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What is Recruitment Finance?
Recruitment Finance comes in multiple forms. The most common funding option for those operating within the recruitment sector is Factoring. This is a line of funding that keeps cash flow running through your business, removing the stress of a low in cashflow. Invoice Factoring partners can offer cash flow management solutions with all kinds of recruitment companies, irrelevant of the sector, whether they are temp staff, or permanent.
Factoring is a popular funding solution for those within the recruitment industry, as it has additional benefits. Aside from boosting cash flow, some funders will offer to assist you with your back office. In the case that you have to administrate tasks such as timesheets and payroll for your clients, the lender can take that weight off your shoulders. Your back office work can often be time-consuming and stressful, and removing that from your weekly to-do list can change the way you run your business. Invoice Finance can also be beneficial for those who work with temp (temporary) staff. Similarly to the payroll tasks, taking the admin of processing the timesheets of temp staff away from your business can free you up to work on other tasks to focus on growing your company. PAYE, timesheets and payroll are all typically available with Invoice Factoring partners within the recruitment sector.
Management of finances is vital if you plan to grow your business, and Invoice Finance may be the solution. Invoice Finance allows you to release up to 100% of your invoices due, meaning you never have to worry about lengthy payment terms again. This prepayment figure can vary, and depends on multiple factors, such as your turnover and the strength of your business profile.
