Elliot Rivet and Nick Evans,
Sector: Tech Development, Digital, Data
After launching their own contract recruitment business, Koda Staff took advantage of the cash flow Sonovate offers to support their work across the UK and Europe.
Before launching Koda Staff mid-2016, we’d spent many years working for a European focused recruitment business. We were exposed to invoice factoring at that point, as the business was working with one of the big banks.
Therefore, when we took the decision to launch our own business, we initially approached some of the banks for an invoice factoring solution. As we run a contract recruitment business that covers the UK, as well as Europe, we knew we needed a huge cash flow to support us.
The main concern we had with each product offering was that they were unable to provide one simple, fixed price. Each had a variety of different fees and additional charges, which made it difficult for us to understand how much we would be paying to them in total. This is when we came across Sonovate.
The numbers were straightforward, the tech was also appealing, as they have a user-friendly back office system
Another huge selling point for us was that our agency and our contractors would be paid the same week a timesheet was approved.
Whilst Sonovate might initially seem more expensive than the banks, it’s completely worth it because of what you get in return. Sonovate only charges one fee, which is really important to us, as we can always easily calculate how much money we’re bringing into the business.
It’s definitely nice that we get our margin upfront, as well as our contractors being paid on time. It’s great to know that we can totally trust Sonovate to issue invoices and collect payments from our clients. Personally, my favourite thing about Sonovate is that our contractors always get paid within a week. It’s a nice selling point when we are trying to attract new candidates.
This also gives us the competitive edge, as there aren’t many other agencies out there who can compete with us on this
The tech and back office support we receive is great too. Our Relationship Manager is really supportive, always gets back to us and is helpful with any queries we have. I also like that the invoices are branded as Koda, as it keeps things consistent with our clients.
We all recommend Sonovate to other recruitment businesses and will continue to do so. It’s simple, easy-to-use and everyone gets paid on time. A lot of people initially look at the banks when setting up, as we did, because they’re the traditional financiers in the market. But really, when we met Sonovate we realised that they’re much more suitable to our business, as they specialise in the contract recruitment market.
Sonovate has given us our time back, leaving us to focus on what we do best.