Get Your Free Ultimate Guide To Recruitment Finance
Frequently Asked Questions
Do TBOS become Directors or Shareholders of my recruitment agency?
TBOS do not become Directors or Shareholders of any of our recruitment agency clients as we provide back-office and accounts support. Therefore, the cash-flow and company policies are the sole responsibility of the recruitment agency. Our team will work to the information provided by the agency client.
Do you offer any extras like CRM database, website development, legal contracts, job boards, insurance etc?
As we are back office specialists, we remain providing the services we are most knowledgeable about so therefore we do not offer the other services you mention. With that said, we do have a preferred suppliers list these are reputable suppliers which have been recommended to us by our clients and who have been kind enough to offer discounts. You can access this list here.
How do I register my new recruitment business?
You can register your new company at Companies House, this is a one-off payment of £12. Please note this is a timely process and must be completed correctly to deter problems later on. TBOS are able to do this for you, however we charge you a small fee for our time registering the company for you.
What funding can I obtain for my new recruitment agency?
TBOS can help to arrange invoice finance (lending against the value of the invoices you raise) for recruitment agencies dealing with large number of contract placements (subject to credit approval). With our team managing the finance daily, our clients benefit from preferential invoice finance rates from several lenders on the market. TBOS also offers a short-term funding solution called TBOS Freedom for agencies making a small number of contract placements. It is difficult to obtain funding on permanent placements unless you have a large debtor book, this will often only be funded at a lower percentage.
Do you look after Perm-Only agencies?
TBOS are able to look after the back office of any size of type of recruitment agency, including Perm-Only Recruitment agencies. This plan covers the invoicing of Permanent placements, credit control, management of supplier payments, daily bookkeeping, monthly management accounts, VAT returns and your statutory year-end accounts. This a comprehensive service which is far cheaper compared to hiring in-house staff for your agency as well as paying an external accountant.
If I have my own invoice finance facility, can you still help me with my back-office?
Yes, TBOS has worked with many agencies who already have an outstanding finance agreement. Our team can work with you to manage your facility as part of our service. We also provide a FREE invoice finance review whereby we can negotiate a better deal for your funding requirements. We recommend you give our team a call to explore your options in more detail.
Will TBOS be raising invoices as my company name or as TBOS?
Under TBOS Complete, our back-office team will operate under the name of the recruitment agency client. This means all invoicing, telephone calls, emails and correspondence is completed in the agency name with the clients and candidates unbeknown to TBOS involvement with the accounts processes. All invoicing is sent out with the recruitment agency logo, name and bank details as well as the credit control correspondence.
How much does TBOS Complete cost?
TBOS Complete is a pay-as-you-go back-office solution which varies in price depending on the frequency of placements you make. We highly recommend you give our team a call for a tailored quote to your specific needs.
Are there any additional costs that I need to be aware of?
TBOS will charge additional fees for our legal advisory service and further accountancy reports that are outside our standard service plans. An example of one of these are Shareholders Agreements.
Book a Consultation
With One of Our Experts
Book a meeting with one of our experts to discuss...
- How TBOS can help you
- The solutions we offer
- Pricing and packages
Latest from the Blog
When a new recruitment agency engages with an invoice finance company to provide finance on their contractor placements, they will often be asked for a list of their clients to...
An increasing number of firms are using artificial intelligence as part of their recruitment process in an effort to reduce bias, however recent research suggests this approach...
When you’re starting a new recruitment agency, it’s vital to plan your approach correctly to maximise the chance of creating a successful and profitable enterprise.