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Client wants to relax invoice frequency

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    #11
    Originally posted by VectraMan View Post
    There's a risk of course,
    An awful lot of people seem to not realise there is risk. I guess they either don't understand what limited liability means, or think it's only a one-way restriction of liability.

    I used to run a proper business and bad debt nearly drove us to bankruptcy on more than one occasion. And that was with full delivery notes, POs and invoices.

    Another risk is that the client just refuses to pay. Taking them to court can be costly and take months and it's not like you can take back services that haven't been paid for.
    See You Next Tuesday

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      #12
      Originally posted by Lance View Post
      An awful lot of people seem to not realise there is risk. I guess they either don't understand what limited liability means, or think it's only a one-way restriction of liability.

      I used to run a proper business and bad debt nearly drove us to bankruptcy on more than one occasion. And that was with full delivery notes, POs and invoices.

      Another risk is that the client just refuses to pay. Taking them to court can be costly and take months and it's not like you can take back services that haven't been paid for.
      I've said on here, before, right when I first started I saw 2 contractors "lose" 2 months money as an agent went under.

      No one is too big to fail as we have witnessed a number of times in the last 10 years.
      The Chunt of Chunts.

      Comment


        #13
        Originally posted by LondonManc View Post
        Why don't you read an opening post properly? It's not as if Bee wrote it.
        I did but that paragraph is talking about Elliegirls who IS through an agent. Backattcha sonny boy.
        'CUK forum personality of 2011 - Winner - Yes really!!!!

        Comment


          #14
          Originally posted by Lance View Post
          An awful lot of people seem to not realise there is risk. I guess they either don't understand what limited liability means, or think it's only a one-way restriction of liability.

          I used to run a proper business and bad debt nearly drove us to bankruptcy on more than one occasion. And that was with full delivery notes, POs and invoices.

          Another risk is that the client just refuses to pay. Taking them to court can be costly and take months and it's not like you can take back services that haven't been paid for.
          Yes I lost a month's money with a direct client that didn't have the deep pockets he'd claimed. It was fortunate that I and others realised what was happening or it would have been 2 months. I then wasted another £500 getting a CCJ.
          Will work inside IR35. Or for food.

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            #15
            Originally posted by northernladuk View Post
            I did but that paragraph is talking about Elliegirls who IS through an agent. Backattcha sonny boy.
            In which case, you're repeated use of the second personal pronoun is incongruous.

            Comment


              #16
              Originally posted by missinggreenfields View Post
              In which case, you're repeated use of the second personal pronoun is incongruous.
              I'm from Yorkshire so you are just p***ing in the wind correcting me I'm afraid.

              Sounds good and I'll order two of whatever you said though.
              'CUK forum personality of 2011 - Winner - Yes really!!!!

              Comment


                #17
                Off topic

                Is there any truth to the heresay that some agents are investing delayed payments in the money markets? I can see that if you have 100 guys on the books, putting in a two month lag could provide opportunity to make a reasonable bit for the agent.

                The other thing that surprised me about my agent is that the money that I get paid did not necessarily come from my end client. It's not a simple middleman arrangement. There is a bit of complexity in there because certain clients do not pay on time, and which contractor gets paid first depends on a few factors.

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                  #18
                  Originally posted by TheBA View Post
                  Since starting I've confirmed they only do two payment runs a month(mid and end). Now the hiring director has said weekly is a pain as he travels a lot and invoices
                  1. Find out the dates in the month the payment runs are done e.g. talk to the people doing them
                  2. Go to the director and get a agreement to invoice twice a month to meet those payment runs

                  I've had issues with direct clients so prefer agencies who pay invoices within 7 days.
                  "You’re just a bad memory who doesn’t know when to go away" JR

                  Comment


                    #19
                    Originally posted by Fronttoback View Post
                    Is there any truth to the heresay that some agents are investing delayed payments in the money markets? I can see that if you have 100 guys on the books, putting in a two month lag could provide opportunity to make a reasonable bit for the agent.
                    That's a lot of risk for not a lot of gain.


                    Originally posted by Fronttoback View Post
                    The other thing that surprised me about my agent is that the money that I get paid did not necessarily come from my end client. It's not a simple middleman arrangement. There is a bit of complexity in there because certain clients do not pay on time, and which contractor gets paid first depends on a few factors.
                    You do understand that pound notes aren't being handed over don't you? You're just a creditor on the agency's books, and the client is just a debtor.
                    Last edited by Lance; 28 October 2016, 10:45. Reason: grammar
                    See You Next Tuesday

                    Comment


                      #20
                      Originally posted by Fronttoback View Post
                      Is there any truth to the heresay that some agents are investing delayed payments in the money markets? I can see that if you have 100 guys on the books, putting in a two month lag could provide opportunity to make a reasonable bit for the agent.
                      Agents can often get paid after they have paid you this could be every 30, 60 or 90 days.

                      Agents who don't tend to be the ones who insist on 30 day payment terms.
                      "You’re just a bad memory who doesn’t know when to go away" JR

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