Riviera Finance stands with the American Trucking Association, our transportation debtors and our valued trucking clients in celebrating the phenomenal job that America’s Truckers do day in and day out. Even in the middle of a worldwide pandemic, America can rely on food, medicine and supplies to be delivered in a timely, safe and professional manner.
COVID-19 has been stressful and challenging on many levels. In addition to health concerns, the economy has suffered greatly with many jobs lost and businesses shutting down or filing bankruptcy. With the slowdown in many industries and traditional lenders’ underwriting process becoming more stringent, many business owners have discovered the benefits of alternative financing such as invoice financing and purchase order financing.
Traditionally, importers and distributors of consumer goods & supplies selling to retailers were most often using purchase order financing to grow their businesses. In the new landscape, many retailers are requiring longer payment terms which only increases the need for companies selling to them to obtain short-term funding such as purchase order financing and accounts receivable factoring.
Businesses in all different industries are being affected by the ongoing shut-downs. Not only has business slowed for many, but customers are taking longer to pay. Whether you are a factoring veteran or you are new to invoice factoring, you’ve discovered how it can solve your cash flow issues.
However, an advance on your receivables will only benefit your cash flow and overall business if you get to keep that cash. Unless you are using non-recourse factoring, you are at risk of having to pay the advance back to the factoring company should your customer have financial issues and not pay. Increasingly late payments are one sign of a possible impending bankruptcy. Read more
Extending credit to customers is an important yet sometimes tricky issue for businesses. On the one hand, when you extend credit you can boost sales and acquire new customers. On the other hand, it can damage your cash flow if you don’t handle the process carefully. During the COVID-19 pandemic, the credit issue is especially relevant with so many customers asking for credit. Read more
The IRS has extended the tax deadline to July 15th. Personal and business income taxes that were due on April 15 can now be filed any time before July 15, 2020. The extended deadline applies to payments due as well. This post has been revised to include the new deadlines
When you run a business, filing taxes isn’t quite as simple as it is for employed individuals. There are multiple tax deadlines that you need to be aware of. If you don’t conform to tax deadlines for businesses it can end up costing you extra money later on. Let’s look at some of the most important dates to keep in mind for business taxes. Read more