Factoring: a flexible friend
Article Abstract:
The UK's factoring industry has been very successful for decades. Since 1981, it has been posting average growth of nearly 20% annually. In the first months of 1995 alone, the members of the British Factors and Discounters, who account for 90% of the industry, collectively advanced funds against invoices worth over 14 billion pounds sterling. This represents a 28.1% increase over the same period in 1994. The explosive growth of the factoring business is attributed in part to its focus on small and medium-sized growth companies, which comprise a booming sector of the British economy. Another factor driving the industry's rapid expansion is the reluctance of high street banks to lend to small and mid-sized businesses. In addition, factoring is growing very popular because it avoids late payment problems and offers flexibility in the provision of services.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1995
User Contributions:
Comment about this article or add new information about this topic:
Standard sets environmental goals
Article Abstract:
UK companies will soon have to contend with British Standard (BS) 7750 pertaining to environmental management in addition to the quality systems standard (BS5750). The draft standard is presently beingreviewed, with the final version expected to be released in Sep 1993. Reactionsto BS7750 are mixed. A member of the Federation of Small Businesses think that the standard will lessen the competitiveness of small businesses since compliance will be more costly and time-consuming for them. The timing of the standard's introduction is also criticized considering that British companies are struggling to survive a fourth year of recession. Others view BS7750 more favorably, including the Confederation of British Industry's Andrew Blaza who see the standard as a good preparation for compliance with the EC's Eco-management and Audit Scheme regulation.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1993
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: State tax trends. State Tax Advisory Board discusses President's proposals and more
- Abstracts: Characterizing human hand prehensile strength by force and moment wrench. Measurement of prehensile grasp capabilities by a force and moment wrench: methodological development and assessment of manual workers
- Abstracts: Factors affecting the audit of revalued non-current assets: initial public offerings and source reliability. The effect of the distribution of cases on judgmental consensus
- Abstracts: Statement of Standard Accounting Practice 4 (revised): Accounting for Government Grants (issued April 1974, revised July 1990)
- Abstracts: A case for rearranging the deck chairs? SSAP 24: time to sort out the balance sheet. Primacy for the P&L account