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What is Advanon, and what can Advanon do for me?

What is Advanon?

To free you from having to wait for your customers to pay, you can now use Advanon directly from within bexio to select your accounts receivable invoices and have them financed within 24 hours.

 

How do I register?

The add-on will be visible in bexio as soon as you register at www.advanon.com/bexio. The registration process is simple:

  • Start the registration process at com/bexio
  • Select "Continue with bexio "
  • Log in using the bexio account
  • Answer four questions
  • Confirm your registration

 

Activate the add-on in bexio

Go to "Settings" -> "Packages / Add-ons / Users" and select "Add-ons". Under “Select Add-ons”, choose "Advanon". Naturally, the add-on is free.

 

What happens after registration?

By registering, you give Advanon access to your information. Advanon will use this information to assign a credit rating and a credit limit to your company. The credit limit indicates the highest open loan amount you can have with Advanon.

How do I pre-finance an invoice?

You can only pre-finance an invoice if you have met all the criteria. More details are provided in the next paragraph.

  • First, create an invoice under "Sales" - "Invoice" and set its status to "Open"
  • Now, on the right side, click on the action: "Pre-finance invoice"
  • In the next step, you decide on the terms of the pre-financing
  • You will now be redirected to Advanon. Please follow the instructions there.

 

This completes the process to refinance the invoice.

 

What criteria must be met to finance an invoice?

  • The invoice must total at least CHF 1,000
  • You must have a VAT ID number that is saved in bexio (you can save it in bexio under "Settings" - "Company Profile & Logo")
  • The invoice recipient must be a company (legal entity) and the VAT ID number must be saved in the respective contact (open the desired contact in bexio, click on the "pencil" icon in the upper right corner and enter the VAT ID in the box "VAT ID")
  • The invoice must be in the “Open” status

 

What accounting steps do I need to take?

  1. If the invoice is entered in bexio and the status is set to "Open": bexio automatically creates the posting records
  2. If the invoice is transmitted to Advanon: no posting required
  3. Advanon transmits the financed amount to the bank account: create a manual posting ("Accounting" - "Reports") - if you don’t know which posting record is required, ask your fiduciary.
  4. If the customer pays the invoice, normal posting via the invoice: bexio automatically creates the posting records
  5. If the loan repayment (repayment of the financing and fees) is made to Advanon: create a manual posting ("Accounting" - "Reports") - if you don’t know which posting record is required, ask your fiduciary.

 

Attention:

This pre-financing process constitutes two business transactions:

  1. the invoiced service provided to the invoice recipient
  2. the agreed short-term loan via Advanon

Both business transactions must be posted separately in your accounting. On the one hand, the entry and payment of the invoice, and, on the other, the repayment (financing and fees) to Advanon.

 

How much does Advanon cost?

Advanon is a marketplace that works based on supply and demand. Companies can have their invoices financed by investors and set their own terms. Invoices are typically financed at 1% to 3% of the invoice amount.

 

What are the requirements?

  • The registered office of your company is in Switzerland or Germany
  • Your company is registered in the commercial register
  • Your end customers are companies (Advanon currently offers no financing options for businesses in the B2C segment)

 

Who do I contact for questions?

The Advanon Team is available to you at any time at info@advanon.com. Or, simply call  +41 44 585 38 50.

 

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