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A list of prestigious clients does not always mean financial success for a software development company. Some development projects can go on for years and the client will usually take its time in paying its invoices during the course of that development phase. Corporate clients are interested in the end results, and that is why they will put off paying invoices for 60 days or longer. This creates the cash flow crunch that causes so much financial hardship for even a good software development company.
The solution to these cash flow problems is to utilize factoring invoices to secure cash flow and have the proper funding on hand at all times. A company that factors invoices utilizes the invoices as collateral towards regular cash advances. There is a fee deducted per invoice, and the rest of the cash goes into the developer's bank account. To make sure that you are getting a factoring program that reveals its fees upfront and does not use any set-up or facilities fees, you need to do business with a premier factoring company such as 1st Commercial Credit.
1st Commercial Credit Can Work With A Software Developer To Create Cash Flow
We have been working in the technology sector for a very long time, and we know the challenges that a software development firm faces. We understand the importance of good cash flow to your ability to remain competitive and retain your prestigious clients. That is why we offer flexible invoice factoring services that will advance you cash against your invoices and provide you with the sustainable business line of credit you need to be successful.
1st Commercial Credit does not impose per month or per invoice minimums. We remove all of the obstacles to your cash flow problems and have set up a system that allows us to approve invoices and lend cash in a matter of hours. As long as your software development firm has invoiced sales with approved invoices to creditworthy clients, then 1st Commercial Credit has the invoice factoring services necessary to keep your company funded and looking towards growth.
Software Development Keeps Our Society Moving
When you discuss the various jobs of small to medium sized businesses with consumers, you will be surprised at the common myths and misconceptions that people live with every day. If you were to ask someone what a software development company does, they may respond with the name of a computer operating system or a piece of work production software. But when you tell them that software development companies had a hand in building the car they drive, they just cannot believe it. The market for software development companies is expanding at a rapid pace because technology is becoming more and more a part of everyday life.
So how do software development companies help build the cars we drive? If you have ever been in an auto assembly plant, you have seen the robots that do various tasks to help keep the costs of production down. Those robots need to have very specific operating instructions and that is where the software development companies come into play. Without the software experts, those robots would never know what to do. No one at the auto manufacturing company can program the robots, which is why all of that work is outsourced to software development experts.
The Software Development Industry Is Much More Prevalent Than Ever Before
In the early days of software development, the needs for these technical professionals were limited. Not many companies had products or processes that required any kind of software help, so the development companies were relegated to dealing with the very high-end technology solutions. Software development companies are responsible for many of the innovations that have paved the way for the thousands of technology products that we enjoy today. It could be said that the software development industry has played a huge role in changing life as we know it and ushering in the rapid developments that we see today.
Today, the software development industry is so huge that most development firms have decided to specialize in some sort of development task to try and carve out a lucrative niche for themselves. Some developers work on software for auto assembly robots, while others work on making your productivity software better. There are specialty companies that develop software specifically for smartphones and tablets, and companies that work solely on creating the software needed to run automated machines at fast food restaurants. All of it is lucrative, and each one of these software development niches is growing rapidly.
The Client Base Of A Software Development Company Is Huge
When you think about a specialized software development company, you can instantly see why these companies have client lists that consist of the biggest corporations in the world. A software development company that deals only in pharmaceutical equipment would have the biggest drug companies in the world as its clients. A company that creates software for smartphones would cater to some of the largest technology companies in the industry. Every small software development company has a growing list of prestigious clients that will help the company to attain all of its growth objectives and financial goals.
There are software development companies that sell to corporations all over the world, and then there is the vein of retail software development companies that make the titles that people load onto their computers every day. Those retail companies have vast networks of technology distributors that get their products onto retail shelves all over the world. While these retail development companies may not play in the same big business arena as the industrial development firms, the issues of getting product to distribution still apply and they can still cause problems for these various retail development organizations.
Software Development Companies Are Constantly Pressured For Innovations
If there is one thing corporate customers want from their suppliers, it is more cost efficiency from processes and equipment. Large corporate customers are constantly pressuring software development companies to develop processes that save money and work more efficiently. To keep up with the demands of innovation, software development companies are constantly looking to hire the very best software engineers and market research people in the industry. Of course, this means that payroll becomes a huge expense for a software firm, and payroll is funded by cash flow.
Staying ahead of the competition for a software development firm means always having personnel that can predict trends in the market. The recruiting and hiring process for software engineers is long, frustrating and expensive. The development firms all know who the top talent is and they are always trying to convince that talent to work for their firms. It is an ongoing battle that needs to be fueled by a steady flow of cash. The software development company with the best cash flow is usually the one that can attract the kind of talent that will create innovations that will impress corporate clients. That kind of talent costs money, and it is not easy to come by.
18 Years In business & Over 3,200 Clients Funded