At a BDC event last fall, “Small Business Week Kick-off – Let’s talk solutions for today’s business challenges”, panellists emphasized the need for a people strategy that finds creative ways for smaller companies to obtain labour capacity and needed skill sets. Labour shortages and skills gaps will be an issue in the long run, so creative solutions are needed.
People don’t often realize that our accounts receivable financing solutions are one such option for obtaining those needed skills and bridging gaps in the accounting department. As part of our solutions, we set credit limits for each client’s customers. Professional credit services are not typically an available skill that anyone but large businesses has access to, but this is something we staff for, and can provide excellent value to our clients in, as they consider appropriate terms for new customers they plan to meet, protect clients from changing customer credit profiles, and so on.
Further, as businesses outsource their payroll function to Ceridian, Payworks and similar firms, Team Capitally becomes our clients’ outsourced accounts receivable collection solution. We don’t take over the strategic relationships and aren’t a collection agency. Still, we perform the day-to-day collection role of an accounts receivable clerk, freeing up the accounting department time for other, higher-value tasks. Collection notes, cheques, and remittance copies are always available on our portal, so the line of sight is not lost, and processes remain accountable to the company’s leadership.
Our clients find us to be valued team players for “more than just the money.” Is it time you or your client brought us on as your working capital provider?
