Gener8 Finance appoints new Managing Director to lead business growth

615 G (25)Oxfordshire-based Gener8 Finance, one of the UK’s leading invoice finance providers, has announced the appointment of Paul Stokes, as its new Managing Director.

Paul is a specialist in commercial funding, having previously worked for major banks and, for the last 4 years, has been Managing Director of a successful commercial finance consultancy. It is this breadth of knowledge and experience that he will bring to the business, to enhance Gener8’s reputation further as a specialist provider of SME cash flow funding products.

Gener8 offers a range of working capital funding solutions to owner-managed businesses, specialising in providing fixed-price, confidential invoice finance facilities.

David Richards, Director and Founder of Gener8, commented: “We are delighted to get Paul on board. He is highly experienced in all aspects of commercial finance and shares our vision of what an invoice finance business should be about – great customer service, flexible funding and value for money. I am looking forward to working with Paul to grow our business and evolve the Gener8 brand. ”

Paul was pleased to say that: “As one of the most progressive invoice finance lenders in the country, it was an easy decision to join Gener8. In my previous role as a commercial finance consultant I regularly introduced clients to Gener8 and I have experienced at first hand the company’s total commitment to client care, communication and a willingness to go the extra mile.”

Paul’s primary objective is to strengthen Gener8’s standing as one of the most trusted invoice finance providers in the UK, ensuring that new and existing clients receive the highest standards of customer care and market-leading products.


 

Please visit www.gener8finance.com to find out more about Gener8 Finance and to find out how they are leading the way in funding UK businesses.

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Ending late payments

Regular late payments from buyers is threatening the existence of businesses of all sizes, with smaller businesses most affected, according to the latest report from the Association of Chartered Certified Accountants (ACCA).

Fixing late payments with invoice financing management tools

Fixing late payments with invoice financing management tools

The ACCA is the world’s leading body for professional accountants, with over 110 years of experience, innovation and excellence. They champion opportunity within accountancy, demonstrate excellence, and act as a driving force within the accounting sector to improve working practices.

During 2014, ACCA conducted a review of the widespread problem of late payments, which is a life-threatening challenge for many businesses. This review brought together research to identify potential solutions.

From the review, ACCA developed a series of reports to show how late payments are having a detrimental effect on businesses of all sizes. The papers, named Ending Late Payment (1, 2 & 3) suggests that ….”30% of payments made to businesses in the UK are outside of agreed terms – with between 16 and 21% not being made until more than 60 days after the initial service”. The report claims the prevalent culture of late payments is largely down to the lack of a financial infrastructure that can boost trade credit.

The research findings were split into three reports;

Ending Late Payment Part 1 – reviews the quantitative data from the ACCA surveys to define late payment and its impact on our economy.

Ending Late Payment Part 2 – reviews and brings together a spread of commissioned publications and secondary research to help define good practice.

Ending Late Payment Part 3 – provides a summary of the findings and most importantly recommends calls to action for Government, financial services and businesses.

Part 3, which is no doubt what we will all be looking at, depicts how businesses (referred to as suppliers in the report) can reduce the risk of late payments. In a snapshot, this includes:

  • Creating and building longer term relationships.
  • Aligning objectives between all parties.
  • Protection through due diligence.
  • Careful contract design and ensuring that credit policies are understood.
  • Exploring and securing alternative sources of finance such as factoring/invoice finance.
  • Distinguishing between late payment and genuine credit risk.

Working on the above aspects will indeed help resolve late payment issues, but the number one question on lenders lips is Why is invoice finance the last option they choose to help manage late payments and cash-flow?’.

Well, to understand why, look at the list and ask yourself what the common denominator is? You may be thinking that these are all about improving internal processes except for invoice finance. If you are, then you are part of the majority.

But, think of it like this, if you want to create longer term relationships in your business, you may already outsource your communications plan for a fee. The exactly the same can be said for using invoice finance – outsourcing this will become a way of managing your invoices, regulating cash-flow and ultimately avoiding the pitfalls outlined in the report.

So effectively, invoice finance is a way for businesses to regulate cash-flow and ensure late payments are avoided, just like using a communications agency to regulate relationships. Effectively, invoice finance can be used as a management tool for defining and creating solid cash-flow management processes.


Gener8 Finance is one of the UK’s leading invoice finance solution providers. We are here to clear cash-flow obstacles from your path, make the invoicing cycle work in your favour, and deliver the peace of mind that comes from knowing that you can meet your payment obligations on time, every time. Our solutions are highly flexible and are designed to evolve as your ambitions and circumstances change.

Contact Gener8 to find out how we can tailor a solution to meet your business needs.

All the essential financial news & topics in one place

Welcome to the new Gener8 Finance blog!

The team at Gener8 have so much to talk about that we felt now was the time to launch our new blog and get started on sharing knowledge and team and industry news with you. 

We hope that you enjoy reading our upcoming blog postings, but please feel free to contact us with an feedback that you have.

Watch this space for our first official post…

Best wishes

The Gener8 Team