Debtor financing has helped Topgold Enterprises manage its cash flow, particularly during the current tough environment for SMEs.
Topgold Managing Director Darrel Herbert says debtor finance is an efficient way to access cash readily.
Topgold Enterprises has used debtor financing for almost 10 years to assist with growing the business and as an alternative to a bank loan.
Offering services in WA and Tasmania, Topgold Enterprises specialises in the provision of labour welders, boilermakers, pipe fitters, pipe welders, mechanical fitters, riggers, electricians and trade assistants.
Topgold Enterprises was introduced to Bibby Financial Services this year through a finance broker who is a strong advocate for the benefits of debtor finance.
Bibby releases funding on a daily basis, allowing Topgold Enterprises to manage cashflow easily, without waiting.
“Leveraging receivables improves our cash flow and we can take advantage of unexpected opportunities and pay our hire staff on time,” Mr Herbert said.
The company sends copies of its invoices to Bibby Financial Services, which typically converts around 80 per cent of the unpaid invoices into cash within 24 hours.
Funds are then available to draw down immediately to meet payment commitments to payroll and suppliers.
Bibby Financial Services
Ph: 02 8264 1007