Enterprise Software for Commercial
Finance
The FactorSoft Suite of Products
FactorSoft is an innovative and complete portfolio management system designed for Factors and Asset Based Lenders. Capable of managing every aspect of the factoring and A/R finance business, FactorSoft is a powerful yet affordable solution.
£
£ Secure Client Access
£ Exceptional Support
Installation & Ease of Use
FactorSoft is a Windows-compatible application. As a Microsoft Certified Partner, Bayside Business Solutions develops our software to meet the stringent requirements of Microsoft and to the highest of industry standards.
System Security
Every FactorSoft function is controlled by specific security rules. Users cannot perform functions that are beyond their authority.
By assigning each FactorSoft user to a specific user group, the system administrator allows users to perform specific tasks, while keeping them from doing others. Each level of user access within FactorSoft can therefore be controlled. Moreover, you have the ability to modify FactorSoft’s established user definitions according to your business needs.
Management Controls
FactorSoft controls critical aspects of portfolio management. This includes invoice verification, credit checking, purchase decisions, risk analysis, concentrations, trend analysis and funds employed reporting.
The system provides balance drill down at every level and access to most pertinent information is generally available with just a click of the mouse.
System Auditing
FactorSoft’s security is flexible and powerful. Security is based upon roles and users; access to each function or option in FactorSoft can be granted or restricted based on user or role.
Most tasks and settings in FactorSoft have an audit capability, which keeps a record of changes made, the user that made the change, a timestamp, and what the change was.
System Preferences
FactorSoft contains a very robust set of system preferences. System Preferences are the functions utilized to customize FactorSoft for your business. Options that are selected here have a “system-wide” effect on the software; it will change the parameters of the program for all users.
User Preferences
Each user can save his or her individual preferences—such as screen size, sort sequences, column grid choices, and report selections--so each time they log into FactorSoft on that workstation, their settings are the same.
Data sharing
FactorSoft is the perfect data management system for all your clients, debtors, brokers, and contacts. One of FactorSoft’s most remarkable features is its ability to let clients share debtors. This key attribute enables you to:
£ View a debtor’s relationship with other clients
£ Determine credit limits for one specific debtor across all clients
£ Discuss multiple collection issues with a debtor simultaneously
£ View all notes against the debtor as a group
Transactions
Transactions dictate the monies you disburse and collect on a daily basis. These transactions are directly associated with numerous reports and statements, which describe what invoices, deductions, and calculations were made over a given time period.
FactorSoft gives you the ability to view, print, fax or e-mail transactions and their corresponding reports in order to assist you in your daily business decisions and in communications with your clients.
Purchase Processing
FactorSoft offers a rapid invoice entry form that is designed to alert you of warnings, balances, notes, and credit limit issues when selecting or adding a debtor. In addition, tabs automatically display information on related expenses, payments, recourse terms, cash reserves, and pending invoices.
FactorSoft has the ability to handle electronic uploads of purchases from import files, Excel spreadsheets, images or data entry. The data can then be verified, approved by management, balanced and purchased quickly and accurately.
Reports can be automatically emailed or faxed to your clients. Client-based invoice input can be accepted from email or through our web application.
Payment Processing
FactorSoft lets you post incoming payments without having to sort checks by client. Simply apply each check to its respective invoice. When you’re done, FactorSoft generates separate payment batches for each client.
Check posting has been combined with many powerful search capabilities to make payment processing quick and accurate.
Disbursement Processing
FactorSoft reserve release and A/R finance disbursements processing calculates many types of eligibility to present the decision maker with all information necessary to determine an acceptable disbursement amount.
Disbursements can be written against multiple accounts; by wire service, bank transfer, on demand checks, a dedicated check printer or by handwritten check.
FactorSoft keeps track of the payments and the method of payment. The reports you may access, after payments are made, will indicate whether a wire, a transfer, or a check was used.
Reports & Report Scheduling
FactorSoft’s robust reporting capabilities provide you with more than 60 standard reports that can be customized according to your needs. In addition, reports can be saved as templates, allowing you to run the same set of specifications each time, without having to reenter the specifications. Scheduling allows you to decide when and how often to automatically run a report, and scheduled reports can be emailed or faxed to recipients.
Credit Management
FactorSoft gives the user the ability to enforce credit limits, and monitor credit changes. Limits can be set on users and ticklers can be generated when it is time to credit check again.
You may set up Credit & No Buy limits at the client, debtor and client/debtor relationship levels.
G/L Accounting Exports
The program has the ability to export your accounting or journal information directly from FactorSoft into many popular accounting systems. Complete trial balance and accounting report capabilities are provided.
Multi-currency
With FactorSoft, you can have portfolios denominated in any currency, with the ability to run appropriate reports in both native and primary currencies.
The Currency Table is used to define the different currencies and the rates of conversion that you may use in your business. If you set up multiple currencies using the Currency Denominations Table, there will be dropdown menus within the system that will reference this table. You define your native currency in System Preferences (Factor name/address) and you define a specific client’s native currency on their Client Information screen.
Notes
FactorSoft lets you create notes, or messages, on the Notes Screen to effectively exchange client or debtor-related information with other staff members.
Preference Output
Based on client or debtor settings, reports can be faxed, emailed or mailed to clients and debtors automatically, without user intervention, saving time and money.
Web Compatibility
With FactorSoft’s Web Interface, you can expand the accessibility of FactorSoft to the internet. Real-time access to data combined with the ability to submit information—such as uploading invoices, new debtors, credit requests, and disbursement requests—allows you to conduct business from any location with internet access, all securely.
Reports and Report Scheduling
There are numerous built-in reports including: aging, transactions, statements, check distribution, trial balances, as well as custom reports you can create yourself.
Client level reports can be generated using Excel templates. Verification and collection letters can be generated using your pre-defined templates in Microsoft Word.
Collection Module
Through the use of collection notes, queues, reminders, reports and more, FactorSoft’s powerful collection module helps your collection staff determine who to call next, which debtors need callbacks and who promised to pay what and when.
Invoice Verification
The FactorSoft invoice verification function lets you track your actions and results when contacting a debtor to verify the validity of one or several invoices.
Electronic Import and Export functions
FactorSoft can process invoices supplied as text files or Excel spreadsheets. FactorSoft has built-in, generic electronic debtor/invoice import functions. We currently support eleven formats.
FactorSoft can also Export data using a wide variety of methods and formats.
Tickler files
In addition to creating ticklers created based on debtor or client notes, FactorSoft also gives the user the ability to create automatic ticklers by clients based on pre-defined events.
Search Functions
With FactorSoft, you have the ability to search for invoices, checks, and debtors based on a partial check number, phone number, city, state, zip code, purchase order number, invoice number or invoice amounts.
Client Terms
FactorSoft offers a wide variety of standard terms regarding rates, fees, rebates, recourse, eligibility, and payment options; you can easily create as many new terms and term combinations as you need.
With FactorSoft, different terms can be set up for groups of clients, individual clients or even for selected purchases. You are in complete control of this important aspect of your business.
The financial information defined in the Client Terms is used throughout the system. It affects all areas of fee calculation, reports, and statements.
Red Flag Rules
The key to successful portfolio management lies in accurate, ongoing data analysis. FactorSoft’s Red Flags functionality—an innovative tracking tool for enhanced, user-defined client analysis—has been designed with this in mind.
The Red Flag concept is straightforward and simple: Designed to manage accounts proactively, Red Flags offer the ability to (1) flag clients based on user-defined warning conditions called red flag rules, and (2) monitor clients interactively for red flag occurrences.
FactorSoft Desktop Service
The Desktop Service is a standalone application designed to automate overnight and background tasks, such as:
£ changing the system date
£ processing red flags
£ rebuilding collection queues
£ maintains accrual, ineligibility and recourse information to speed up client calculations
Once installed, the Service can be run continuously, or you can stop and start it at will.
Document Management
FactorSoft’s powerful document management system provides a solid storage system for all types of business documents. At the click of a button, an invoice or check can be retrieved, viewed, and emailed or faxed to a client or debtor.
Add On Modules
The FactorSoft suite of products includes a variety of modules which offer various enhancements, and extensions of the FactorSoft core system. They may be added at any time, to further improve back office operations efficiencies.
Web Interface
The FactorSoft Web Interface module gives your clients the ability to view their accounts on-line, in real-time. This customizable application enables your customers to see their account activity, run a variety of reports, submit credit requests and disbursement requests, and upload purchases and debtors directly into the FactorSoft system.
The Web Interface is completely customizable and can be integrated into your existing website, enabling you to enhance your contact with customers by supplying them with a variety of up-to-date financial reports automatically.
Communicating with your clients has never been easier. With the new Online Chat functionality, your clients can contact you for real-time support while using the Web Interface.
Carrier Payments
Carrier Payments allow you to send checks directly to carriers—paying a portion of the shipment cost, then paying the rest when the shipment is delivered.
Imaging
FactorSoft integrates with a variety of imaging solutions—scanners, faxes, and even email. Keeping a digital copy of an invoice or check on hand is invaluable—and FactorSoft makes it easy to do just that.
Purchase Import for MS Exchange
The Purchase Import for Exchange module allows you to import Purchases (invoices) directly into FactorSoft using your MS Exchange Email Server.
riskFactor Export
The riskFactor Export module interfaces with the riskFactor application, which analyzes your financial records and data, then provides a summary of at-risk clients, debtors, transactions, and other risks within your business.
EDI Interface
The FactorSoft EDI Interface is a standalone application that monitors a specified folder for incoming invoices, new credit requests or purchase orders, and imports them directly into FactorSoft.
TAPI Dialer
The TAPI Dialer ties your office phone system into FactorSoft, allowing you to dial a contact’s number with the click of a button, as well as view an audit history of who initiated a call and when.
PO Financing
Like invoices, purchase orders can be purchased and an
advance given to the customer; the process for buying and collecting on
purchase orders is basically the same as the process for invoices. In this
case, though, you are advancing money in promise of an invoice, and when the
invoice comes in, the invoice money can pay off the
TrakFax
The TrakFax module enables you to import faxes directly into FactorSoft.
For more information about our products and services, please contact us via email or by calling:
800.567.4580 and select Option 3 for Sales • outside of the U.S., please call 310.455.7520 and select Option 3 for Sales
North America (West)
Bayside Business Solutions
415 South Topanga Canyon Boulevard • Suite 300 • Topanga, California 90290
[310] 455.7520 Phone/Fax
North America (East)
Bayside Business Solutions
2 20th Street North • Suite 1600 • Birmingham, Alabama 35203
[205] 972-8900 Phone/Fax
Europe
Bayside Business Solutions
Unit A, Kemps Farm • London Road • Balcombe • West
Sussex RH17 6JH
0207 993 2535