If you are managing an established recruitment agency, cash flow can often be an issue when preparing to tender for large contracts. And there’s no way you want to turn down business over concerns you couldn’t fund the payroll. So how do you go forward with confidence?
Here at Oriel, recruitment is our business. For more than five years we have specialised in supporting recruitment businesses during all stages of their life cycle.
Cash flow is the lifeblood of any business. Our clients benefit from high levels of regular cash flow, making it easier to plan for the future. We’ll give you access to millions of pounds of funding, enabling you to compete with high street agencies, fund large contracts and always be in a position to fulfil your obligations to HMRC.
Our commitment of up to 100% funding means that you know your temps will always be paid – accurately and on time. There will be no need to dip into an overdraft each week, or go to the lengths of using personal savings to bridge any shortfall. You’ll also enjoy the peace of mind of your gross profi t being paid into your bank account, even before a client has received an invoice!
For more information call our Recruitment Support team now on 0845 226 1843.
Free your recruitment agency from it's payroll
No matter what method you use to finance and administer your temp payroll, outsourcing all aspects to one specialist supplier makes a lot of sense. Whether you’re caught up running the payroll yourself, using internal resources or outsourcing to a supplier, having it managed by recruitment experts, under one roof, is guaranteed to increase efficiency and lower fixed overheads within your business.
Energy can easily be wasted having to manage separate suppliers; or manipulating your finances when your financier hasn’t released enough funds to cover payroll; or even when you become heavily involved in chasing debtors. We rescue people from these issues all the time, giving them the freedom to focus on winning new business and planning for the future.
Management Information for your recruitment agency 24/7
We’ve found that one of the things agencies ask for most is easy access to accurate management information. After getting through the first few tricky months, businesses want to turn their focus onto planning for the next step. This often involves recruiting more staff, investing in technology, exploring new sectors or opening new branches. Whatever the plan of action, you need to know that you have strong cash fl ow behind you, plus the controls to measure performance.
Producing meaningful management information takes time, and diverts attention from driving the business forward (not to mention eating into your personal time if you’re having to produce the information during evenings and weekends).
Our Orion System is a bespoke recruitment package that cuts out all the time and hassle associated with processing payroll and producing management information. Web based and subsequently accessible 24/7, it provides reports on areas such as gross margin, aged debtor and working time directive analysis. With this information so readily available to you, there is the time and freedom to focus your efforts on new business.
Finance, Payroll and Back Office services to suit your recruitment agency
Our range of services can be tailored to suit your business’ individual requirements:
• 100% funding – boosting your cash flow
• Temporary and permanent solutions
• Credit control and back offi ce services to ease the burden of paperwork
• Credit insurance cover for extra peace of mind
• Comprehensive online system to easily access your management statistics at any time
• Finance-only option (no payroll)
• Payroll-only option (no finance or credit control)
With Oriel your finance and back office administration is handled under one roof. Our proven services allow you to increase your overall efficiency and concentrate on generating sales and increasing profitability, so call us now on 0845 226 1814.
FAQs
What advance can I expect against my invoicing?
As we understand the value of cash flow to any business, with respect to temporary invoicing we are able to advance 100% upfront with a signed timesheet and the appropriate credit insurance, on a recourse basis. This allows you to not only pay your candidates but give you margin without having to wait for invoices to be paid.
Who takes care of tax and NI for my candidates?
As the temporary candidates are employed by Oriel all tax and NI is the responsibility of Oriel to pay to the revenue and will be included in the weekly payroll cost. This means that the burden of filing time consuming tax and NI returns falls with Oriel and not yourself.
Is there a provision for VAT and holiday pay?
Yes. VAT bills can be a major burden when running any business and can often be responsible for many businesses not surviving their first five years. As a result we have developed a VAT retention which accrues the VAT liability generated from the facility and then when due this is released to you enabling you to pay your VAT return with ease.
Holiday pay, as a legal requirement also needs to be accounted for, whether it is paid on a weekly basis or accrued for separately we are able to cater this service to your requirements. Accruing holiday pay at 12.7%, ensures that the funds will always be available to pay your candidates and with our online reporting systems you can see exactly what is due to each candidate.
How will I be able to view my figures?
With our online system Orion you will have full transparency and control of invoicing, credit management and payroll services. With a plethora of online reports, many of which have live updating you are able to view up to date and historical ledger notes on each account, details of payments made to candidates, invoices raised and fees charged; all of which puts you in control and allows you to have as much or as little involvement as you need at any one time.
Who can I contact if I have a query?
You will have a dedicated back office team to include your own payroller and credit controller who will look after your account, together with a client relationship manager who will organise training, manage margin payments and co ordinate the account as a whole. Regular reviews with your credit controller allows you to be kept up to date with your ledgers and visits from your client relationship manager mean that your facility is closely monitored and someone is always available to answer any queries you may have.
Is there protection against bad debt?
Yes. With each client set up through our facility credit insurance is applied for, which means that if gained you are protected against potential bad debt.
When can my margin be accessed?
Not only do we pay the cost of the payroll on a weekly basis but we are also able to provide margin payments every Friday subject to availability, providing valuable weekly cash flow to any business.
