Tag Archive for: finance

Training: Ontdek de kracht van BI voor Financials

| 3-6-2019 | Alex van Groningen |

Wilt u een actievere rol gaan spelen in Business Intelligence (BI) en Analytics-projecten? Wordt u betrokken bij informatievoorziening ter ondersteuning van strategische en tactische besluitvormingsprocessen? Wilt u beter voorbereid in gesprek gaan met BI-specialisten? Dan is de introductietraining BI voor Financials voor u onmisbaar.

Ontdek de kracht van BI

BI staat al jaren bovenaan in top 10 lijstjes van zowel management als IT. Vooral door de recente mogelijkheden die big data analyse biedt om meer waarde te creëren. Ook in de financiële wereld is BI hot en wordt er, naast klassieke reporting lines, nadrukkelijk gekeken naar wat analyses kunnen brengen. Na deze eendaagse introductietraining weet u het ook.

Meld u nu aan

Volg de training BI voor Financials en ontdek wat BI is en wat het voor uw financiële organisatie kan betekenen. Verkrijg een 360° inzicht en ga direct aan de slag.

Periode: 1 dag
Investering: 995,-
Certificaat: 7 PE uren klassikaal
Datum: 6 juni 2019
Locatie: Hotel Fletcher Utrecht/Nieuwegein

Aanmelden

Uw voordelen

  • Begrijp de power van BI; haal alles uit de informatie die u in huis heeft
  • Word een volwaardige gesprekspartner voor BI- en IT-specialisten
  • Implementeer BI effectief, efficiënt en overtuigend in uw planning-en-controlcycli
  • Overtuig uw directie op basis van feiten en een onderbouwde BI businesscase
  • Lever financiële rapportages en analyses die zichtbaar toegevoegde waarde hebben

Onderwerpen

  • Wat is Business Intelligence?
  • Toepassingen voor BI binnen finance
  • Inrichting van en technieken voor BI
  • Gastspreker Jeroen Frenken; Manager BI Competency Center Schiphol Group
  • Organiseren van BI
  • Een businesscase voor BI

Boeken en materialen

Alle deelnemers ontvangen een map met alle presentaties die uitstekend als naslagwerk kan worden gebruikt.

Voor wie?

Bent u ook een financieel manager aan wie steeds hogere eisen worden gesteld? Wordt van u verwacht dat u mee kunt denken over IT vraagstukken? Wordt u ook geconfronteerd met complexe IT beslissingen en een steeds grotere aansprakelijkheid? Dan is deze BI introductie training voor u onmisbaar.

Incompany

We kunnen dit programma ook voor u op maat organiseren. Dat is al een goede optie bij vijf of meer medewerkers. Een financieel voordeel oplopend tot 50% van open deelname, een programma op maat en uitvoering waar en wanneer het u en uw organisatie uitkomt.

Vragen? Neem contact op!

Kan ik u van dienst zijn met een toelichting of advies?
Bel of mail gerust. Ik help u graag verder.

Ivo ten Hoorn, Product Manager Opleidingen
020 578 8911 / 06 2471 9757
[email protected]

 

Executive Treasury Management & Corporate Finance session

| 31-5-2019 | Vrije Universiteit Amsterdam |

An information session has been scheduled for June 26, 2019 at 19.00-19.45. For more information or registration for this session, please contact [email protected].

KEY FACTS ON THE PRO­GRAM

The post-graduate Executive Treasury Management & Corporate Finance programme combines two finance disciplines: Treasury Management and Corporate Finance. These disciplines largely overlap and are inextricably connected.

This post-graduate executive programme has now been running for more than 20 years at Vrije Universiteit Amsterdam. It is a unique programme both in the Netherlands and abroad.

As from September 2018 the programme will be delivered entirely in English to appeal to the increasingly large community of non-Dutch-speaking finance professionals in the Netherlands.

Participants successfully completing this post-graduate executive programme will be awarded with the title of Registered Treasurer. This title is well-known and widely recognized within the treasury professionals’ community.

The curriculum consists of 6 modules, each of which covers a clear sub-discipline in Treasury Management and Corporate Finance. Each module comprises approx 8 lecture days on Thursdays (from 15:30 until 20:00). It is an intensive and efficient 18-month programme.

The post-graduate Executive Treasury Management & Corporate Finance programme is a strategic partner of the Dutch Association of Corporate Treasurers (DACT). Partners in the programme are KPMG, Orchard Finance, PwC, and Zanders Treasury & Finance Solutions. Senior affiliates are programme lecturers.

Exemptions apply to alumni of Dutch RC and RA programmes.

LOCATION

Vrije Universiteit Amsterdam
Agora complex
De Boelelaan 1105
Amsterdam

CONTACT

Investment Management (IM) & Chartered Financial Management (CFA)
Emiel Erbé
[email protected]
020-5986118

Risk Management for Financial Institutions (RFMI)
Michelle Habets
[email protected]
020-5986159

Treasury Management & Corporate Finance (TM&CF)
Myrthe Scholze
[email protected]
020-5987231

 

 

Recap conference Toekomst Betalingsverkeer

| 13-5-2019 | François de Witte | treasuryXL |

Each year in April, the Conference “Toekomst Betalingsverkeer” is organized by Euroforum in Amsterdam. This is a major event in the Payment Business, which gathers over 300 professionals. Several themes relating to Innovations on Payments came up. To start with Patrick Coppens presented an inspirational keynote speech about the Payments Innovations in China, who on this moment clearly is the trendsetter in this area.

The program consisted of several keynote speeches and round tables, where different sub-themes were discussed in small groups. I chaired two of these round table sessions on the topic of: “The View of the Treasurer on Payment Transactions”. In this article I will discuss the takeaways from the round tables I chaired and other presentations I followed at the conference.

To start of my round table sessions, I showed a picture that shows my view on factors affecting the payment landscape:

We also had a lively discussion about this topic where, amongst others, the following points came up:

  • If we move to a 365/7/24 payment systems, all the other components of the economy will have to follow. Real time payments will require “Real Time Treasury”: Will treasurers also have to work on a 365/7/24 basis? According to me, this will not be the case in all the industries, but in certain sectors, like Retail and e-Commerce, this might be the case, or at least treasurers will have to be “on call”.
  • Large corporates will move slower to open banking then Retail and SME, but the shift towards Open Banking and Real Time Payments will also affect them.
  • Beside the traditional TMS players and middleware providers, we will also see an increase in FinTech’s coming up with smart solutions for the SME and Midcaps. They will challenge the incumbent players with more flexible and lower priced solutions. The challenge for them will be to get the trust of the large corporates, which might not be willing to entrust their high volume and value payments to smaller FinTech’s.
  • Currently SMEs sometimes complain about the solutions of the banks. Banks must come up with smarter solutions for the SME, because one day they might become midcaps and corporates.
  • Corporates are interested in the solutions, and do not look through to the components. It is like when you go for an operation to the surgeon: you do not expect him to check the origin of the operation table. Trust will remain important.

We also had an interesting presentation of Innopay, who made a mapping of the different banks in the Open Banking ecosystem. Amongst the masters in openness, we see challenger banks, Bunq, Fidor and Starling bank, the large Scandinavian banks SEB and DNB, and some global banks (Citi and BBVA). The large Dutch banks (ING, RABO, ABN AMRO) are leaders in experience but have currently still a more limited API scope.

Furthermore, there were presentations highlighting the increasing trend of “Tokenisation”. Tokenization is a process of replacing sensitive data with non-sensitive data. In the payments industry, it is used to safeguard a card’s PAN (Primary Account Number) by replacing it with a unique string of numbers. These tokens can then be passed through the internet or the various wireless networks needed to process the payment without actual bank details being exposed. These will provide some benefits such as:

  • Cost savings: Tokenization takes away the burden of managing cardholder data storage in a secured way, hence reducing the costs involved with meeting and monitoring Payment Card Industry (PCI) compliance.
  • Increased security: If fraudsters manage to steal tokenized data, they cannot use the stolen tokens to pay online since they are unable to link the token to payment information stored securely by the payment partner.
  • Improved user-experience: Tokenization enables merchants to offer their clients the possibility to save their payment details it in a secure manner, so that the next time they make a purchase they do not need to re-enter their payment data. One-click payments significantly increase conversion at the checkout page through streamlining the payment process for shopper.

I also attended the workshop on SEPA Instant Credit Transfers (SCT Inst), where the Netherlands started in Q1 2019 a controlled roll-out.  According to the EPC (European Payment Council) end-April 2019 already 50% of European PSPs (Payment Service Providers support the SCT Inst scheme. The EPC expects that a critical mass of SCT Inst scheme participants will be reached by the end of 2020, particularly in the euro area. However, currently instant payments remain mostly a local initiative, and it will take time to reach a full adoption.

These are my takeaways from the Conference “Toekomst van Betalingsverkeer”. I’’m curious to hear your thoughts about the developments in the world of payment transactions and invite you to discuss further in the comment section.

François de Witte

Founder & Senior Consultant at FDW Consult

Managing Director

CFO at SafeTrade Holding S.A.

 

Information Session at VU Finance Amsterdam

| 25-4-2019 | Vrije Universiteit Amsterdam |


We would like to invite you to the Information Session of the Executive Education finance programmes at the Vrije Universiteit Amsterdam on Tuesday 7 May 2019.

It concerns:

This evening gives an insight into the content and organisation of the different programmes we offer.

Anyone interested in these programmes is welcome. We herewith kindly request you to inform potential candidates in your office or your network, about this evening.

Please register here.

We look forward to meeting you!

PROGRAMME

17.30 hrs.             Welcome with coffee, tea, and sandwiches
18:00 – 18:45 hrs. Investment Management & Chartered Financial Analyst (CFA)
19:00 – 19:45 hrs. Risk Management for Financial Institutions (RFMI)
20:00 – 20:45 hrs. Treasury Management and Corporate Finance (TM&CF)

LOCATION

Vrije Universiteit Amsterdam
Agora complex
De Boelelaan 1105
Amsterdam

CONTACT

Investment Management (IM) & Chartered Financial Management (CFA)
Emiel Erbé
[email protected]
020-5986118

Risk Management for Financial Institutions (RFMI)
Michelle Habets
[email protected]
020-5986159

Treasury Management & Corporate Finance (TM&CF)
Myrthe Scholze
[email protected]
020-5987231

 

 

Spring Summit 2019 Treasury Management & Corporate Finance VU

| 28-3-2019 | Vrije Universiteit Amsterdam |

On Thursday evening, 11 April 2019, Vrije Universiteit Amsterdam’s postgraduate  Treasury Management & Corporate Finance programme will host the annual Spring Summit. This year’s theme is the programme’s mission: training academic professionals.Vincent Almering of Interfoods and Peter de Vries of Energie Beheer Nederland (EBN) will talk about how the Treasury Management & Corporate Finance programme added value to their careers. They will also present results of the research they conducted during the programme: on hedging volatility in dairy markets and financial management at EBN, respectively.

Don’t miss this lecture! Mark your calender: 11 April 2019, Vrije Universiteit Amsterdam.

Participation is free of charge.
Register here

We look forward to seeing you at the Summit!

LOCATION:

VU Amsterdam, Alma Hall, OZW Building, 10th floor, De Boelelaan 1109, Amsterdam

PROGRAM

16.45 hrs.Welcome

17.00 hrs. Introduction Herbert Rijken

17.30 hrs. Peter de Vries – Financial management at EBN

18.00 hrs.Vincent Almering – Hedging volatility in dairy markets

18.30 hrs. Epilogue Herbert Rijken

19.00 hrs. Drinks

REGISTER

You can register here

CONTACT

Myrthe Scholze
020-598 2171
[email protected]
VU/Treasury

 

Why is e-invoicing not the same as a PDF?

| 6-9-2017 | PowertoPay – Unified Post | Sponsored Content |

When they hear e-invoicing, companies often think that this is sending invoices by e-mail. However, e-invoicing is more than that. Not only sending the invoice is part of this, but also the electronic booking, payment and collection of the money belongs to this process. Electronic invoicing leads to a major save of costs. For the sender, but especially for the receiver. Since e-invoicing is digitalizing invoicing for the sender as well as the receiver, a PDF-invoice is not seen as electronic invoicing.

When receiving a PDF the receiver still has to, with or without the help of OCR software, manually put data into a systems or he has to correct it. In the case of e-invoicing, the receiver gets all the data electronically which can be automated with their accounting systems. Manual input is not necessary anymore and the control of the content of the invoice can be automated.

Automated

When a sender decides to do e-invoicing instead of just sending a PDF, there is a world of benefits for the entrepreneur. First of all, e-invoicing is like registered post but then faster. You always know for sure that the invoice is received and you’re always being informed about that. Since the payment period usually starts at the moment the invoice is registered, the e-invoice can shorten the payment period with a couple of days.  Without intervention of the post or post rooms or other internal departments, the e-invoice lands directly into the financial system of the receiver. Reminders can be sent automatically and payment options can be built into the invoice or reminder. E-invoices can be simply archived digitally which makes them easy to find and this way they’re always accessible within the organization. With e-invoicing you are ready for the future. It’s only a matter of time until receivers don’t want to receive invoices any other way. The (Dutch) government even made e-invoicing (so not PDF’) mandatory as from the 1st of January.

E-invoicing Method

Paper invoices and PDF invoices via e-mail are most of the time directly exchanged between two parties. Of course this is the case with e-invoices. In this so-called two-corner model, two parties make arrangements on the e-invoice format they use and about the technical connection. However, there are a lot of different formats in the electronic invoicing world and that variety has a function. A format (invoice standard), often reflects the specific needs of a sector or collaboration. Every sector has its own order and invoice process, that one format can even be undesirable.

Billing Service Provider

In the three-corner model, a Billing Service Provider (UnifiedPost) takes the burden away for both the sender and the recipient in the invoice process. The sender that uses its own sector standards, the billing service provider makes sure that the invoice gets to the receiver in their correct format. Preferably electronic, but e-mail or post are also optional. Another advantage for the sender is that there is only one technical link that should be realized with the billing service provider. The billing service provider is taking care of different links on the receiver-side. By translating different formats, the billing service provider is making sure that the receiver receives all his invoices electronically the same way and that the authenticity and the integrity of the invoice is determined the right way. Billing service providers have got a large network and make agreements with (large) accounting systems.

Simple with great advantages

By using an billing service provider, companies can easily exchange electronic invoices directly with many providers from different sectors and suppliers. This requires one link (one-time setup) between the accounting system and the platform of the service provider. Small companies can also use a webportal for sending and receiving e-invoices.

If you want to read more about the services of PowertoPay or about e-invoicing please click the following link:

Learn more about e-invoicing with these facts and figures. 

 

PowertoPay – Unified Post

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Succesful breakfast session at Proferus

|21-6-2017 | Proferus | treasuryXL | Sponsored content |

We reported earlier that Proferus BV, Amsterdam organised a breakfast session, the first of a series, dedicated to CFOs, Senior Cash Managers and Treasures, this time focusing on Cash Flow Forecasting. The session has taken place yesterday and we want to share a short impression with you.

In their first session Proferus focussed on sharing best practices aound the topics cash forecasting strategies, direct vs indirect approach, the need for cash flow forecasting and forecasting software from CashForce. Nicolas Christiaen,  founder of CashForce gave real life examples of how CashForce is deployed to help companies efficiently deploy cash force forecasting for treasury management.

During the meeting there was a livley discussion about the need of cash flow forecasts and the difference between the direct and indirect method. Ideas were shared as well as experiences and practical examples. The presentation of the cash forecasting system of Cashforce by Nicolas Christiaen was well received and very interesting.

The breakfast session had a good attendance and positive reactions! Proferus already started to plan and organize the next meeting!

If you want to know more about the breakfast session you can download their presentation: [button url=”https://www.treasuryxl.com/wp-content/uploads/2017/06/Presentatie-liquiditeitsplanningen-Proferus-1-2.pdf” text=”View presentation” size=”small” type=”primary” icon=”” external=”1″]

treasuryXL & Proferus BV

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The changing training requirements of banks

| 26-5-2017 | Michiel van den Broek | treasuryXL |

 

Some time ago Treasurer Search published an article of our expert Michiel van den Broek. We believe that the topic of changing training requirements is still relevant – for banks and maybe even in a broader context.
Michiel van den Broek writes: Needless to say that the changing processes and services at banks are driven by the rapid information technology developments. This shift also impacted number and composition of bank staff.

Training

During years of training bank staff, I experience a growing demand for financial basic knowledge, for example:

  • What are core activities of banks and how do these generate different types of income.
  • What are the characteristics of various financial products such as equities, forwards and interest rate swaps.
  • How do I calculate the settlement amount of a financial transaction.
  • What determines the value of a bond.
  • What risks do banks run and how to manage risk.
  • How is the processing of financial transactions structured.

Sufficient financial basic knowledge contributes to better communication and understanding that enhances development & implementation of IT projects. Another important advantage is the lower operational risk: fewer errors, faster identification and problem solving due to better awareness and understanding.

Training online

At the same time I experience lower popularity of traditional training, such as self-study or classroom programs. There is more demand for interactive and easily accessible training via live online classrooms that that can offer next possible advantages:

  • More flexible scheduling.
  • Missed lessons can be viewed (all classes are recorded).
  • Easy access: no need for a training location.
  • Highly interactive.
  • Lower costs.
  • Higher frequency, more participants.

The improved software and increased internet speed reinforce the trend towards live online classrooms.

The changing training requirements at banks is therefore both content and form. There is more demand for financial basic knowledge through online facilities.

 

 

Michiel van den Broek

Owner of Hecht Consult

Long term or short term debt – your choices

|18-5-2017 | François de Witte |

You might visit this site, being a treasury professional with years of experience in the field. However you could also be a student or a businessman wanting to know more details on the subject, or a reader in general, eager to learn something new. The ‘Treasury for non-treasurers’ series is for readers who want to understand what treasury is all about. Today our expert François de Witte will explain de difference between long term and short term debt.

One of the main tasks of the treasurer is to ensure that the company has the required funds to operate. The treasurer will usually contact the banks for this funding. They can also extend long term loans (LT) or short term loans (ST).

Raising short term debt has several advantages, because it is more flexible, there is a lower cost due to the lower margin (smaller risk profile than long term debt) and usually lower interest, funds can be raised quickly and usually, you can repay your debt without penalty.

However, there are some drawbacks. The required repayment comes quicker than for LT loans, there can be potential difficulties in renewing short term loans, and it will be more difficult to combine ST debt with a fixed rate interest.

For this reason, many corporates take up long term loans. It helps them to improve the financial structure (better liquidity ratio). During the term of the credit facility, there is no renewal risk, and long term loans can be taken up with fixed or floating interest. Many banks will see long term loans as a prerequisite to finance fixed assets and investments.

In that case, the corporate will have to accept a higher price on these loans, a longer set up time and a possible prepayment penalty in case there is a fixed interest rate during the long-term loan.

Financing policy

The classic financing policy aims to match the maturity of the financing with the maturity of the assets. Under this policy, long term assets will be financed by long term loan, and short term assets by short term loans. An area of concern are the working capital needs. Are these to be considered as long term assets as short term assets? Usually the uncompressible part of the working capital need is considered as a long-term asset, whilst the fluctuating part (including the seasonal requirement) is considered as short term asset.

Some companies use a more aggressive financing policy and chosse short term financing to finance all the working capital needs, which can be risky. Others are more conservative and use long term loans to finance also the fluctuating part of the working capital needs.

Bank Financing versus bonds or Commercial Paper financing

Usually midcorporates and smaller corporates will use bank financing, also for the long-term financing, because it is easier to be set up. There is no need to have a complex prospectus or to ask for an external rating and there are less disclosure and reporting requirements. In addition, there is more flexibility in the repayment schedule, and it will be easier to negotiate a floating rate.

However larger corporates, those with an external rating or a large name recognition, will also consider bond or Commercial Paper financing. The bond financing will allow for longer term maturities, and the possibility to lock in the interest rate for longer periods. Bonds and commercial papers enable a diversification of funding sources, and can be traded in the market. In addition, there is no obligation provide side business to the lenders.

Bond financing

The world’s bond market can be divided into two broad groups:

  • The domestic bond market (issued in a country by resident issuers)
  • The international bond market (issued in a country or in the international markets by non-resident issuers). These also include the Eurobonds

Different bonds

The most common bonds are the straight bonds. In this case, the issuer issues securities for a fixed term with an annual or semi-annual interest payment at a fixed rate.

Example: Issuer A issues on 10/6/2017 EUR 100 Million debt at 6 % for 7 years.  In this case, the bondholders are entitled to receive an annual interest rate of 6 % (also called the coupon) on the 10th June of each year from 2018 until 2024, and the full reimbursement of the loan on 10/6/2024.

We also see quite frequently the issuance of Floating Rate Notes. This is a medium term or long term bond with a coupon based upon a floating rate based on a benchmark rate (e.g. Euribor or Libor) plus a “spread” based upon amongst others the credit quality of the issuer.

Zero-coupon bonds that do not foresee for periodic interest payments, but for the full reimbursement of the capital and interest at the final maturity of the bond.

Convertible bonds can be exchanged later or with another instrument, mostly shares.  The coupon is usually lower because of the option granted to the bondholder.

Public bonds are bonds issued by a bank syndicate through a public offering with prospectus. These bonds are focusing both on the retail and on the professional investors. They also must comply with the specific requirements for the prospectus, which sometimes needs to be submitted beforehand to the competent authorities for approval.

A private placement (or non-public offering) is a bond issue through a private offering, mostly to a small number of chosen investors. Private placements have less heavy constraints in term of prospectus.

Since 2000, the global bond markets size has nearly tripled in size. Today it is worth more than $100 trillion

(Source: Bloomberg, June 2016).

François de Witte – Founder & Senior Consultant at FDW Consult & Flex Treasurer

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More articles of this author:

Treasury for non-treasurers: Short term loans from a treasury perspective

Working capital management: Some practical advice on the optimization of the order to cash cycle

Management of bank mandates – EBAM – A lot of challenges

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Short term loans for financing your company

|11-5-2017 | François de Witte | treasuryXL

You might visit this site, being a treasury professional with years of experience in the field. However you could also be a student or a businessman wanting to know more details on the subject, or a reader in general, eager to learn something new. The ‘Treasury for non-treasurers’ series is for readers who want to understand what treasury is all about.
Our expert François de Witte tells us more about an important task of a treasurer: funding, namely short term loans.

Background

One of the main tasks of the treasurer is to ensure that the company has the required funds to operate. The treasurer will usually contact the banks for this funding. The banks can extend secured or unsecured credit facilities. These can be long term or short term. In the current article, we will cover the unsecured short term loans.

Overdraft lines

The most flexible credit line is the overdraft loan: when providing an overdraft facility, the bank authorizes the company to go below zero on its account up to a certain amount. Overdrafts can be a good way to borrow  money for a short period of time. For example, if you don’t have enough money in your current account to cover your outgoings, and are uncertain about when your accounts receivables will be collected, you can negotiate with your bank an overdraft limit. If in that case, you have say 1 million Euro of expenses you can pay them, even if your account balance goes below zero. Once you will collect the accounts receivables, the overdraft position will be settled.

Usually the banks charge in case of use of the overdraft facility an interest rate based upon the internal rate of the bank plus a margin, and in some cases an overdraft fee charged on the total amount of the facility.

Having an overdraft can act as a useful buffer to cover your peak cash needs. It is the most flexible loan, because, in case you have cash inflows, they can be immediately used to reimburse the facility. However if the cash need is more structural,  overdrafts are not a very effective way of borrowing, because they may come with a higher rate of interest than some other loans such as the short term advances.

Short term advances

When you have a more structural cash need for a certain period of time, it can be useful to consider short term advances or straight loans. In this case, the bank will extend a short term advances (straight loans) facility.

When the client wishes to utilize this facility, he will ask for a drawdowns amount made available for an agreed upon period at an agreed upon rate. On the required date, the bank will make the amount available, e.g. 1 million Euro, on the account. At the maturity of the short term advance, the borrower needs to repay the advance and the interest. The interest is usually calculated on a benchmark, e.g. Euribor or Libor plus a margin.

The client determines the timing of the drawdowns. Advances are usually extended in the framework of a credit line, although in some cases, the client can just ask a punctual advance to cover a specific need.

Short term advances are less flexible then overdrafts. If you have a short term advance of say 1 million Euro for 1 month, and 15 days later you receive a large collection of say over 1 million, you cannot reimburse your short term advance, and will hence during the last 15 days pay interest on your short term advance, without any or almost any remuneration on your current account. For this reason, we recommend to use short term advance for long(er) term cash needs.

Conclusion

Overdraft facilities are the most flexible loans, but are quite expensive. If you have long(er) term cash needs, it might be useful to consider straight loans, as they are usually less expensive.

There exist many other solutions to finance the short term needs of your business, such as the financing of accounts receivables and factoring. This will be covered in a separate section.

 

François de Witte – Founder & Senior Consultant at FDW Consult & Flex Treasurer

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