When you’re approved and all signed up (this won’t take long, so don’t fret!), you can submit your unpaid invoices to your chosen invoice factoring provider. Here’s where recruitment finance comes in. It all amounts to a lack of cash flow – the key ingredient for the growth of any business – and it just isn't fair. You have to pay your workers weekly, but your client – who you’re sending those workers to, after all – can often take up to 90 (or worse, 120!) days to pay you. The whole point of recruitment finance is to bridge those seemingly interminable waits for your invoices to be paid.
INVOICE FACTORING SERVICES SOFTWARE
This software package will set you back just a single monthly fee, and you can add on additional credit control and protection facilities for extra coverage. To top it all off, Novuna even has its own cloud-based admin and payroll solution, ‘Inspired Payroll.’Ĭompletely tailored to the unique needs of the UK’s recruitment agencies, it’s a dynamic payroll management and invoicing solution that helps streamline your workload, and iron out the creases of payments, pensions, and P32 calculations. With this, Novuna will generate an accurate figure with which you can plan your agency’s financial future – and get a better idea of how much it’ll all cost you! Novuna's handy cost calculator allows you to specify your annual sales turnover, the average length of time it takes customers to pay you, and the amount you’d like to release from each invoice. You can add bad debt protection for an extra cost, and remain confident that all your regular, scheduled fees are not only low, but fully transparent, too. Here are the five that are doing it best.
INVOICE FACTORING SERVICES FREE
This means you can free up time to grow your business, and get a quick cash injection when you need it.Īre you struggling to free up funds to implement your next strategy? Can you not afford to wait weeks for that big client payout? Invoice factoring puts your funds back in your hands, and helps kick start the growth of your recruitment agency.įortunately, there are several invoice factoring services that specialise in financing for UK-based recruitment agencies. You’ll unlock up to 100% of the value of your outstanding invoices, and get the cash paid up front – often within 24 hours of requesting it.
Invoice factoring gets rid of the hassle and guesswork of following up late payments. So when you have to worry about chasing up unpaid invoices, you’re bound to start dropping a few balls.
You need to manage your in-house teams, make sure contractors get paid on time, and stay ahead of the competition, all while juggling the growth of your business. Running a recruitment agency is a balancing act. But what can invoice factoring do for your agency, and which provider should you choose? Finance for recruiters has never been so fast, or so flexible.
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