Each client's record keeps all related personal and contract information on the client, keep track of the factoring volume, the funds being advanced, the income each client generated and the credit background and the risk level associate with the client. The customer records keep all the related personal and contract information on the customers, keep track of the payment history of customers over the past 50 years and the risk level associate with the customers. In addition, the mainframe is used to process all the calculation of interest income, expenses, commission income and other fee income. The mainframe interfaces with the general ledger. Some of the clients' can also access the read only version of their own record through modems.
Employees can pull the information on their PC workstation, input and manipulate the information.
The mainframe updates the information on real time and generates printed past due account receivable reports, bad debt reports, cash application reports and all kinds of management reports every morning. These printed reports are then distributed to the different departments. The paper invoices are then physically stored in large file cabinets. Employees have to manually key in the check numbers and the amount of each payment into computer to balance the deposit and then key in the invoice number from the remittance document. Any exception has to be checked through the paper trail of remittances and checks.