Finance New Mexico update 7-6-13

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Accounts receivable represents money a business will get when — and if — the client pays his bill. It’s not money in the bank, but it’s money the business expects to collect within 30 to 60 days.

While waiting, many businesses that are owed large amounts of money — either because of generous, or traditionally slow payment policies, or foot-dragging clients — can struggle with cash flow shortfalls and be unable to pay their employees and vendors on time.

Some companies deal with this by securing short-term loans or using company credit cards. Others sell their accounts receivable invoices to a third-party “factor” to turn the IOU into working capital.

Putting cash to work

The factoring method of asset-based financing is as old as commerce itself. “It’s a very old form of financing,” Melinda Fricke, regional first vice president working out of Dallas and supporting businesses throughout New Mexico, said. Factoring is especially popular today with fast-growing companies and businesses that have been around for fewer than three years.

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