Case Study
Now extra cash is just a mouse-click away for Ivor Solution
Ivor Solution was set up 10 years ago to exploit the opportunities created by the internet. The business started life as a software supplier to the print industry but later diversified to include printing as part of their service offering.
They initially chose to go down the invoice financing route as a way to ensure steady cash flow and development capital, as Ivor Jacobs, MD, felt this best suited their needs as a growing business.
Like many others, Mr Jacobs had found banks unsympathetic and unable to provide the funding they needed, so he opted for Close Invoice Finance’s innovative new online invoice discounting solution, IDeal, to manage Ivor Solution’s cash flow.
Since then they’ve never looked back. In the past, a great deal of administration work was required in order to manage the company’s finances and raise additional cash. Now everything is much simpler and easier.
Instead of laborious, costly, month-end reconciliations, IDeal reconciles the accounts automatically, on a daily basis. With the greater transparency afforded by the new system, Close are able to release more funds more quickly than ever before. As soon as a new invoice is raised, and uploaded to Close, IDeal recalculates availability and gives access to the additional funds.
The impact of IDeal operating in real time, means that Ivor Solutions can now access almost 15% higher funding than when they operated a traditional process.
Mr Jacobs said: "Close’s product and the previous paper-based system we used are like chalk and cheese. We can get hold of cash very simply – with just two or three clicks of the mouse – making it much easier for us to manage our cash-flow requirements smoothly and efficiently."
"IDeal has paid for itself in no time, enabling us to unlock finance from within the company – Indeed, we haven’t had a single cash flow issue since we started working with Close two years ago." He concluded.
David Thomson, Chief Executive Officer of Close Invoice Finance added: "Close Invoice Finance gives businesses the power to grow without diluting equity and incurring debt. What’s more, our unique online reconciliation solution IDeal, makes us the only provider in the receivables market to offer prepayment levels of up to 95%, giving clients like Ivor Solution access to unprecedented levels of funding, a real shot in the arm for expanding businesses such as theirs."
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