We now have a help area for recruiters on the site.
It has help regarding funding options that are available, credit control support and payroll outsourcing. We have included a number of case studies explaining how we have helped staff agencies in the past, and we will be adding the findings from our survey of local recruiters to that page as we release them.
FundingVoice magazine are proud to be sponsoring one of the 1066 Business Awards this year. We will be sponsoring the award for “Employer of the Year 2016″, which recognises local businesses as outstanding employers.
FundInvoice were lucky enough to be nominated as Finalists, in another category, last year and after attending the awards dinner we were really impressed with how this event recognised achievements within our local community.
The next edition of FundingVoice magazine is out tomorrow.
Our new article about payment delays in the local recruitment sector, shows that more than half of them want to get paid faster. Late payments seem to be creeping into all sectors, even those with historically short payment cycles. Other research that we conducted showed that 87% of existing receivables financing clients thought that greater use of the products would improve the UK’s late payment culture.
Our latest research study focuses on local recruitment businesses in East Sussex and Kent. The survey has now been completed and I am analysing the results. I will start to share them shortly.
We had an interesting meeting with a trade finance company today. They serve the more credit worthy end of the market, but do so without any security whatsoever i.e. no personal guarantees or other security required. This means that it will not affect your other borrowing facilities. In addition to the normal funding of imports, they can also provide a trade facility for transactions within the UK. So you could use it to pay your UK suppliers (one or many suppliers e.g. for transport, rent etc.). The pricing was based on a flat fee per month, so the cost is very simple. More details to follow.
We have just had a meeting with one of our funding partners and we discussed a situation where an interim finance director joined a firm and then advised the business to move to an alternative invoice finance provider. The interest thing about the advice was that the new provider was a newly established business, one that we know well, but it made me wonder why they would be recommended over and above all the various options that are available.
It caused me to revisit a piece of research that we did regarding accountants, where we found that, on average, accountants deal with only 2 different invoice finance providers. This gives them a very limited scope when recommending sales finance to their clients, and it is not likely to be what could be called independent advice, more driven by the limited range of providers that they deal with.
FundInvoice has researched the entire marketplace, both in terms of service delivery and pricing so if you want truly independent advice please get in touch.
We have just helped a client who had problems with the online factoring system that his existing factoring company were using and also wanted an improvement in the collections service. You might not think there would be much to choose between systems but they can differ and we are aware of there having been problems in some cases. Customers never realise how important it is to choose the right factoring partner – until its too late.
Many people don’t know that it is possible to top up your funding from an invoice finance company, or bank, with funding from a second invoice finance company, by splitting your sales ledger between the two funders. Different providers take different approaches to the risk that they will accept so you may have certain sales that are not funded by your primary provider. You might need a temporary cash flow boost and once again a second financier may be able to provide this, on top of your regular facilities, whilst leaving them in place.
There have been a number of new selective invoice finance companies entering the market over the last few years. At Accountex I met another entrant to that marketspace, Growth Street, who have been duly added to our list of IF companies.
There is now so much choice within the selective IF market that customer will have difficulty making a choice – and as we see time and time again, its not just about who is the cheapest.
We had a meeting with one of our single invoice finance providers the other day and they happened to mention that they often provided credit control for the client, free of charge. What a great benefit! You are only paying for the funding but you are getting a collections support service for free – not all selective services are created equal.