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AIMS 360 apparel ERP integrates with Hana Financial
11
Apr '13
AIMS 360, the industry's leading apparel ERP software system and Hana Financial, one of the leading Factors in the fashion industry are now integrated with AIMS.
 
"The integration allows AIMS and Hana Financial clients to pass orders directly through the software, making invoice processing, cash flow decisions and advancing cash much quicker and easier", says Chris Walia, Marketing Director of AIMS 360. The automation makes the approval process faster, more precise, eliminates double entry, reduces human error and speeds up the time it takes to get funding for businesses.
 
“The integration between Hana and AIMS 360 is seamless and easy to configure. Once it is set-up, our clients can easily request credit approvals for their POs and submit their invoices quicker. It is highly efficient with minimal errors”, says Rosario Jauregui, Senior Vice President of Hana Financial.
 
Hana Financial and AIMS 360
-To be successful in the fashion industry, one needs to have talent, out-of-the-box creativeness, and the right automation tools (such as apparel ERP software). Clothing manufacturing companies also need a steady cash flow.
-Trying to maintain a balance between creative designs and expenditures is one of the hardest tasks an apparel business faces.
-These days companies have a variety of borrowing options available that will help make this task easier: 
-Traditional Banks – offer business loans
-Trade Credit Insurance – help manage trade credit risk and insure accounts receivables
-Factors – purchase companies A/R at a reduced amount of the face value of invoices
 
 
More about Factors
Today, many apparel companies rely on factors to process their orders. So what is a factor? Factoring, also known as “accounts receivable financing,” is an alternative form of financing used by startup companies all the way up to multi-billion dollar corporations. An apparel factor will purchase and assume responsibility of a company’s accounts receivables while making it possible to secure the working capital needed for business growth (and yes, sometimes survival!) without creating new debt. Factoring helps a business meet payroll, take advantage of supplier discounts, and/or increases liquidity.
 
While factoring has been used for hundreds of years, it became popular in the U.S. garment industry during the1980s and 90s when receivables were not being paid as quickly as companies were receiving orders. Compounding this problem were rising interest rates, tighter credit, and strict bank regulations that made it difficult for businesses, especially small apparel businesses, to get traditional financing.
 
 


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