Introducing the Factoring Module
Factoring is a financial service in which a business sells its accounts receivable – its unpaid customer invoices – to a third party (known as a factor) at a discount. By doing so, the business gets immediate cash instead of having to wait for customers to pay. The business thereby also improves liquidity and outsources credit management, including debt collection and risk management.
The Factoring module in Continia Finance for Microsoft Dynamics 365 Business Central supports the operational process of selling your receivables to factoring companies. It helps you select the invoices to include in factoring proposals, generate export files in the desired data format, and monitor the receivables you've exported and submitted.
In short, Continia Finance Factoring provides all essential functionality required for you to factor your receivables. The module is also highly flexible and customizable – especially when it comes to data export – meaning that many factoring‑specific requirements can be supported with minimal configuration or development. Continia Finance Factoring is designed for both silent and open factoring.
Continia Finance Factoring at a glance
Overview of basic functionality:
- You can set up an unlimited number of factors.
- You have the freedom to select which companies should participate in factoring, which is centrally managed in a dedicated company selected for factoring.
- You can quickly and flexibly specify which customers should participate in factoring.
- You can create any number of factoring proposals and edit them before exporting them to the factors. To create a new proposal for the same factor, you must export or delete the existing proposal though, but previously submitted proposals can always be included.
- You can implement various file structures using data exchange definitions to meet the different requirements of the factoring companies.
- You can provide the factor with a file containing reconciled receivables up to any given cut-off date.
Deployment and management
You can find more information on setting up a factor and creating factoring proposals in the following articles: