Our funding facility combined with our administrative services enable you to concentrate purely on sales and growing your business......

Cash Flow

The need to pay temporary workers prior to being paid by clients can cause intense cash flow problems. Some agencies are self funding (Bank Overdraft) this type of facility is normally only available to existing businesses with a good track record and even then this facility would be limited to a level supported by the fixed assets of business (normally they want the crown jewels!) An alternative source of finance is through Factoring. The employment agency would calculate and raise invoices to clients in the normal way whilst notifying the factor of the debt. The factor would then lend a an agreed percentage of outstanding invoices, charging a fee to arrange the facility (normally a percentage of turnover) and an additional interest charge for any funds drawn down by the agency. Rates charged vary, as does the level of finance available.

Factoring provides a solution to the problems associated with the cash flow requirements of an expanding business because the funds available are directly related to the value of sales already made. Unfortunately this system bamboozles many agencies. What is their base rate? How do you check how much you are paying if you don't know the formulae? What are their penalty clauses? How long are you really signing up for?

Our funding combined with our payroll services enable you to concentrate purely on sales and growing your business. You find the candidate, you supply the candidate to your client and we do the rest! Unproductive time becomes a thing of the past with New Millennia Payroll Services Ltd, The Only Genuine 100% Funding & Back Office Facility (with no commercial risk) Available in The Market Today. For more information please contact businessdevelopment@nmgroup.co.uk