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Abacus
Confidential
cash flow funding for accountants
A facility at commencement and ongoing equal to 75% of your
outstanding business customer invoices secured soley on
your firms sales ledger.
Designed specifically
for accountants and operating on an administratively simple
basis. Abacus is completely confidential.
A cost
effective modern alternative to conventional bank overdraft/loan
funding utilising funds tied up in your sales ledger.
Q. What
is Abacus?
A. Abacus is a Confidential Invoice Discounting arrangement
specifically designed for Accountants.
Q. Who is eligible?
A. Most firms with 3 or more partners who ideally have been
in practice for at least 3 years.
Q. How does it work?
A. Abacus provides a working capital line equal to 75% of
your outstanding invoices to business/corporate clients
both at commencement and on an ongoing basis.
Q. When do we get the remaining 25% balance?
A. As soon as your clients have paid in full, and we have
cleared funds.
Q. Will you fund all of our invoices?
A. Usually funding will be against all invoices up to 90
days old for creditworthy business clients.
Q. Who does the Credit Control?
A. You continue to deal directly with your Clients who will
be unaware of our involvement.
Q. Who receives payments from the Clients?
A. Automated (BACS) payments should be directed straight
to your nominated Abacus account which is held with us.
Cheques will be received by you and should be paid into
the same nominated Abacus Account.
Q. Is it complicated to operate?
A. No, you complete a straightforward sales reconciliation
by the 12th of each month and provide basic debtor/creditor
information. Credit control continues as before including
monthly client statements being despatched by you.
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Cash
flow funding