As the number of recruitment agencies grows each year there are more and more providers of recruitment back-office and accountancy services. The providers can range from pay-and-bill companies, specific and generic accountants, joint-venture organisations and back-office providers. With over 9 years’ experience of helping new start up and existing recruitment agencies with their back-office and accountancy needs, TBOS have developed a comprehensive package which encompasses all the needs a contract and/or permanent agency require.
Below are 10 reasons why TBOS provides a better service than our competitors:
- ALL AGENCIES RECEIVE MONTHLY MANAGEMENT ACCOUNTS
We feel that management accounts are one of the most important documents for a recruitment director to understand their business performance, it helps them to make important decisions moving forward. All TBOS Complete clients receive monthly management accounts before the 20th of each month, this ensures the directors make informative decisions on sales and overheads before the end of the following month. Most accountants may only provide quarterly or even annual figures which make it difficult for agencies to know how they are performing.
- CLIENTS AND CANDIDATES DO NOT KNOW OF TBOS’S INVOLVEMENT
TBOS answers all agency queries on their behalf, with a guaranteed response within 4 hours. Our team will answer all queries with ‘Good Morning/Afternoon Accounts’ and send and receive emails using the agency’s specific email signature. This means the clients and candidates are unaware of TBOS’s involvement in the agency’s back-office operations. Many other providers will not provide a thorough communications service on behalf of the agency which can make the agency seem small to its other clients and candidates.
- TBOS DO NOT BECOME DIRECTORS OR SHAREHOLDERS OF YOUR AGENCY
One of the most important aspects of TBOS is that we do not become Directors or Shareholders of the agencies we provide our services too. This way the agency retains full control of their business and ensures they distribute their profits how they see fit. Some providers will take a directorship and/or shareholding of the agency which can restrict the director’s decision making, reduce the dividend distribution and take a cut of the value of the company when it is time to sell.
- YOU RECEIVE YOUR OWN INVOICING CLERK, CREDIT CONTROLLER AND BOOKKEEPER
Each TBOS client is allocated their own specific invoicing clerk, credit controller and bookkeeper at TBOS who manage the day-to-day running of their agency. This way the agency receives 3 experienced people looking after their daily processes. Other providers may only provide 1 person looking after all aspects of one particular agency, this can cause problems if this assigned account manager is on annual leave or off sick.
- PRODUCE YEAR END ACCOUNTS
All TBOS Complete clients receive their Annual Statutory Accounts produced by TBOS. This is because our team have already completed most of the work by consistently producing monthly management accounts. This is simpler for our team to produce the year-end accounts as we have addressed any issues that have arisen each month. Some providers will look after the day to day operations of the agency but will not produce year end accounts, this will most likely involve an additional cost to the agency and a disjointed service.
- VAT, HOLIDAY PAY AND PAYE IS HELD IN YOUR BUSINESS BANK ACCOUNT
Because TBOS manages the bank accounts and invoice finance arrangements of TBOS Complete agency clients, we ensure that the cash-flow is thoroughly managed on a daily basis. This includes the provision of VAT, Holiday pay and PAYE in each agencies business bank account. With some other pay-and-bill providers they will take it upon themselves to hold back the VAT, holiday pay and PAYE element of a contractor/temp placement in the agencies bank account, which can restrict an agencies cash-flow and mean the agency is not in control of their HMRC responsibilities.
- YOU ARE SIGNED UP TO A ROLLING CONTRACT WITH NO LONG-TERM COMMITMENT
All TBOS clients are on a rolling service contract with an agreed notice period on our services to ensure a smooth handover to another provider should the need occur. TBOS Complete clients have a 3 month notice period and TBOS Freedom clients have a 7-day notice period. Some providers however can tie an agency into anywhere from a 1-year contract to a 3-5-year contract which can be highly restrictive on the agency. Even more so if the agency decides to change their mind and realises the service does not match their specific needs or the service levels are detrimental to their business.
- TBOS CAN MANAGE INTERNATIONAL PLACEMENTS
TBOS have many years’ experience of helping agencies in managing their international placements. We can manage anything from contract law, compliance, taxation, funding right through to back-office processes. Many TBOS Complete clients make permanent and contract placements in many different countries with TBOS providing currency funding when required. TBOS Freedom has the capability of providing funding in 175 countries and within 15 different countries. Many providers however can only support UK placements and do not have the capability of raising currency invoices or managing the complexity of international placements.
- TBOS ONLY LOOKS AFTER THE BACK-OFFICE OF RECRUITMENT AGENCIES
TBOS have always recognised that recruiters are fantastic sales people but often have little interest in the administrative side of a placement which is why our service was created. TBOS directors have over 40 years’ experience in managing the back-office processes of recruitment agencies and pass on as much of this knowledge onto new agency directors. If an agency uses a regular accountant who looks after ‘the butcher, the baker and the candlestick maker’ then they may not get the specific advice required or keep up to date on changes in legislation relating to the recruitment industry.
- RECEIVE CHEAPER INVOICE FINANCE COSTS DUE TO TBOS’S LONG-STANDING RELATIONSHIPS WITH PREFERRED FUNDING SUPPLIERS
The cost of invoice finance is often based on the risk to the provider so if an agency uses TBOS as their back-office and accountancy service then the invoice finance company can reduce the service charges. This is mainly because TBOS have developed a reliable reputation with funding suppliers and will not raise bogus invoices. They trust that the TBOS team will manage the daily processes and credit control and also provide monthly management accounts to ensure the agency stays above board. If an agency uses a pay-and-bill provider or completes the back-office processes themselves then the cost of finance will often be very expensive compared to working with TBOS.
How TBOS Can Help Your Recruitment Business
TBOS have helped many recruitment agencies switch from their current back-office provider because they have faced restrictions that we have mentioned above. We have helped agencies switch from pay-and-bill providers onto their own invoice finance arrangement, which has resulted in large savings on their funding costs – with the added benefit of our full back-office service managing the entire process.
We have also helped agencies switch from a standard accountant because they receive a much more informative bookkeeping service with our back-office solution. With our services the directors can better understand their business, enabling them to grow into a bigger and more successful recruitment agency.
GET IN TOUCH TODAY
If you would like more information on how TBOS compares to your current back office and accountancy provider then please contact our office on 0345 504 6333. We can help you by producing a comparative quote outlining your annual savings if you decide to switch.