21st October 2022

How invoice finance can help the day-to-day running of your business

How invoice finance can help with running your businesses Eloise Smith Chef's Patisserie

Invoice finance is a quick way to help your business financially but can also assist in its day-to-day running. So how can invoice finance help?

Partnership approach

It may be that you’ve got a large expenditure ahead of you, or you’re concerned about customers not paying their invoices on time. Whatever the situation, having someone to talk things through and help you tackle issues before they arise is essential to the daily functioning of your business. With Optimum Finance, there is a partnership - we act as an extension of your team and are always available to be your sounding board. We help with these everyday funding stresses so you can get back to growing your business.

You will have a direct line to your Relationship Managers who have all worked in the invoice finance industry for many years and can assist with any funding queries, whether they're run of the mill or something a little out of the ordinary. The first step is to ask.

Easy to use system

In a small business, sometimes your team members will need to fulfil a multitude of roles. It’s not always a professional accountant handling your finances and managing the day to day money. Optimum Finance uses the E3 system which means all of the invoicing is digital and incredibly user friendly. No experience of accounting software is needed to understand how to get invoices paid; so your team will easily be able to manage the daily finances of your business.

We spoke to Eloise Smith at The Chef’s Patisserie about her experience using the system. "I wasn’t sure about using invoice factoring at the beginning. I started at the family business packing boxes and have moved up to working with the accounts. I never had a finance background, but through training with accountants and being assisted by the team at Optimum I’ve been able to take on this role."

"They talked us through step-by-step of the everyday things, and then said you’ve got us here if you need. They talk to me in plain English and if I don’t understand something, I can ask them and they can explain it. For the first few weeks I sent an email every time I did something just to check that I did it right, but the portal is really easy to navigate. I’ve fully got to grips with it."

Proactive about cash-flow

By setting up invoice finance, you’re allowing your business to gain quick access to much needed cash rather than it being tied up in outstanding invoices. Rather than burying your head in the sand, and battling extended payment terms while trying to pay your bills, you’ll have a healthy cash-flow to spend what you need on helping your business to grow.

Time spent wisely

In a growing business, you’ll likely have to work with a variety of payment terms and customers might not always be quick to pay on time. With invoice finance, your team members will no longer have to waste company time chasing up old invoices. Instead, the hassle of follow up is placed in the hands of the invoice finance company and your team can get back to doing what they do best - helping your business boom.

Eloise said "Our clients love this because we’re not nagging them saying, we need it in 30 days! We can get on with the job because we have the cash."

Quick scale up

Many SMEs struggle to grow because they’re held back by difficulties with cash-flow. As Nigel Smith, Director of Chef’s Patisserie, explained "it’s very hard when you’re paying bills weekly. For somebody to not pay you for 70 or 80 days is very difficult." With invoice finance in place, Chef’s Patisserie were able to "develop and grow the patisserie" as they were no longer stunted by cash-flow difficulty.

At Optimum Finance, we utilise innovative technology to offer a range of flexible funding solutions, which grow alongside your business. Get an instant estimate for the amount of funding you could access with our finance calculator. Products include invoice discounting and factoring that can boost your cashflow and give you access to a dedicated credit control team.

Email or call us to speak to our experienced team of experts and find out how invoice finance could help your business. We pride ourselves on getting things done quickly and providing access to cash within 24 hours of approval. We are passionate about finding solutions and delivering to clients’ needs.