TBOS Freedom gives agencies the freedom to make contract placements by looking after the contracts, invoicing, payments and funding for agencies

TBOS Freedom is ideal for recruitment agencies who are within the following scenarios:

● A new start-up recruitment agency who doesn’t want to sign up to a long term invoice finance agreement from day one
● An agency who needs funding and administrative services only for their contract placements
● A permanent-only agency who is offered a contract position but does not have the capability to fund or administer the placement
● An agency who cannot get invoice finance due to adverse credit or concentration of export debtors

TheTBOS Freedom model provides agencies with fully insured funding based on their client’s credit rating and ensures that all administration of contracts, invoicing, payments credit control and compliance are covered.

TBOS Freedom has the capability of handling the funding on currency and international placements and is not restricted by constraints of debtor or export concentration.

With the TBOS Freedom model the agency is only signed up based on the contract length of the placement made and they are not obligated to put all of the contract business through our facility. The agency also does not have to sign any personal guarantees or debentures in order to receive the funding.

  • You Find A Client And We Credit Check The Client

    The first part of the process is once the agency has been offered a contract placement they need to provide the clients details to TBOS so that we can perform a credit check.

    Credit checks are completed through our credit insurers to ensure that the invoices we raise are fully credit insured should the client go bust or can’t pay/won’t pay after 120 days.

    Credit checks on UK clients can be approved within 15 minutes and international clients may take longer depending on the size of the business and which country is being invoiced.

    It is also advisable to inform the client that the agency will be using TBOS as part of the process so they know of our involvement and can complete any due diligence themselves on our company.

  • Once Approved You Make The Placement And We Raise The Contracts

    Once the credit check has been approved the agency can make the placement between the client and candidate.

    Once the placement has been confirmed the details are sent to the TBOS office on a starter form detailing the client, candidate and placement details.

    Using the information on the starter form the TBOS staff will produce the client and candidate contracts ready for checking by the agency.

    The client contracts are three-way contracts between the client, the agency and TBOS as the service provider. The contracts show that the agency still retains the ownership and responsibility of the client, candidate and placement and the service provider is responsible for the invoicing and receiving payment part of the contract. The contracts also cover the Agency Workers Regulations and are compliant for International placements.

    The candidate contracts are three-way contracts between the candidate (and their limited/umbrella company if applicable), the agency and TBOS as the service provider. The contracts show that the agency still retains the ownership and responsibility of the client, candidate and placement and the service provider is responsible for the receiving of invoices and funding of the payments to the contractors. The contracts are IR35 compliant and cover the Opt-Out Legislation (if applicable).

    As the contracts are three-way contracts we display the TBOS logo and the agency’s logo to help retain the agency’s identity within the recruitment process.

    For PAYE candidates, TBOS will require a starter checklist or P45 along with a copy of ID (passport or drivers licence) and copy of Professional Indemnity Insurance (if applicable). For limited/umbrella company candidates, TBOS will require copies of Certificate of Incorporation, VAT Certificate (if applicable) and copy of Professional Indemnity insurance (if applicable)

  • The Contracts Are Sent Out For E-Signature

    Once the agency has reviewed and approved the contracts they are sent out for signature using our e-signature portal.

    The e-signature portal ensures that the contracts are signed electronically online recording the name, date and time of the person signing the contracts. This also ensures that the signature workflow can be monitored instantly to see at what stage the process is at.

    Once all signatures have been collected the candidate is then eligible to go on site.

  • The Candidate Begins The Contract And Sends The Signed Timesheet To TBOS

    Once the candidate has completed their first week/month at their placement they will need to send in a signed timesheet to the TBOS office either by email or by fax. This timesheet is checked to ensure it is completed correctly and has the correct authorised signature.

    We understand at TBOS that clients may have an online timesheet portal or another bespoke system to record hours worked and we will work with the candidate and clients to ensure that this process is completed as smoothly as possible.

  • TBOS Produces The Invoice To The Client

    Once the timesheet has been checked and verified an invoice is raised by TBOS to the client which is sent out the same day. This invoice is on TBOS headed paper to ensure that it complies with the contract and also to ensure that the invoices are funded and credit insured.

    TBOS raises invoices every day and we can work to the agency’s timesheet deadlines on when invoices are processed and when candidates are paid.

  • TBOS Pays The Candidate Within The Payment Terms

    If the candidate is being paid PAYE then TBOS will process the candidate as a TBOS employee through our PAYE scheme and deduct any Tax or National Insurance required. TBOS will provide a payslip to the candidate and ensure that the PAYE payment is made to HMRC each month.

    If the candidate is being paid through a limited/umbrella company then they will provide an invoice addressed to TBOS which will be processed and paid to the limited/umbrella company bank account.

    TBOS can make payments every day so the agency can choose the payment terms that suit their business and are not restricted by enforced deadlines.

  • TBOS Chases The Client Until Payment Is Made

    TBOS understands that collecting funds from the client for outstanding invoices is vital to ensure the cash-flow of the business which is why TBOS has a proactive method of collecting debts from clients.

    Our team of credit controllers are targeted to ensure that all invoices that are sent to clients are verified that they have been received and are correct within 7 days. Any corrections or amendments can then be made before the invoices become overdue.

    The credit controllers liaise with the clients to ensure that the invoices are on the payment runs and that they are paid within the terms of payment.

    If there is any delay to payment or invoices go overdue, the agencies are notified so they are aware and can make any decision on how to proceed further.

    The TBOS credit controllers realise that building relationships with the accounts teams within the clients is important to get invoice paid on time and resolve any payment delays.

  • Once The Client Has Made Payment For The Invoice We Distribute The Profit

    Once the client has made payment for the invoice raised, TBOS will produce a self-bill invoice from the agency to TBOS showing the profit generated minus the administration and funding fees.

    TBOS will send this invoice to the agency and distribute the profit element on a next day transfer to the Agency bank account.