As a fellow TEAM member and established agency, 1st Stop Recruitment place temporary and permanent staff across multiple industries. Their aim is to provide a 1st class service throughout the whole recruitment process.
The Problem & Challenges…
Reducing costs was a number one priority for 1st Stop Recruitment, so when Founder, Lesley Whiting, met with her Client Manager, she knew that every penny mattered.
In the first instance Lesley contacted her finance provider looking to renegotiate and lower costs as the business had significantly changed. However, their previous financier was unable to negotiate further, so the recruitment company looked elsewhere – in stepped the Calverton team.
“We soon realised we needed to talk to other providers of invoice finance in a bid to reduce our costs and meet the changes in our business” explains Lesley.
“We certainly didn’t want to walk away from invoice finance – far from it. Invoice finance has worked incredibly well for our business – in fact we’ve used it for many years, but times and business have changed since setting up the original facility.”
“As soon as we’d met with Calverton Finance, we knew they were a better fit for our business; thankfully they were able to reduce our costs too” continues Lesley.
How it’s Achieved…
Lesley goes on to say, “Our cashflow is important to our business – we have a large number of temporary contractors and permanent staff to manage, meaning a fluid and constant cashflow is essential.
Invoice finance ensures we have the relevant cashflow needed to pay our contractors, along with meeting overhead expenses whilst we wait to be paid ourselves. It means we know we can meet our financial obligations each and every week.”
Invoice finance unlocks cashflow that is otherwise tied up in issued invoices. It is not a loan facility; it is a facility that advances money against invoices that are due. “Meeting with Calverton Finance resulted in us not only reducing our costs, but a year on, we are now using them to manage our back office.”
PayFactory is a seamless back office solution, in line with the very latest legislation and regulation. A fully operational back office solution, it includes a comprehensive payroll service, as well as managing collections, invoicing, analysis of VAT for returns and much more.
“Knowing everything is all ‘under one roof’ provides peace of mind; not to mention the savings with both time and money - we’re in capable hands with Calverton and that in itself is priceless” concludes Lesley.
Lesley Whiting | 1st Stop Recruitment