The end result of holding temps’ payroll; Conduct Reg Breach
We hear stories (fairly regularly unfortunately) about recruitment invoice financiers refusing to pay their agencies’ contractors / temps. This is obviously an awful situation to be in and very stressful for the agency with temporary workers relying on them to be paid. There is no legitimate reason why this should happen but, when it does, […]
The importance of bad debt protection
What is bad debt protection? Bad debt protection is insurance against your end clients that covers your business if the client were to become insolvent. Why do I need it? It is crucial for you as an owner of a recruitment agency to have credit insurance in place with your end clients. If you don’t […]
Could your supply chain cost your business a six figure tax bill?
Umbrella companies are used regularly by recruitment agencies across the UK to pay temporary workers. Unfortunately, very few business owners are aware of how this can potentially lead to corporate insolvency or even personal bankruptcy. Quite frighteningly, recruitment agencies can be hit with a huge bill from HMRC if an Umbrella company in their supply […]
Why a recruitment funder should be a UK Finance member?
UK Finance is the collective voice for the banking and finance industry. It represents more than 300 firms across the industry, acting to enhance competitiveness, support customers and facilitate innovation. UK Finance has quickly become recognised as an authoritative, balanced, evidence-led industry body, representing their members who provide finance, banking, markets and payments-related services in […]
Benefits of permanent recruitment funding
Why would a recruitment consultancy have their permanent invoices funded? It is a good question and one that we do get asked every now and again. There are several benefits to having your perm invoices funded, it won’t be needed by all recruitment businesses and it may be dependent on certain circumstances but it can […]
Reporting requirements for employment intermediaries
What is an employment intermediaries report? As an agency, if you supply temporary workers to an end client and are not paying those workers on a PAYE basis, you will be required to submit an employment intermediaries report. This means that you have report on any worker who is paid through an umbrella company, CIS […]
5 Steps To Setting Up Your Own Recruitment Agency
The first 5 steps to setting up a recruitment agency of your own.
Traditional Invoice Finance Alternatives
How does traditional invoice finance work? If you use a bank for recruitment finance, they will typically advance anywhere between 70% to 90% of the invoice value. How does that work in practice? In simple terms, you will produce your own invoices and upload them to the bank’s invoice platform. The bank will advance the […]
Why Security Checks are so Important
At the top of every successful company’s priority list is their customer’s success – really, at any customer focused, service-based business this should be the case. In order for this to be facilitated, security checks have to be in place. One of the most important aspects of security is ensuring that your customers are who […]
Is it a risk to start a recruitment business in 2023?
Let’s start off by acknowledging that seemingly every year brings about new challenges, new dramas and new potential concerns and anxieties about the state of business and the state of the world! 2023 is no different. No pandemics or Brexits or new wars on the horizon [we hope], but instead the media is warning at […]
Can’t Find the Right Talent? Go to them!
We know it in life, and we know it in business; “standing still” in never synonymous with growth, with progress, or with a healthy future. With recruitment the way that it currently is – more of a bunfight over the best talent than ever before, it is vital to find new ways to expand your […]
What Are Your ‘Bad Clients’ COSTING You?
Running a successful business doesn’t just rely on your ability to win new work and new clients; it relies on dropping bad clients too. Letting go of work may sound counter intuitive, but it is so often a fundamental key to a business’ success. You wouldn’t believe how many customers we’ve seen running temp desks […]
More Women Are Starting Businesses Than Ever Before
Last year, according to the Times, an all-time high of 145,200 new businesses were started by female entrepreneurs. Although women-led businesses still only account for 17% of all UK business, the number is on the rise. Across the UK, a growing percentage of high-growth scale ups are being led by women; acknowledging and celebrating this […]
Frequently Asked Questions: Transferring Funding Providers
Why would you change funding providers? There are a few reasons that you may consider switching your current funding provider, here are some of the main ones: Your current deal is not cost effective. It’s no secret that you need to pay your invoice finance provider for their services with a percentage of each invoice […]
What are the steps in between you and setting up your Recruitment Company?
2022 promises to be another incredible year for the recruitment industry, and the trend of recruiters setting up on their own to capitalise on the booming market is continuing. It can seem daunting, the prospect of setting up your own company. But it needn’t. If you are an established recruiter right now, you already have […]
Making Your Customers Successful is What Drives Your Success
It’s always important to take a moment at this stage of the year to look back upon what has been achieved – are you where you wanted to be? What went wrong? What went right? Are you headed in the direction you want to be headed in? It’s time to check your compass. We are […]
Company Insolvencies Continue to Rise
Insolvency arises when a business can no longer meet their financial obligations to their lenders as debts become overdue. It can arise from poor cash management, a reduction in cash inflow, or an increase in expenses. According to a report by UK Finance based on 26 IF/ABL members, (supporting approx 25,00 end clients), last month […]
Why wait until the market slows down to start your recruitment business?
A busy recruitment market is the PERFECT time to start your own business. Over the last 18 months or so one of the most notable trends within recruitment has seen high performing consultants moving away from the traditional agency model and starting their own businesses. Although this may have started out of necessity as many […]
Does your Funding Provider Actually Understand your Business?
We have plenty of options in the recruitment world for all of our service providers, in most cases. Most funding providers out there in the market offer traditional finance solutions – they simply fund companies and generally have an outdated, often very rigid approach in doing so. We hear stories all the time of the […]
Understanding debt and how it’s crucial to running a successful recruitment business
Here are a few of our key factors that are absolutely essential in reducing your exposure to debt and managing its performance.