Factoring is the transfer of your accounts receivable to a company specialising in invoice follow-up, including the financial and administrative management of your accounts receivables. This means that you leave the handling of sent invoices and your customer ledger to a factoring company. The advantage with using factoring is that professionals take care of the follow-up to sending out your invoices, allowing you to concentrate on other tasks in your company.
The transfer of your accounts receivable takes place when you generate a file from the customer ledger that contains information about your outstanding customer claims. You can send the file by e-mail, on a disk or upload it to your factoring company's website from where they can import it into their system for further processing.
The program supports a number of different customised factoring formats, in addition to the basic format Detailed XML.
To be able to use factoring you need to have entered into an agreement with a factoring company and entered your factoring settings in your Mamut program.
Read more about getting started with factoring here.
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