I’VE MADE A PLACEMENT? WHAT DO I DO NEXT TBOS?
As TBOS looks after the full back office and accounting processes for recruitment agencies, it means that all the agency needs to do is concentrate on making those all-important placements.
However, the question we are often asked by prospective TBOS clients is, what is the process we follow once they have made a contract or permanent placement?
Once the TBOS agency has made a placement they need to complete a Starter Form. This Starter Form provides TBOS with all the information on one form to set up the placement on the agencies Timesheet Portal.
There are 2 types of Starter Forms:
- One for permanent placements
- One for contract placements.
The Starter Form for permanent placements gives the client invoicing details, the candidates name and the details of the fees chargeable (invoice date and fee structure) plus the payment terms. On the start date TBOS will email the agency for confirmation that the candidate has started and once confirmed the invoice is sent immediately.
The Starter Form for contract placements give the client invoicing details, the candidate’s details and how they will be paid (PAYE, Umbrella or Limited), start date, end date, charge rates and pay rates plus client and candidate payment terms. Using this data the placement is set up on the Timesheet Portal so the candidate can enter their hours/days and the client can approve the time worked. Once the candidate works and the time is approved an invoice is sent to the client and the payment to the candidate is prepared based on their payment terms.
In both circumstances once the client invoice is sent, the credit control department will contact the invoicing department to ensure the invoice has been received, is correct and will be paid and keep the agency informed of the progress.
The bookkeeping department will ensure that the invoices are added to the accounting records and monitor the payment to the candidate and the payment received from the client. The VAT element is also accounted for within the books and the numbers are shown on the monthly management accounts.
This whole process is done in the background by the TBOS staff while the agency concentrates on making that next placement.