FactorWise - Factoring - Block Management - Property Management |
|
|
Summer 2005 News |
|
| FactorWise continues to grow in stature each month. As the larger companies have come on board we have added modules which make it easier for their departmental type structures. In recent weeks FactorWise has undergone a number of changes and improvements and we are now pleased to introduce you to the latest Version 14.0 |
| |
| 1. Property Access |
As the amount of information available for each Owner/Property has increased we have successfully maintained our “access within 2 seconds” rule by the use of Tabs. This allows dialogue with an Owner on the phone without having lulls in the conversation while data is accessed. Users appreciate this more than any other feature of FactorWise as it both speeds up dealings with the public on the phone and reduces the stress involved. Each user can choose the different graphics which are present on all screens. These graphics are a modern way to reduce errors, they subconsciously confirm to the user that they are on the correct screen. |
| |
| 2. Insurance Developments |
The recent changes in legislation regarding the selling of buildings insurance have caused a dilemma among property firms. While the larger firms are arranging for FSA qualified staff in-house, the smaller firms are handing the insurance over to brokers. In any event FactorWise can handle both decisions. Fully automated insurance invoicing can be sent separately or included in the period bills. At change of owner the system prorates the premium. Alternatively, insurance can be switched off altogether so that a broker can handle the demands.
|
 |
The latest release of FactorWise sees the addition of multiple insurance apportionments within the system. One of our clients had an instance of an unusually large development which was split into four sub-developments. We have given FactorWise the ability to add multiple insurance apportionments to each development. Previously only one insurance apportionment per development was possible. This allows block by block insurance if required. |
| |
3. Job Control Module |
| SystemWise are pleased to introduce the Job Control Module in version 12.0 which exercises further control over jobbing contractors . FactorWise will send orders and monitor receipt of invoices against those orders, larger organisations require maintenance department software. The design of this Maintenance Module is aimed at both large and small factoring operations. It will make it much easier to keep tight control of jobbing contractors whether you run 10 or 2000 jobs a week. This will include preferred supplier lists and job histories by development and accounting by contractor showing current workload and feedback. This addition is extensive with good reporting and monitoring facilities. The biggest benefit from this addition is that expenditure on jobs can be apportioned automatically creating substantial savings of clerical input. |
| |
4. Proposed Works |
FactorWise now incorporates a new proposed works module. This extension now allows the property manager or the development committee full control over each step of organising a Proposed Works. From writing the initial Request for Funds letters, followed by a reminder letter then on to either a Close and Fund Return letter or an Advice of Instruction to Proceed letter. You can also keep tabs on exactly which owners have and have not paid and what percentage of the target balance has been achieved so far.
|
|
Once the work is instructed money is transferred into the development accounts and demands generated for those owners who have not paid. This module takes the clerical burden of proposed works away and replaces it with an easy to operate and transparent system. |
| |
5. Bill Item Rounding |
Much time has been spent debating the particulars of Bill Item Rounding with everyone of our FactorWise users and SystemWise are proud to present the completed item included in FactorWise v12.6. Any expenditures entered into FactorWise which do not work out to the exact penny against the apportionment used, FactorWise will calculate exactly how much should be carried over due to rounding. During the next billing each owner will have an item on their bill which reads: “Rounding balance due to you £0.02.” Bill Item Rounding now corrects all discrepancies within the accounts.
|
| |
| 7. Owners Payments |
An addition to the entry of Standing Orders and Direct Debits, FactorWise now makes it easy to identify if the Owners Standing Order and Direct Debit payment arrangements are being honoured. This facility also allows ticking off instalments as they are paid. Payment matching now completes the internal accounting system which is fully auditable. The rounding facility ensures that the division of expenditure is penny perfect and completely fair. |
| |
| 6. Credit Control Module |
 The second quarter of 2005 saw the implementation of our extensive Credit Control module. The specification for this module was created from the wish lists of both large and small Property Factoring companies. This module controls arrears demands, disputes and all the stages of debt recovery whether the debts are referred to a debt collector or debt control is managed in-house. Extensive Credit Control reports are available which allow close monitoring of even large numbers of bad debts. Automatic first and second reminder letters, including additional charges are produced along with lists of suggested debt recovery situations. The system also generates demands for missed standing orders and direct debits and agreed instalments. The special situation that arises with demands for unpaid unrecoverable floats is also addressed. |
