factoring for recruitment

Factoring is particularly useful for recruitment businesses providing a total management service as well as finance.

If you are an employment agency chances are you have to pay your people weekly or fortnightly and it's unlikely you'll get away with asking them to wait for payment! Cashflow can be a real hindrance to growth to these businesses, compounded by the administrative burden that goes with payroll processing, PAYE, National Insurance and so on. A lot of Factors have products specifically designed for recruitment companies and there are many recruitment businesses which attribute their growth to such products. Agencies providing temporary IT staff, medical personnel, security guards, seasonal workers all benefit. In fact, whatever type of people your agency specialise in Factoring can and does help. Here's how it works. You concentrate on finding clients and people. Temporary assignees fill out timesheets in the usual way which are provided to the factoring company. They immediately pay the person. The invoice is raised to the client and when payment is received you receive the balance. The factor will deal with all ledger administration from PAYE & National Insurance to collection work. If needed you can insure the ledger removing any worries you may have regarding your clients on-going viability. There are significant variations in service levels and costs so give Factoring Partners a call to receive completely impartial advice. Factoring Partners has been helping businesses since 1996 with hundreds of companies now enjoying greater funding levels. Factoring Partners can offer impartial opinions on the merits and suitability of services offered, and cut through the jargon, explaining clearly how the facility will work.