Please note: This Profit Calculator is based on a UK GBP placement where the client is VAT registered and the candidate is being paid to a limited/umbrella company so therefore VAT has been added to the invoice values to the client and candidate.
The weekly figures are based on a 5 day week and the monthly figures are based on 21.67 days per month (260 working days divided by 12 months). The interest calculation is based on 3.5% above the Bank of England Base rate of 0.75%.
Pay As Your Contractors Work
This solution covers:
- Unlimited Credit Checks
- Telephone & Email Accounts Support
- Timesheet Management
- Invoicing (UK & International)
- Invoice Finance
- Credit Control
- Intermediary Reporting
- Management of Contractor Payments (PAYE, Umbrella Company/Ltd)
Does TBOS Freedom work for Perm-Only agencies?
If you are a Perm-Only agency with a unique opportunity to place one contractor or several contractors, TBOS Freedom is the perfect plan for you. This will cover the complete funding and administration required for administering the contract placements so you can carry on focusing on your perm-only business.
I’m a new start up Contract agency should I be using TBOS Freedom?
TBOS Freedom is perfect for new start ups as the funding is fully credit insured and the plan is pay-as-you-go. Our fees are based on your productivity so if you’re starting out this is very cost-effective from day 1. Our specialist back-office team will manage the contract placement from start to finish so you can focus on growing your new recruitment business.
I have a bad personal credit rating, will TBOS Freedom fund my contract placements?
TBOS bases its funding decisions on the clients you are invoicing, they are not based on the financial history of the Recruitment Director. If you have bad credit or no assets this will not affect you using our TBOS Freedom plan as the debts are fully insured. TBOS will distribute the profits once the client has made payment.
How much does TBOS Freedom cost?
TBOS Freedom 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 with TBOS Freedom?
TBOS Freedom has a set fee that we charge per placement that is working, this cost can vary depending on the number of placements you are making. There is an additional Invoice Factoring charge and bank interest charge, again this will vary on your funding requirements. We highly recommend you give our team to discuss your enquiry in more detail.
What happens if my client goes bust mid contract? Will I still get paid?
All funded placements made with TBOS Freedom have bad debt protection included within the factoring fee. TBOS constantly monitor our clients to ensure that all of your debt is insured. Should your client go into administration or liquidation then you will be reimbursed in full (minus a £500 first loss).
If TBOS produce the contracts and invoices, how do I retain my identity on the placement?
The contracts are created and signed between your client/candidate, you as the agency and TBOS as the service provider. As the Agency you are named as the owner of the client/candidate and placement and are ultimately responsible for the conduct of the placement. TBOS acts as the Service Provider, we are responsible for administering the contracts and invoicing, funding the candidate and receiving the funds from the client.
What happens if a client wants us to use their contract template instead of the TBOS Freedom template?
In this circumstance, TBOS will work with the client and our legal team to add the appropriate clauses to ensure that all parties are protected within the transaction. This would either be in the form of an amendment letter or changing the existing contracts so that TBOS can also sign on the contracts.
It is Friday lunchtime and I have a contractor starting on Monday morning, can you help fund my placement with TBOS Freedom?
As long as all the details we require are sent to TBOS immediately then we can produce the Service Level Agreement, complete the credit check and raise the contracts for signature within 3 hours (UK placements only).
My client has 60 day payment terms and I want to pay my candidate after 30 days, is this possible?
TBOS works to your payment terms and schedules. We do not have weekly or monthly deadlines and we ncan pay within the terms that you set. This means you have greater control over your candidates and fees.
I have a potential contractor working in Europe in Euros, can TBOS Freedom help me?
Yes, we have many year experience in funding contractors abroad, even more so Europe. Please note the weekly fee will slightly increase as it is an overseas placement and credit check can take up to 48 hours to complete.