CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow Recruitment firm simplifies cash flow management with help of Siemens Financial Services
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

  • Asset finance up 16% in June
    New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase)… More

Headlines

 
Recruitment firm simplifies cash flow management with help of Siemens Financial Services PDF Print E-mail
Tuesday, 13 September 2016
Yorkshire-based recruitment and training provider Maze 8 Group has become the latest company to benefit from Siemens Financial Services’ (SFS) invoice finance offering. Following dissatisfaction with the quality of service and flexibility of its previous invoice finance providers, Maze 8 became an SFS customer in March 2016. 

Established in 2007, Maze 8 offers recruitment, career coaching and training services to schools, local authorities and councils throughout the UK. Less than two years ago, the business expanded, creating a new division. Maze 8 Power delivers specialist recruitment and electrical design services to the high voltage transmission and distribution, marine, renewable energy, oil and gas industries.

Maze 8 had used invoice finance for several years to help build up its financial reserves and support expansion. By using invoice finance, up to 90% of the approved invoice total can be immediately advanced by the finance provider, with the remaining 10% paid once their customer settles the balance. This provides the company with working capital as it can access funds without having to wait for bills to be paid.

Martyn Connell, Managing Director of the Maze 8 Group says: “We were using a couple of invoice finance providers for different parts of the business, but encountered several problems with them. In particular, one provider felt we had a high concentration of risk because a large proportion of our invoices went to our biggest client. This meant we were offered increasingly restrictive terms. Additionally, we found it took a lot of time to reconcile our company accounts with the other provider’s systems.”

Through its power business, Maze 8 already had experience of working with Siemens Energy Management. Martyn was therefore familiar with the Siemens group and when the company’s financial adviser suggested SFS as an invoice finance provider, he was keen to learn more.

SFS met with the Maze 8 Group regularly to fully understand the company and its requirements. Through several meetings, strong relationships were built and a tailored and flexible system was established, incorporating quick drawdown and low costs.

“For us there are three key areas in which SFS excels compared to its competitors: the service from the team, the advanced system and an attractive fee structure,” says Martyn.

“We receive an exceptionally good service from SFS. We deal with a small team, all of whom are responsive and knowledgeable.”

Drawdown of funds now only takes a matter of hours and the online system gives Maze 8 real-time access to funding and payments, and allows the company to retain responsibility for credit control. There is now one simple, monthly reconciliation process which has saved staff time. Maze 8 also benefits from a more cost-effective deal, compared to those offered by its previous providers, including a higher pre-payment level on its invoices to Siemens Energy Management.

“Our experience with SFS’s Invoice Finance team has been excellent right from the start,” says Martyn. “I can speak to the team whenever I’ve got a query; but I rarely need to!”
 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197