Blogs
WHY NOT KEEPING YOUR BOOKS UP TO DATE CAN MAKE YOUR RECRUITMENT AGENCY GO BUST!
Recruitment directors are often not financial experts as their skills lie in securing placements, registering candidates and growing their agency via sales. As business owners and directors you need to invest time into ensuring that you understand your responsibilities and stay on top of your financial data to avoid HMRC fines and investigations, and why…
Read More5 REASONS YOUR PERM-ONLY AGENCY SHOULDN’T TURN DOWN CONTRACT BUSINESS
Just because you’re a perm-only agency, you shouldn’t turn down contract business. In general terms, recruitment placements can be broken down into permanent placements and contract/temporary placements with some agencies specialising in providing one or the other to their clients. This can sometimes be dictated by the industry the agency are working in, the clients…
Read MoreWHAT IS A PERSONAL GUARANTEE ON AN INVOICE FINANCE ARRANGEMENT?
Invoice finance is a staple of the recruitment industry for agencies making contract and temporary placements. These bridge the funding gap between when the candidate needs to be paid before the client makes payment. These facilities grow as the agency’s turnover increases and are a great way to provide the funding required. To secure an arrangement,…
Read MoreARE YOUR TOP BILLERS LEAVING TO START THEIR OWN AGENCY? HAVE YOU CONSIDERED THE FOLLOWING SOLUTION?
One of the most challenging aspects of growing a successful recruitment agency is retaining great staff within the business. The best staff members will often be top-producing consultants, managing large accounts and even running teams within the business. If your top billers leave to start their own agency, this could mean the loss of profit, loss of…
Read MoreARE ACCOUNTANTS BECOMING LAZY BY GETTING CLIENTS TO COMPLETE THEIR OWN BOOKKEEPING?
In the age of rapid advancements within online accounting software such as Sage One, Xero and QuickBooks, to streamline and simplify accounting processes, there has been an increased drive from accountants for companies to do their own bookkeeping and accounting submissions. This will involve an accountant setting up a licence and providing some limited training…
Read MoreSHOULD I HAVE A SHAREHOLDER’S AGREEMENT FOR MY RECRUITMENT AGENCY?
As an owner of a recruitment agency, you not only have the title of being the Director of the business, but you also own shares in the business, allowing you to take a portion of the profits as dividends and benefit financially should the company be sold. If there is only one director and shareholder…
Read MoreWHAT ARE THE BENEFITS OF INTERNATIONAL RECRUITMENT?
Our clients often ask me “What are the benefits of international recruitment?” or “Is it worth looking to Europe, the US and beyond?” Based on my years of experience working with recruitment agencies who have made international placements, my answer is always YES! There are so many benefits to making placements overseas and the rewards are…
Read MoreHOW EASY IS IT TO MOVE FROM A PAY-AND-BILL SOLUTION TO YOUR OWN INVOICE FINANCE FACILITY?
When starting to make contract or temporary placements, a recruitment agency may initially decide to use a Pay-And-Bill solution which looks after the client’s invoicing, funding of the candidate payments and distribution of profit minus charges based on when the timesheet is approved. These facilities work extremely well in the early days of a recruitment agency’s…
Read MoreDO YOU KNOW HOW TO READ YOUR OWN COMPANY ACCOUNTS?
Think about that question for a second…do you know how to read your own company accounts? Any company, limited or LLP, that is registered at Companies House, must present a set of company accounts each year within 9 months of their year-end. These accounts tell the story of the year gone by and the financial stability…
Read MoreWHY INVOICE FINANCE COMPANIES SOMETIMES SAY “NO” TO CONTRACTOR FUNDING
Invoice finance is a common funding solution for recruitment agencies making contract and/or temporary placements. This arrangement provides funding against client invoices, normally to a pre-payment of between 80-90% of invoice value which should be sufficient to pay the candidate until the client makes payment. Invoice finance companies like to provide funding against contract/temporary placements…
Read More