Posts Tagged ‘Recruitment Agency’
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 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 MoreHOW TO SECURE AN INVOICE FINANCE ARRANGEMENT FOR A NEW RECRUITMENT AGENCY
When a new recruitment agency launches, its directors may initially look at making permanent placements to build up some cashflow as they do not believe they would be eligible for funding on contract placements. They may also look at Pay-And-Bill solutions as a way of funding their contractors without understanding that this can be an expensive…
Read More6 WAYS TO INCREASE THE VALUE OF YOUR RECRUITMENT AGENCY
Selling a recruitment agency is a dream for many new recruitment directors, especially if it can be sold for a life changing amount of money. However, due to poor planning, this may not be the case and often, the company will end up undervalued or continue to trade indefinitely. When considering selling a recruitment company, it…
Read MoreHOW DOES CIS AFFECT YOUR RECRUITMENT AGENCY IF YOU ARE A NEW START UP?
As a recruitment agency start up, understanding how CIS can affect your new business is paramount. The Construction Industry Scheme (CIS) was set up in 1971 to combat the tax evasion occurring within the construction industry when paying subcontract workers. When we think of CIS Placements for recruitment agencies, the tax system overall has become more…
Read MoreINVOICE FINANCE COSTS EXPLAINED
Invoice Finance is often a key requirement for recruitment agencies making contract/temporary placements as it provides the funds to pay the candidates before the clients make payment. Although the facility can appear straightforward, understanding the jargon around the charges and how they are calculated can sometimes be alien to a recruitment director. When I meet with potential…
Read MorePAYE CONTRACTOR RATES – HOW TO CALCULATE THE TRUE CONTRACTOR COST
When paying a candidate via an Umbrella (or Limited Company), the pay rate that is agreed and paid over includes all the costs of the candidate. However, if a candidate is paid via the agency PAYE scheme, then the agency has several costs based on the candidate’s pay rate that need to be considered to…
Read MoreWHO SHOULD START A RECRUITMENT AGENCY?
We’re is often asked “Who is the ideal person to start their own recruitment agency?” and there are many different answers to this question. Sometimes the best recruiters do not always make the best directors of their own recruitment agency as they cannot manage their responsibilities when it comes to running a company, managing their cashflow…
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