To Small Van Courier providing deliveries in Ireland.
To Small fashion importer and exporter
With the recent global economic recession and its slow recovery, many businesses in the UK are still not willing to hire more people. Besides banks, venture capitalists and some other secondary lenders have stopped lending to staffing and recruitment firms. This situation has put these firms to severe cash flow issues and ultimately the staffing and recruitment firms in the UK have to compromise on the quality of service and the prospects of business expansion they used to provide.
The recruitment industry in the UK is a multi-billion pound industry. With the aim to alleviate their problems, we at 1st Commercial Credit have put together a wide range of specialist financial solutions to keep cash flowing smoothly.
Your people are your lifeblood. This is why it is important that they are not left waiting for payment, while you await to be paid by your customers. Hence cash flow is most demanding for your firm due to:
More information on Factoring Recruitment Agencies
Our aim is to ease the financial pressure on you so that you can do what you do best viz.: find people, place people and keep people happy. Towards this objective, we’ve put together a wide range of specialist financial solutions to keep cash flowing smoothly. Whether you’re a start-up or an established business, our following tailored services will help meet your varied needs:
This is a flexible form of finance that releases money against unpaid sales invoices and provides you full control of your cash flow. Many factoring businesses overtrade as their sales force often bring in deals that sound fantastic, such as a contract for 20 temps, but the reality dawns later that these temps need to be paid. If your company uses factoring, it will not need to worry about being able to pay workers
Our confidential invoice discounting provides an injection of cash into a business by releasing money against unpaid sales invoices, without your clients knowing you’re using our service. You can submit your invoices online and our robust system facilitates you with online help to manage your finances
Payroll finance takes care of all the key administrative tasks involved with ensuring temps are paid correctly, and on time, while also ensuring your compliance with tax and data protection legislation. Besides you can also avail our back office and payroll finance which is a fully outsourced single solution made up of a comprehensive payroll management service, a factoring facility and a credit insurance facility. Our payroll management service includes weekly/monthly payroll computation, payslip / remittance advice production, new starter set-up, leaver’s P45s, year-end P60s and P35, data archiving, Inland Revenue liaison, pay employer’s Class 1 NICs, pay the monthly / quarterly amount to HM Revenue and Customs
Recruitment and staffing companies of all sizes, from start-ups to multinationals, are vulnerable to the impact of bad debt. When your biggest asset viz.: the sales ledger is unsecured, one unpaid invoice can have a detrimental effect on cash flow and set-back years of profit and growth. When your clients go insolvent, you would be left to pay the temp or contract workers. This would accentuate the problem of keeping enough cash in the business to cover client failures. Our debtor protection solution is a low cost, easy to manage service that could protect you from potentially damaging losses if a major customer fails. It provides you security against a customer’s insolvency and non-payment of invoices.
If your business activities are suitable for our service offerings, you will be required to provide us with the following seven pieces of information:
Whether it is for permanent staff, temporary PAYE workers or self employed contractors, we provide flexible and attractive cash flow solutions. We have years of experience in financing the staffing and recruitment industry, helping them at all stages of development to enjoy better cash flow. Even if you have few assets, we can help you to raise funding, bridge the cash flow gap between temp wages and customer payment besides help protecting you from bad debts. To highlight some of our capabilities: