content top

What are the Benefits to Factoring Invoices for a Business?

When you have a business, there is one rule at the very core: money needs to be moving. As the oil in the engine of commerce, movement of money into and out of business is a necessity. The stalling of that movement can be scary. With most businesses the pay and spend cycles can be completely out of sync and thus the interim time between being paid for a previous job and spending to finishing another can be extremely stressful. If this sounds familiar, it’s possible that factoring could be the system for you!

So a Factoring Business is a business which fronts the bill for immediate investments and jobs. This gives say a freight company much needed money to fund their next shipments without having to be paid immediately for their previous job. Since the topic of freight companies was already brought up let’s investigate that particular industry shall we? According to TBS Factoring Service qualifying for bank loans has gotten progressively more selective and the wait necessary to get the loan can take weeks or months. When you are running a business in a high-octane, and fast-moving business like freight truck driving you need to be able to get paid and keep trucks on the road to keep customers happy. In a recent article posted on Transport Topics News they said that many trucking companies have poor earnings in the first and seconds quarters only to recoup their costs and gain profits in the latter half of the year. This behavior, of course, makes banks cautious to do dealings with trucking companies. However, banks are just not accustomed to these kinds of business. Invoice Factoring is a kind of bank-specific to these companies with uneven earning patterns. Trucking companies are so vital to the economy, but because of the way they do business with companies, there are times when their invoices are delayed.

As the economy grows more and more types of companies are created. No matter the type of company there are always goods that need to be transported across the country. The transportation industry is one of the biggest businesses in the United States. And it’s no surprise considering this country is so diverse and spread out geographically. Invoice factoring is the response to newer technological companies sprouting all over the country. Businesses that started from the internet don’t have the normal 9-5 work schedule or even quarterly payment plan, but they still need equipment and goods shipped. Therefore it’s only natural for their different profitable quarters and payment plans to bleed into the freight business.

Invoice factoring is appropriate for any business that is just starting and needs help going from payment to payment. It is also appropriate for businesses with very specific times of the year where they earn most of their profits. One can think of factoring almost like a schedule equalizer, it normalizes irregular payment periods and turns what a bank would see as a risky investment into a profitable business.

Read More

New York State Working to Give Prisoners a Chance at Clemency

According to the Huffington PostNew York Governor Andrew Cuomo has revealed a plan to help inmates struggling with monetary difficulties. It can be challenging for inmates to find the funds to fight against court rulings. Many individuals who want to take their cases to a higher court or make a plea for a pardon are kept from pursuing their best interest due to financial constraints. New York aims to make it easier for convicted individuals to obtain the legal resources they need to petition the Governor for a pardon, the eradication of someone’s criminal record, or clemency, which often involves commuting an individual’s prison time. When an individual’s sentence is commuted, their time in prison is cut short. However, commuting does not entail erasing someone’s criminal record. A pardon retroactively absolves you of crime, but when someone’s sentence is commuted, it does not necessarily relieve them of criminal guilt.

Individuals seeking a pardon or a sentence commutation from the Governor frequently have difficulty funding their legal plea. That’s why Governor Cuomo joined together with legal organizations such as The National Association of Criminal Defense Lawyers, the Foundation for Criminal Justice, and Families Against Mandatory Minimums. Together, the Governor and these groups are looking to make legal resources much more readily available for those that require assistance. His partnership is based upon a federal effort that encouraged legal groups to train criminal defense attorneys to identify potential clemency petitioners and assist them in applying. This partnership furthers goals set for New York by Governor Cuomo two years ago.

Governor Cuomo has made an efficient, just legal system a key part of his political platform. Starting in 2015, the Governor backed efforts to increase free or “pro bono” legal representation for inmates looking to petition for clemency. Since its inception, this initiative has found over 1,700 individuals to assist. His program encourages private lawyers to give their services to individuals who wanted to build a case for a pardon or for commuting their sentence. He himself has used his office to grant various forms of clemency to convicted individuals, pardoning 114 people and reducing the sentences of 10 others.

This new partnership, along with the continuation of Governor Cuomo’s program, will doubtlessly help many individuals access the resources they require. It’s unfair that so many are kept from using the law to its fullest extent due to financial restraints. Many individuals and organizations in New York agree that convicted and accused individuals should be able to obtain legal representation when they need it most. John S. Wallenstein, the president of the New York State Association of Criminal Defense Lawyers, says, “This partnership is a welcome expansion to the existing project, as it will bring more lawyers together with applicants who lack the resources to pay for representation.” He goes on to express, “With more training, mentoring, and electronic access to client materials, this partnership will help our members better represent reformed and rehabilitated applicants in the State’s process, and assist them in their efforts to apply for clemency.”

 

 

Read More
content top