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By David Roitblat
Whether you’re running the biggest merchant cash advance business in the world or managing your parent’s small-town bakery, it’s a given that you have to keep track of its finances to ensure the long (and short) term health and viability of your company.
Typically, businesses employ bookkeepers and accountants to take care of their books. This includes monitoring incoming and outgoing transactions, producing reports, analyzing trends, ensuring bills are being paid and invoices sent out, and much more. Now, with the gift of modern technology, financial experts have been provided with various tools and software that perfectly compliments their services, streamlining their work and improving efficiency.
In the merchant cash advance industry, finances can be hard to track. A cash advance involves one company advancing another, which will be repaid over time. A merchant may have multiple advances, each with its own complex details, sub-deals, and various terms and conditions. It’s crucial to be across all the details of every deal to know where it’s holding- but a deal with multiple parts is a nightmare for an accountant armed only with Excel spreadsheets and a calculator.
That’s when an accountant needs software like Orgmeter.
Orgmeter was established to make MCA less complicated, and not just for full-timers in the industry.
Using their software, bookkeepers and accountants can work with their clients in the space to track all elements of all deals. They can break down and understand sub-deals, create and follow varying payment schedules and amounts, and all the different factor rates there might be. Its advanced features allow users to easily track the status of each deal, including the repayment schedule and any fees or factor rates associated with the advance. In a boon for companies working with syndicators, Orgemter also tracks participated deals, payments, accounting, and creates detailed reports. All this ensures that businesses are able to stay on top of their financial obligations and avoid any potential late, or missed, payment issues.
Additionally, they can also use the software to generate reports and analyze data to provide valuable insights and recommendations to the company. For example, they may be able to identify patterns or trends in the data that can help the company make better business decisions, such as finding areas of the business that are performing well and potential risks. Users can identify their best and worst-performing clients and use this information to double down on the winners, and trim the losers. The software also includes a range of customizable reporting options, so businesses can easily create and generate the financial reports they need. These reports can help businesses stay on top of their financial performance and identify any areas of concern or opportunities for growth.
Orgmeter provides secure online access for both financial professionals and their clients, allowing for easy communication and collaboration. This means that businesses can easily share information and updates with their accountants, ensuring that all financial details are up-to-date and accurate.
Using Orgmeter can greatly improve the efficiency and effectiveness of financial management in the merchant cash advance industry. It streamlines the process of tracking and managing complex financial deals, providing valuable insights and recommendations based on data analysis. This frees up time and resources for financial professionals to focus on other important tasks, and is just one reason I’m always happy to recommend Orgmeter to clients of Better Accounting Solutions.
David Roitblat is the founder and CEO of Better Accounting Solutions, an accounting firm based in New York City, and a leading authority in specialized accounting for merchant cash advance companies.To connect with David, email david@betteraccountingsolutions.com.
