The client facing interaction is paperless, which helps clients eliminate the messy piece-by-piece process of collecting documents then making the request for funding via fax or mail
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Delray Beach, Florida (PRWEB) April 26, 2017
Gateway Commercial Finance LLC, a national invoice factoring company, announced today it is testing new software that interacts with QuickBooks to provide clients with an all-in-one method for submitting information to factors. With instant accounting updates, the software immediately alerts factors of potential client issues.
Marc J. Marin, Managing Director at Gateway and contributor to the project, said the software has the potential to “reduce client reporting requirements while providing real time insight into a client’s business, ensuring client portfolio stability.” He said the software is not intended to replace existing portfolio software such as Cadence, Stucky or Factor/SQL 3i, but rather to complement them by receiving client accounting information in real time. “Most factors today are completely reliant on the client providing information. This software takes that reliance away and can further improve a factors strategic understanding and ultimately the factors position.”
Presented with a simple user interface linked to QuickBooks, clients can submit invoices, upload supporting documents, and record basic accounting entries when an invoice has been purchased or collected.
“The client facing interaction is paperless, which helps clients eliminate the messy piece-by-piece process of collecting documents then making the request for funding via fax or mail,” said Marin. “No longer will a client have to segregate invoices and supporting documents. Simply point, click and submit. The factor benefits by a single submission from a client with all documents in one organized PDF and a CSV file with which a factor can upload directly into their portfolio software.”
According to Marin, factors often discover problems when it’s too late. The new software sends instant alerts to factors, who can then take timely and corrective action. “Payment over notice is a common occurrence. If the deposit is recorded in QuickBooks, the factor would get an immediate notification that a factored payment has been closed out on the client side without posting on the factors side. Therefore, the factor can take appropriate action.”
Designed to reduce detective work and paper clutter, the software provides factors with automatic alerts and relevant notifications. Once accounting entries are made in QuickBooks, factors can receive various alerts. Marin said some of the more prominent alerts will notify a factor in the event of clients collecting payments, the generation of a contra account, changes to invoice information or credit memos. Factors also receive real time identification of new bank accounts, new customers, easy and real-time identification of non-factored collateral and bank balance information.
About Gateway Commercial Finance
Gateway Commercial Finance provides a variety of funding and factoring options to small and medium-sized businesses in need of capital. Those businesses include established companies, start-ups, highly leveraged, rapid growth or negative net worth operating companies.