A bespoke, specialist solution tailored for your recruitment agency
Effective cash-flow management is key to the success of any business. At The Business Board, we understand that every business is unique and recognise the specific challenges that operating in the recruitment industry can bring.
Recruitment finance helps to ease the pressure of such challenges and enables you to navigate your business through trying periods with specialist invoicing, funding, debt collection and payroll solutions.
Having worked with recruitment agencies nationwide to deliver a range of flexible funding and back office solutions, we understand recruitment agencies are often faced with the task of juggling agency finances, managing stop-gaps between paying staff and candidates wages and receiving payments from clients. Added to this are the additional daily tasks; from raising invoices and debt collection to the day to day administration duties that arise.
All of this leaves you very little time to actually do what you do best as a recruitment agency; place more candidates and generate new business.
The range of recruitment finance we offer is is extremely flexible, allowing you to use the facilities independently or to compliment each other to ensure you receive the very best possible support.
“Up to 90% against the value of your outstanding invoices”
You can immediately ease your cash-flow issues by receiving an instant injection of cash – up to as much as 90% of your outstanding invoices. In addition to this, you can also be provided with an ongoing source of funding that grows with your sales. Therefore every time you raise an invoice, up to 90% of the value of that invoice can be released within 24 hours. The outstanding payments will then be chased and collected from your clients with the remaining 10% paid to your agency once payment is received in full.
Key Features of a Recruitment Finance Solution
• 100% of the invoice value can be released (If agency manages PAYE)
• Time-sheets can be captured online, mobile, paper, .csv file, QR code or bulk entry
• Payroll is managed by the facility including paying candidate wages, issuing e-payslips and submitting payments for NI and PAYE
• Invoices are prepared and issued on your company letterhead to maintain discretion
• Access to a complete credit control service to assist with debt collection
• Statutory records, including holiday/sick/maternity/paternity/adoption pay as well as end of year returns (P35 & P60) are maintained for full compliance
• Round the clock access to real time reports including the ability to build your own bespoke reporting suite
Whether you are a start up or established business, you will want to focus your time and effort on activities that generate income such as finding new candidates or new client contracts. With a back office support facility, you won’t need to worry about calculating and paying candidate wages, issuing payslips, invoicing customers, collecting customer payments or maintaining statutory records. All of those tasks will be managed for you allowing you to focus on business development.
If you are interested in finding out more about our Recruitment Finance Solutions, email us at: info@thebusinessboard.co.uk or call our office on 0118 338 1818.
We look forward to speaking with you.
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