Are you in need of short-term funding for your new recruitment business?
You’re not the only one, see how we helped this new agency with their short-term funding requirements…
SHORT-TERM FUNDING ENQUIRY
This week TBOS has been contacted by a new start up recruitment agency hoping to use our services to provide a short-term buffer until they have enough turnover to set up their own invoice finance arrangement.
HOW TBOS HELPED
TBOS recommended our popular TBOS Freedom plan. This is a flexible short-term funding and administration solution that can be used for 1 contractor, 20 contractors or more. The funding is also fully credit insured and can be used to fund contractors to over 170 countries world-wide, which makes it a perfect first-time funding solution for new start-ups.
What’s great about this plan is that it covers the complete administration of processing contractors for the agency, this is ideal for a new start up as they can focus on making placements instead of getting bogged down with back-office administration.
- No Set-Up Fees or Long-Term Commitment
- Pay As Your Contractors Work
- Unlimited Credit Checks
- Timesheet Management
- Invoicing (UK & International)
- Invoice Finance Management
- Contractor Payroll
- Credit Control
- Intermediary Reporting
- Telephone & Email Support
- Contract Administration Service
Additionally, we explained that one of the advantages of working with us is that the contracts signed are three way contracts between the client, the agency and TBOS (in the same way that they are laid out for the candidate). This meant that the new agency could bring the turnover into their books despite the fact TBOS is handling the funds in the short-term.
TBOS are able to provide full breakdowns of what is invoiced, what is paid to the contractor and any fees charged, making it easy for the agency to bring the finer details into their books. This meant that they could document the placements made and their turnover, making it a much simpler process for when they apply for their own invoice finance arrangement – which TBOS can also help them with.
NEXT STEPS – YOUR OWN INVOICE FINANCE FACILITY
TBOS have supported many new start ups with their transition to having their own invoice finance facility. In many cases with new start-ups, we recommend our TBOS Freedom plan until they reach 5-7 contractors. Once they reach this number, we assist them with invoice finance negotiations and help to broker the best deal for their funding requirements. As a TBOS client they also benefit from preferential rates from our panel of reputable invoice finance providers, this is because TBOS is looking after their accounts process and manages the funding facility daily.
If you would like more information about how TBOS can assist you with your short-term funding needs, please contact our office on 0345 504 6333.