FRP Advisory, Brentwood, raise more than £14.5k for charity

The Brentwood office of FRP Advisory, recently held its biggest-ever fundraising campaign – a charity triathlon, inviting members of the business community to take part.

The event, which attracted over 140 competitors, comprised of a 400m open-water swim, followed by a 20km bike ride and a 5km run.

p1Gener8 Finance, who co-sponsored the event, put in a team and came in a creditable 9th out of 38.

“It was great to be able to support our friends at FRP Advisory in raising money for such a wonderful cause. We are a sporty bunch at Gener8 generally and so it was a pleasure to be able to enjoy some good-natured competition in great company. I was also pleasantly surprised at our team’s finishing position!” Paul Stokes. Gener8 Finance Managing Director.

The event itself was a huge success “The response was phenomenal, we couldn’t be more pleased,” said Glyn Mummery of FRP: “We set ourselves a target of raising £10,000 for Little Havens Childrens Hospice and thanks to the support of the business community and sponsors, which included Gener8 Finance Ltd, we’ve exceeded that target, reaching £14,581.09 so far.”

Our aim now is to make it a permanent fixture in the corporate calendar and from the feedback we’ve had, we know it will be bigger and better next year.”

Pictured right, the Little Havens resident Pooh Bear holds the cheque presented
IMG_3737 (2)by FRP Advisory. Little Havens will use the money to provide respite breaks, symptom control and end-of-life care to youngsters not expected to reach adulthood because of a life-limiting or life-threatening condition. .

The Gener8 team would like to congratulate FRP Advisory on organising such an enjoyable event, and to thank Little Havens Hospice for the fantastic work that they do.

HMRC announces mandatory changes to ‘Time to Pay’ arrangements

HMRC have announced that from 3rd August 2015, it will be mandatory for all Time to Pay (TTP) arrangements to be collected by direct debit.

HMRC_logoTTP arrangements allow selected businesses, who cannot pay their tax bill on the due date, to pay the balance in instalments, over a period that they can afford, ultimately helping many businesses cope with short term cash-flow problems. Arrangements are tailored to the ability of the customer to pay and are typically for a few months, although can be longer. The granting of TTPs are decided selectively, on a case by case basis, by HMRC.

As part of a review of the service, HMRC are now insisting that all new TTP instalments are paid by Direct Debit, stating the following reasons:

  • Direct Debit is a more cost effective and secure method of payment.
  • It removes the chance that the customer will forget to make payment.
  • Payments are more likely to be correctly allocated by HMRC.
  • Reduces the need for subsequent customer contact, saving time for the customer and HMRC.
  • Direct Debit scheme includes a guarantee to protect the customer.

For those business not able to make payments by Direct Debit facilities, i.e where a bank account will not allow it, then other payment methods may be agreed upon with HMRC, on an exceptional basis.

Existing TTP agreements will not be affected by the new changes.

For further guidance, and for more details on TTP arrangements, please visit .

Gener8 Finance announced as finalists for the Insolvency & Rescue Awards 2015

We are very pleased to announce that Gener8 has been shortlisted as a finalist for the Insolvency & Rescue Awards, in the Asset and Invoice Finance Provider of the Year category.

I&R 2015 Finalist - Asset and Invoice Finance Provider of the YearNow in its eighth year, the I&R Awards (, provide a forum to recognise the achievements of firms and individuals working within a challenging sector in today’s economy.

A panel of over 20 expert judges, including representatives from the Insolvency Practitioners Association (IPA), the Institute of Chartered Accountants in England & Wales (ICAEW), Credit Today and Insolvency News amongst others will decide the winners. We will find out how we got on in our category at the awards ceremony on 21st October 2015 at the Hilton Park Lane Hotel in London.

Paul Stokes, Gener8’s Managing Director has stated: “We are very excited to have been included in the judges’ shortlist for the Asset and Invoice Finance Provider of the Year at the 2015 Insolvency and Rescue Awards. This reflects our commitment to working closely with the insolvency and turnaround profession to help businesses that are facing financial difficulties for a wide variety of reasons.

We are proud of our successful track record of providing flexible and innovative funding solutions, to business owners that need help in difficult circumstances.”

The Gener8 team would like to thank the judging panel for selecting us as finalists. We are very much looking forward to the awards ceremony, and wish all the other entrants good luck for the finals.

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.