For recruitment agency owners, having a back office and accounting function can often be the last thing on their mind as they see this as a cost to their business without realising the necessity of having this service.
TBOS realised that recruiters are extremely skilled at making placements but often fail at keeping up with administration tasks or get distracted by cash-flow issues, both of which can lead to a new company to either fail early on or not reach their full potential.
Agencies will often resort to using an external accountant who can provide some of the services required and/or hire internal staff to manage the day-to-day operations. The downside with internal staff is the additional costs – not only an extra salary, but also an additional desk cost (furniture, computer, software, telephone, stationary, postage, etc.) External accountants may not be available every day when required and will produce accounts without having a detailed understanding of how a recruitment agency operates.
TBOS Complete has been developed to provide a comprehensive back office and accounting service to contract and permanent recruitment agencies.
It is aimed at:-
- New start up permanent and/or contract recruitment agencies
- Existing recruitment agencies looking to outsource their back office and accounts needs
TBOS Complete works by managing all the day to day administration, back office and accounting functions normally handled by an internal processing team and/or an external accountant.
We help new agencies to form their companies, register with HMRC, arrange a business bank account and advise on recommended suppliers needed to get their business off the ground (insurance, contracts, etc.) TBOS can also help to arrange invoice finance if required or provide contractor funding using the TBOS Freedom product.
The TBOS Complete service encompasses the following;
- Timesheet verification
- Invoice raising
- Contractor payments
- Invoice Finance management
- Credit control
- Daily Bookkeeping
- Staff Payroll
- Management Reporting
- VAT Returns
- Year End statutory work
This is all completed using the agency’s name and branding. The TBOS Complete service also provides a full time accounts department with email and telephone support under your agency name. This means that your clients and candidates will not know that you have outsourced your back office to TBOS and we simply appear to be part of the agency itself.
As TBOS would handle all elements of the back office and accounts service, the agency need not be distracted from their main focus – billing and sales.
The main advantages that we hold over other back office solutions are:-
- The TBOS Complete model provides all the services an agency needs under one roof – there is no need for a separate company accountant
- TBOS Complete fees are charged based on the number of placements and/or number of weeks worked by the contractors – if a contractor does not work, we do not charge a fee.
- Agencies are not tied into a long term agreement – Our notice period is 90 days
- Proficient handling of currency and international placements – TBOS can manage international/currency placements and help to arrange funding if required
- Immediate set up – Our experienced team can set up a new company within 24 hours and an agency can be up and running within 7-10 days (depending on bank account formation)
The TBOS Complete model offers a fully comprehensive back office and accounting solution for any size recruitment agency. Contact us to find out more.