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We no longer have to rely on client payments

Success stories

After seeing an increase in contractor demand from their clients, SkillRecruit joined forces with Sonovate to access an unrestricted cashflow.

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Dr Raja P Pappu

Director & Global Client Partner, SkillRecruit

Sector:

IT, Engineering, Leadership

Established:

2005

Skillrecruit offers both perm and contract recruitment, and we found that demand for contractors was growing. This increase in business brought about a need for more a stable, constant cashflow, and we found that this caused issues.

It was at this point that we started to look for an invoice financier. Initially we looked at some of the banks, including HSBC, but we found them to be very restrictive. They had rigid terms, such as all turnover agreements, which gave us no flexibility on how we would like to run our business.

This was why Sonovate initially appealed to us.

The flexibility of Sonovate means it’s up to us how many contractors we fund with them.

On this basis we made the decision to sign up with them.

Everything is much more streamlined now that we are with Sonovate. It’s helped us a lot with money going in and out of our business. Our contractors get paid in the same week they submit their timesheets.

We no longer have to rely on client payments, as Sonovate pays us our invoice profit each week.

The portal is also great. It’s definitely proved very helpful with the day-to-day running of our placements. Our contractors are very happy with their Sonovate experience, as they get paid really early now in comparison to their previous experience with us.

I often recommend Sonovate to other agencies, and will continue to do so. It’s proved invaluable to us, and has given us the resources we needed to run more contractors and grow the contract recruitment branch of our business. Sonovate gives us flexibility, a streamlined portal, and simplified admin and back office. It’s fantastic to be able to see money coming into the business, so that we are able to plan ahead.

Sonovate allows us to focus on the core aspect of our business: recruitment.

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