Client wants to relax invoice frequency

[Lance]

As for being more B2B, I did suggest a PO before I started but they don't do them for contractors.

I would be wondering why they don't do POs for contractors.
And insist on weekly time sheets as proof of delivery.

[TheBA]

Thanks for the comments.

It's a large UK firm so not worried about the payment. To be honest, it's more about what's good practice especially as I only have a catch call with the director on a weekly basis. He's in a different office, I'm on my own up north. The other complication is that I'm claiming travel expenses 4 days a week, so that adds to the paperwork.

To be honest he's over egging it as it really doesn't sound complicated - print, sign, pass to PA. Apparently it's difficult to coordinate diaries with his PA.

That said it's a 12 month contract and they have few years worth of work so willing to compromise. Although his obsession with Terms of Reference documents is starting to grate.

As for being more B2B, I did suggest a PO before I started but they don't do them for contractors.

[BlasterBates]

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.

One of the key raison d'etre of an agency is to smooth payments to the contractor. Large companies always pay late to reduce their working capital. This is not so much that they can invest excess cash rather the opposite, so they can reduce their loans as all companies have debt, reducing the level of debt will increase profitability. Part of the costs of running the agency is in financing payment to the contractor. Larger agencies provide economies of scale in that instead of chasing lots of little debts they bill the client for all their contractors and chase one big debt.

[LondonManc]

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.

He said that tha's tawkin tulip lad.

I agree.

[SueEllen]

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.

[Lance]

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.

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.

[SueEllen]

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.

[Fronttoback]

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.

[northernladuk]

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.

[missinggreenfields]

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.