Posts Tagged ‘Recruitment’
WHAT NON-RECRUITERS SHOULD UNDERSTAND BEFORE STARTING A RECRUITMENT AGENCY
Over the years, while providing back-office and accounting services to recruitment businesses, we have regularly spoken with individuals from outside the recruitment industry who are considering launching their own recruitment agency. These conversations have included professionals from a wide range of sectors, including healthcare, logistics, construction, manufacturing, and traffic management. Many have identified recruitment challenges…
Read MoreCASH FLOW STRATEGIES EVERY RECRUITMENT AGENCY SHOULD KNOW
Recruitment agencies are often highly skilled at generating new business, sourcing candidates, and making placements. However, managing cash flow is an area that many agency directors find significantly more challenging. Understanding when clients will pay invoices, when contractors and suppliers need to be paid, and how much is owed to HMRC can quickly become complex,…
Read MoreDON’T RUSH TO GIVE AWAY SHARES IN YOUR RECRUITMENT AGENCY
When a director starts their first business, share ownership is often the clearest indication that they own a stake in the company. Shares not only represent ownership but also determine voting rights, influence over business decisions, entitlement to dividends, and ultimately the proportion of any future sale proceeds the shareholder may receive. One common trend…
Read MoreREDUCING COSTS AND IMPROVING COMPLIANCE WITH AN INTERNAL PAYE SCHEME
For recruitment agencies operating in the temporary and contract market, ensuring workers are paid compliantly has become increasingly important in recent years. Between the ongoing impact of IR35 and recent Joint and Several Liability (JSL) legislation, agencies and end clients are under greater pressure to demonstrate transparency, compliance, and due diligence throughout the labour supply…
Read MoreTHE DANGERS OF PAYING RECRUITMENT CONSULTANTS VIA LIMITED COMPANIES
Over the years, MAYACHI has frequently been asked by recruitment agency directors whether they can engage internal recruitment consultants through their own limited companies instead of paying them through the company PAYE scheme. While this arrangement can sometimes appear attractive as a way to reduce payroll costs and increase flexibility, it can also create significant…
Read More6 QUESTIONS TO ASK WHEN CONSIDERING STARTING A CONTRACT DESK
Running a contract desk can be a highly profitable way of growing a recruitment agency. However, the administration, compliance, and funding requirements involved in running a contract desk are considerably greater than those associated with permanent recruitment alone. There are many questions agencies should ask before launching a contract desk but the below six are…
Read MoreAVOID THESE INTERNATIONAL CONTRACT PLACEMENT HAZARDS
Many recruitment agencies see international contract placements as an attractive growth strategy. Overseas placements can often deliver higher margins while also opening the door to new markets and opportunities. On the surface, the recruitment process may appear very similar to domestic hiring: sourcing the candidate, securing the contract, and managing the placement. However, international contracting…
Read MoreMANAGING CASH FLOW IN UNCERTAIN TIMES: THE ROLE OF INVOICE FINANCE
Cash flow is one of the most important factors in maintaining a stable and successful business, particularly during periods of economic uncertainty. Client payments may slow down, while suppliers and overheads still need to be paid on time. While overdrafts and loans are possible funding options, invoice finance can often be a more flexible and…
Read MoreTHE ROLE OF MANAGEMENT ACCOUNTS IN BUILDING A SUCCESSFUL AGENCY
Most recruitment agencies are founded by experienced recruiters who excel at building relationships, winning clients, and making placements. However, while many agency owners are experts in recruitment, finance and accounting are often areas they engage with only when necessary, or not at all. The reality is that understanding your numbers is one of the most…
Read MoreJARGON BUSTER – INVOICE FINANCE
Invoice finance is a core funding solution within the recruitment industry, particularly for agencies operating in the contract and temporary space, where candidates are often paid before clients settle their invoices. However, when reviewing a proposal from an invoice finance provider, agencies are often faced with complex terminology. Understanding these terms is essential before committing…
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