you to switch between the display modes of the month, week and day.

            When scrolling down and up, you are moving through the calendar at intervals in accordance with the selected display mode.

            Apart from its time planning feature, aCalendar synchronizes photos from contact lists or social networks to remind you about birthdays, anniversaries, or any other special dates.

            The program also supports data transfer through NFC and full-screen widgets, which eases your work with any data.

            The program is available for free, but you can also get even more features if you buy the extended version of software for $4.99.

            Download aCalendar here.

            6. DigiCal Calendar

              DigiCal Calendar is very similar to Cal Calendar in the fact that the application focuses on design more than on its functionality. However, this doesn’t mean that the application doesn’t serve the purpose.

              With this calendar application, you can synchronize all your calendars and view them in different ways.

              Advertising

              Along with the basic functions, this program comes with support for Google Calendar, Outlook, and includes some unique and interesting features. You can match keywords to the image or set up a dark theme.

              The app can even show you the weather forecast for three days. There are many other features that deserve the attention of people who really like to use calendar applications.

              Download DigiCal Calendar here.

              7. SolCalendar

                SolCalendar can be called a universal application. It claims to be an all-in-one digital solution having a basic calendar functionality combined with some other advanced features, such as weather forecast for a specific day.

                The application supports Google Calendar, as well as tasks, widgets, lunar calendar and even Foursquare.

                Those searching for a calendar application to cover just everything in its functionality, SolCalendar is a program to consider. There are a lot of interesting things in this application; the program does an excellent job working in “all-in-one” mode.

                Test SolCalendar – the application is available for free. You can test it out without purchasing the service.

                Download SolCalendar here.

                8. IRL Event Social Network

                  One of the most unique apps on this list is the IRL Event Social Network app. As you can guess from the name, the core focus of this app is social networking. Unlike other social media platforms, you can consider this platform to function similar to Meetup.com. It’s a site where you can connect with other people within your area that share a similar interest.

                  IRL is that while also providing a convenient calendar for you to schedule events and plan out your day. Though due to it being a secondary focus, you’re lacking a lot of the syncing aspects that other apps have on this list. Regardless, because of this huge social feature, it’s worth considering for those who want to make more connections.

                  Download IRL Event Social Network here.

                  9. Today Calendar

                    Today Calendar is one of the most hip and edgy calendars in our list. The solution was one of the first ones that really embraced Material Design and remains one of the few that adhere to the neat style.

                    Advertising

                    The calendar application offers bold colors, simple controls, and great functionality. This is not as heavy an application as many others; it will not eat all the memory of your device.

                    If you are not searching for something complicated and over-functional, Today Calendar is what you need. You can always test the application before paying for it – the program is available for free.

                    Download Today Calendar here.

                    10. Timepage

                      Timepage is an intuitive calendar app that will manage your time in a way that other calendar apps can’t. It offers the same sort of functions that you’d expect from other calendar apps: opportunities to record events, notifications and reminders, weather, and driving duration to a particular event. However, the app goes beyond those functionalities in two ways.

                      The first way is that while the app sends you notifications, it also has reminders for you for what is coming up next. That bit of extra time can allow you to prepare and make adjustments to your day if need be.

                      The second function – which is more important – is the heat map when you go to see the full view of your calendar. This heat map indicates what days you are most busy and other days where you are freer. This heat map provides a quick glance to determine broadly what days are good to add more events and other tasks.

                      Download Timepage here.

                      Our Verdict

                      Searching for the right application to manage your various calendars and plan your busy day can sometimes turn into a streak of obstacles.

                      Most of us need flexible applications that can be easily used to manage our tough schedule. The application should have all necessary time planning functions and be intuitive.

                      Stylish design and limitless compatibility also matter. It is not always easy to find such a program.

                      The above digital calendar solutions fall under the category “worth” of being used. They are modern, multifunctional, easy, and easy. Pick the one you like!

                      More Productivity Apps for Better Time Management

                      Featured photo credit: Unsplash via unsplash.com

                      Read Next