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An important part of being in the factoring business, is what is known as "due diligence." After being [url=http://www.giuseppezanottipaschere.com]giuseppe zanotti soldes[/url] approached by a prospective client, a factoring company typically undertakes a thorough due diligence program that typically takes about 24 to 48 hours.
And part of this process, is the site visit, which must be taken seriously when performing Due Diligence for invoice factoring transactions.
The site visit is an opportunity to ask questions that may not have been covered in the original telephone inquiry or application for invoice factoring and to look at the operation and determine if it is being effectively managed. It is also [url=http://www.ktbruce.co.uk/barbourjackets.php]barbour.co.uk[/url] an opportunity to dig deeper for information and to evaluate the character of the individual(s).
A red flag identified in initial discovery or during the site visit, [url=http://www.thehygienerevolution.com/hollister.php]hollister france[/url] needs to be considered and questions asked in order to eliminate the flag.
Here's one example of fraud perpetrated by MiniScribe Corporation in the mid-to late 80's. MiniScribe, located in Colorado, was a manufacturer of disk drives and originally provided some of the drives to IBM for PC's. MiniScribe's business started to decline when IBM decided [url=http://www.davidhabchy.com]barbour outlet[/url] to begin manufacturing in house.
MiniScribe started booking shipments as [url=http://www.gotprintsigns.com/abercrombiepascher/‎]abercrombie soldes[/url] sales, recording false shipments, re-shipping "returned goods" as new product, counting defective product as inventory, providing misleading financial statements and stuffing bricks into disk drive shipping boxes [url=http://www.gotprintsigns.com/abercrombiepascher/‎]abercrombie pas cher[/url] (the bricks were approximately the same weight as disk drives at that time). The fraud was pervasive throughout the company and became increasingly more complex for a period [url=http://www.ktbruce.co.uk/barbourjackets.php]barbour jackets[/url] of three years. If only the lenders, accountants and auditors had "looked under the hood," the fraud would have been discovered much earlier. The company did not survive.
Site visits are a very important aspect of due diligence in factoring. It must be taken seriously and performed [url=http://www.mxitcms.com/abercrombie/]abercrombie[/url] well. This is an opportunity to discover what may not be identified during other aspects of due diligence. When funding a client on a repeat basis a periodic follow-up visit to [url=http://www.agentparadise.com]woolrich outlet[/url] the company are highly recommended.
Following are the steps that an invoice factoring company will take after a site visit [url=http://www.tagverts.com/barbour.php]barbour deutschland[/url] to complete the due diligence efforts and move towards completion of a factoring transaction.
-- After receipt of the [url=http://www.davidhabchy.com]barbour sale[/url] invoices - a factor will usually check the credit of the debtor named on each invoice and make sure the sale represented by each invoice has been satisfactorily complete.
-- Debtors' Notification - Once credit has been verified, each debtor is notified of the purchase by the factor and the client is paid for the invoices. -- Debtor Payments - At the end of the credit period the debtor will make payment directly to the factoring company thus completing the transaction.
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Kristin Gabriel writes for The Interface Financial Group (IFG). The factoring company provides short-term financial resources serving clients in more than 30 industries in the United States, Canada, the UK, Singapore, Australia and New Zealand. IFG offers expertise in invoice factoring, accounting, finance, law, marketing and banking.www.ifgnetwork.com/invoicefactoring.php
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