To advance cash from customer invoices with Skippr, we require your customers to pay into a Controlled Monies Account (CMA) we open in the name of your company. This measure reduces credit risk, makes loan repayment far more seamless and reduces cost.
When funds arrive they pay off the outstanding loan automatically and interest accrued is calculated as of that day. This information is reflected immediately in your financial accounts - loan liability decreases and interest & fees increases.
To maximise transparency and make reconciliation easy, you can view the CMA within your Xero dashboard. Here you will match payments to invoices as per normal.