‘Penny for the guy?’

Although a rare sight these days, November 5th, also known as Bonfire Night, used to have a tradition called ‘the Guy’. An effigy of Guy Fawkes, who was the inspiration for Bonfire Night after his failed attack on parliament back in 1605, would be added to the local bonfire.

But before he went up in flames, the Guy would be paraded around town by the kids who made it. They’d ask passersby to donate some money, which would be traditionally used to buy fireworks. It’s an oft-forgotten tradition, and one of the UK’s weirdest, but a fun one to think back on.

So what has that got to do with temporary recruitment? Well this isn’t just a trip down memory lane; it’s actually the perfect metaphor for one of the most important parts of our service: credit control.

 

The Challenges of Credit Control

Collecting money then and now, has never been easy, just ask any credit controller. Their job is to ensure that your clients don’t overreach their credit limit, a necessary role that ensure that you’re always able to pay your temporary workers on time, every time.

It’s a tough job, but with years of knowledge and experience, our team knows a thing or two about getting it right and collecting hard-earned money.  We also know a thing or two about making sure things don’t go bang!

Here at Back Office Support Services, we know that recruitment funding and specifically credit control is a unique kettle of fish in the temporary recruitment industry. So let’s explain how it works.

 

The Process of Credit Control for Temporary Recruitment Agencies

Our clients are all temporary recruitment agencies. They provide temporary workers to their own clients (who we call their customers), and the latter pays their invoices so that the workers can be paid their salaries. It’s a slick system, when it works.

If customers are slow to pay their invoices, you might not have the funds available to pay your workers, shattering your reputation in the process. Invoices are usually paid every thirty days, or longer in some cases, whereas the temp staff are always paid weekly, meaning cash flow issues are unavoidable. Or are they?

With each recruitment agency client, we invoice and collect debts owed by their customers from the recruitment funding we’ve provided. This ensures that each temporary worker the agency has placed gets paid correctly and on time. It’s crucial to get the balance right, and our experience and know-how help make sure that the recruitment agency and their customers are happy.

With us helping you out, the invoicing and payment processes are kept super simple. But how do we make it sound so easy?

 

The Importance of Having a Credit Controller

Credit control is something offered by a lot of companies like ours. Some even make it their entire service, which in theory should result in a better result for you.

However, if you’re constantly being passed between different credit controllers, most of which don’t understand your agency or how you like to communicate with clients, things can fall apart fast.

We solve this by setting you up with your own dedicated credit controller. Alongside your other point of contact, your payroll account manager, they’ll get to know the ins and outs of your agency, understanding how you like to do things, and getting to know more about your clients and how they operate. This makes it a much more personal service; over time they’ll start to feel like a permanent member of your team, and we only hire credit controllers who understand the importance of an informal, yet professional approach.

With this strong working relationship, they can do their job much better. Communication will be slick, as they’ll be in regular contact with you to provide reports, keeping you in the loop while you focus on running your business.

Some agency owners are resistant to bringing in third parties as they don’t like the ‘hands-off’ approach. But when you see how well we do things, and how we’re always on hand to answer your questions, you’ll soon see the benefits.

 

An All-in-One Service that Works for You

Of course, credit control is only part of our service. Instead of having to rely on multiple providers, we have everything you need to succeed in the hectic world of recruiting.

This includes:

  • Recruitment Funding – Giving you access to additional funds that bridge the gap between invoices
  • Payroll Support – Ensuring that your workers are paid exactly when they should be.
  • Invoicing – Your invoices will be checked, checked, and checked again to guarantee they’re spot on, preventing any costly delays.
  • Debt Protection – Also handled by your credit controller, they’ll ensure that if your clients have bad debt, it’ll never affect your business.

When you work with a third party, you want them to handle all the headaches for you. With us, all the administrative tasks that took up valuable time will be taken care of, so you and your team can focus on what they do best.

Time after time we see temporary recruitment agencies who are constantly battling with their recruitment funding provider, adding more work to their busy schedule when the opposite should be the case. This is why so many agencies switch to us, despite it being a risky move sometimes, and they always stick around for the long haul.

After a quarter of a century providing fantastic service, we know what works, especially when it comes to credit control and debt protection. With us you won’t have to carry around a Guy while asking for pennies, and can enjoy this year’s fireworks without worrying about your customers’ credit limits.

If you aren’t happy with your current provider, or are a new start-up looking for some support, we hope to hear from you soon!