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Tribe Recruitment eyes further growth with Invoice Discounting from Siemens Financial Services PDF Print E-mail
Thursday, 18 January 2018
Tribe Recruitment has become the latest company to benefit from invoice finance delivered by Siemens Financial Services (SFS).  

The recruiter provides specialist, professional staff to organisations in the healthcare, fabrication, construction and industrial sectors from its head office in Darlington and satellite offices in key locations across the North East.

Tribe Recruitment is enjoying year on year growth, and looked to Invoice Discounting from SFS to help maintain its expansion.

All staff provided by Tribe Recruitment to its clients are temporary, and most are paid through a timesheet system. This means that while Tribe Recruitment is waiting the standard 30 days for its clients to settle their invoices, approximately 120 people per week still need to be paid.

Lisa Spark, Managing Director at Tribe Recruitment explains: “It is a situation that most recruitment companies like us struggle with. A recruiter’s reputation is made on the efficiency of your payroll. If you don’t pay staff on time you lose them. If you lose good staff, you potentially lose clients too. If you take a sector like construction, for example, most clients like to retain the workers for the lifecycle of a project. Timescales can also be tight, particularly when it comes to temporary workers supplied at short notice.”

For this reason an increasing number of recruiters are turning to invoice finance. By using invoice finance, when a company invoices their customer, up to 90% of the approved invoice total is immediately advanced by the finance provider. The remaining 10% is paid once their customer settles the balance. This provides the company with essential working capital, therefore improving cash flow without the need to wait for bills to be settled.

Before working with SFS, Tribe Recruitment had worked with a factoring company but had outgrown that arrangement. SFS was one of a number of invoice finance providers recommended to Tribe Recruitment.

Lisa explains: “We reviewed all of the providers suggested to us. SFS stood out because of their level of service. We have an assigned account manager that was involved from the start. The team were very transparent with us, offering complete clarity regarding the terms. They also explained exactly how the process of implementing the finance system would work and were keen to answer any additional queries.”

The team at Tribe Recruitment also found that the SFS system for managing the Invoice Discounting facility was easier to navigate and less complex than the one previously used.

“The switchover was incredibly smooth,” adds Lisa. “Of course we were a bit apprehensive because we didn’t want anything to delay or disrupt our payroll, but we needn’t have worried. We know that the team will respond quickly to any queries we have, but to be honest that rarely happens.”

Pulin Trivedi, Invoice Finance Head of Sales – North East, Siemens Financial Services adds: “Growing recruiters like Tribe Recruitment benefit from working with an invoice finance provider that understands its industry and its business, and that can tailor the arrangement specifically for its needs. Tribe Recruitment is at an exciting point in the company’s development and we’re delighted to be a part of it.”
 

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