Start-Up Recruitment Agency
When a recruiter decides to take the plunge and set up their own new recruitment business it can be a daunting task. Recruiters are fantastic at selling and recruiting, but they often have no idea of where to turn to or what needs to be done to ensure that their new recruitment agency is set up correct.
This is where TBOS can help. Over the past few years TBOS has helped to set up and run the back office of hundreds of new start-up recruitment agencies. TBOS understands the requirements to get a recruitment agency up and running, and our smooth processes allow us to get this done as quickly and compliantly as possible.
TBOS will help guide any recruiter through the set up process to ensure everything is understood and tailor make the agency from the beginning. By discussing what kind of agency the recruiter wants to create, TBOS can provide either TBOS Complete, TBOS Freedom or both services to ensure that all the funding and administration required is covered.
Some advantages of using the TBOS model for new start-ups:-
- The company is formed within 24 hours and can be registered to our office
- Bank account introduction and HMRC registrations completed
- Introductions to suppliers such as providers of Insurance, Contract Templates, Job Board Access, Websites, etc.
New start-up permanent agencies can take advantage of using the TBOS Complete model to handle all of their permanent placements, credit control, management reporting and end of year statutory work along with acting as the accounts department on telephone and email support. All of this can be done for a minimum annual fee of £3,000 which is cheaper than hiring a full time member of staff.
New start-up contract recruitment agencies can also take advantage of using the TBOS Complete model but the on the level of projected contract business in the first year will determine whether the TBOS Complete model or the TBOS Complete and TBOS Freedom model is more appropriate.
If the new start-up contract recruitment agency is projecting above £500,000 worth of turnover then the team at TBOS will help to arrange an invoice finance arrangement with their preferred suppliers, and once set up they will manage this facility under the TBOS Complete model. The TBOS Complete model will handle all the timesheet management, invoicing (contract/permanent), contractor payroll (PAYE/Umbrella/Ltd), credit control, management reporting and year end statutory work along with acting as the accounts department on telephone and email support.
If however the new start-up contract agency does not know, or want to set up their own invoice finance arrangement straight away, then the agency would use the TBOS Freedom model to fund and administer the contract placements whilst using the TBOS Complete model for their permanent and accounting needs of their agency.
Once the new start-up agency gets to the required level of turnover then the TBOS team will help the agency to get their own invoice finance arrangement in place and move them away from the TBOS Freedom model and only onto the TBOS Complete model.
Contact us for more help on how to start up your own recruitment agency.
Existing Recruitment Agency
There are many recruitment agencies who have been established for a number of years who are running their own back office and accounts department or using an outsourcing company to provide the services required. However TBOS understands that circumstances can change, either with a supporting staff member leaving or the services required by the agency changing or needing refinement.
This is where TBOS can help. Over the years TBOS have helped a number of established recruitment agencies to move their existing back office and accounts function to us, ensuring that all services are fully outsourced.
By moving to TBOS any agency gains the same service they would have received from having internal invoicing, payroll, credit control staff and external accountants at a fraction of the cost, and with all services under one provider.
If some of the services were already being processed by an outsourced provider then by using TBOS this can centralise the back office under one roof, and ensure the agency doesn’t have to get involved with timesheet management or liaising with more than one company.
By moving to a fully outsourced model this has not only provided a cost saving on staff wages but also provided cost savings on the following areas:-
- Accountancy fees
- Office space and furniture costs
- Stationary, postage and printing costs
- Computer, Software and Licencing fees
- Time managing internal back office staff
Plus we can provide a fully functioning Monday to Friday 9am till 5.30pm accounts department function to avoid previous issues of staff holiday, sickness and other HR scenarios.
TBOS have found that where Directors have been completing the books themselves this has freed up their time to concentrate on growing the business and developing their teams. Where Consultants where raising their own invoices this has freed up their time to make more placements, reduce errors and make better use of their time.
Due to TBOS’s relationships with reputable invoice finance companies, the team can also look to reduce costs on existing factoring and invoice discounting facilities to make a large saving in the long run and ensure that it meets the agency’s needs.
Overall by using TBOS an existing agency should be able to see a significant cost savings and a more comprehensive service allowing the agency to concentrate on selling and recruiting.