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【知識點】Aspects of factoring應收賬款保理

Aspects of factoring

The main aspects of factoring include the following：

(a) Administration of the client’s invoicing, sales accounting and debt collection service.

(b) Credit protection for the client’s debts, whereby the factor takes over the risk of loss from bad debts and so ‘insures’ the client against such losses. This is known as a non-recourse service. However, if a non-recourse service is provided, the factor, not the firm, will decide what action to take against non-payers.

(c) Making payments to the client in advance of collecting the debts. This is sometimes referred to as ‘factor finance’ because the factor is providing cash to the client against outstanding debts.

【知識點】The symptoms of overtrading過量交易的特征

The symptoms of overtrading

(a) There is a rapid increase in sales revenue.

(b) There is a rapid increase in the volume of current assets and possibly also non-current assets. Inventory turnover and accounts receivable turnover might slow down, in which case the rate of increase in inventories and accounts receivable would be even greater than the rate of increase in sales.

(c) There is only a small increase in equity capital. Most of the increase in assets is financed by credit, especially:

i. Trade accounts payable – the payment period to accounts payable is likely to lengthen

ii. A bank overdraft, which often reaches or even exceeds the limit of the facilities agreed by the bank.

(d) Some debt ratios and liquidity ratios alter dramatically.

i. The proportion of total assets financed by proprietor’s capital falls, and the proportion financed by credit sales.

ii. The current ratio and quick ratio fall.

iii. The business might have a liquid deficit; that is, an excess of current liabilities over current assets.

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