Originally posted by VectraMan
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: Invoice weekly incase agency goes bust?
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Invoice weekly incase agency goes bust?"
Collapse
-
Progressive
Originally posted by NotAllThere View PostProgressive are extremely unlikely to go under. They've been around for years, have a huge client base and huge margins.
Having said that, there are many other reasons why I would never ever ever work through them.
Progressive aren't amazing, but then no one is perfect. What reasons do you have not work through them?
My problem was I got stuck going through them as they were the only ones with the gig i wanted.
Cheers, richy
Leave a comment:
-
Originally posted by NickFitz View PostUntil you bill, it's still their money. Make it yours.
Leave a comment:
-
When Plexian went down the pan circa 2001, one of my mates had many months of outstanding timesheets. He used to invoice when he became skint, about 3 times a year, and lost something like three month's money.
Leave a comment:
-
I'd invoice daily given the chance - even better if they hand it over in ready money as I leave the building
But it varies from agency to agency; if they allow weekly invoicing, then the invoice goes in every week.
The other year I got a bit slack about this and submitted a month's worth of weekly invoices that I hadn't got around to doing, all in one go. When they hit the client, I got a pretty pissed-off phone call from the manager (I was home-based at that point) because he'd failed to notice, in sorting out his departmental budget, that the weekly payments hadn't gone out.
As a result he was suddenly presented with a bill from the agency that completely screwed up his figures. That could be said to be his fault, but it also reminded him of just how much I was getting paid, which had been based on my working away at the start of the gig. He then argued that I should accept a rate cut because I no longer had to travel and pay for hotels and suchlike
Moral: get the invoice in as soon as you possibly can. Until you bill, it's still their money. Make it yours.
Leave a comment:
-
Progressive are extremely unlikely to go under. They've been around for years, have a huge client base and huge margins.
Having said that, there are many other reasons why I would never ever ever work through them.
Leave a comment:
-
Can I just point out that it's 'lose', and not 'loose'...
lose money, loose trousers, etc.
Leave a comment:
-
Yep, invoice weekly if you can. Not all agents will agree to this though.
Leave a comment:
-
Originally posted by sweetandsour View PostNormally these terms are dictated by the contract between your company and the agency - what does the contract say?
The best thing for your business is to invoice as frequently as you can - it's all about cash-flow and minimising your risks.
Hmm PCG Plus, it could be worth it. I'm with QDos now though, so it would be a switch, and i've only just renewed my similar QDos products for another year (they dont have agency protection). i think i'm more likely to loose out on my other client i'm direct with, that contract limits me to 4 week invoice period though. PCG Plus doesn't seem to include going direct defaulters though.
Thanks for all the replies. Richy
Leave a comment:
-
Currently invoicing 2 weekly. But the current agency has been around since the 1950's so it's pretty low risk, I hope. Usually I invoice every week.
Leave a comment:
-
Originally posted by richy View PostNormally I invoice 4 worksheets as a single invoice once per month. Got thinking today I'd loose a lot of £ if agency went bust meanwhile.. (Progressive).
Do people on here wait similar time to invoice in batches? or invoice for each week?
Cheers, richy
The best thing for your business is to invoice as frequently as you can - it's all about cash-flow and minimising your risks.
Originally posted by Rody View PostI've always invoiced monthly and always thought this was pretty standard practice.
I should think progressive are reasonably safe, but I guess these days you never know. The working capital requirement for a agency should be pretty stable and I would think there's not too much to go wrong as long as the client pays up.
Lots of things can go wrong including, but not limited to:- Clients take much longer to pay the agency than the agency take to pay you
- Agencies have overheads and in this climate will be taking less money in to cover them
- The directors of the agency may have been lavishing the agency's cash on themselves
- The price of hairgel keeps going up
PCGPlus membership does provide some level of insurance against this happening - have you looked into whether you think it is worth it?
Leave a comment:
-
I've always invoiced monthly and always thought this was pretty standard practice.
I should think progressive are reasonably safe, but I guess these days you never know. The working capital requirement for a agency should be pretty stable and I would think there's not too much to go wrong as long as the client pays up.
Leave a comment:
-
Loose a lot of pounds? How do you loose pounds? Loose isn't even a verb.
I've always invoiced weekly, except when I went direct and then ended up not being paid for some of it as the client went bust. But it depends whether the agency will pay you weekly, and what their payment terms are. Mine pay after a week, which means my maximum exposure is 2 weeks - and that'd be insured courtesy of PCG Plus.
Leave a comment:
-
Invoice weekly incase agency goes bust?
Normally I invoice 4 worksheets as a single invoice once per month. Got thinking today I'd loose a lot of £ if agency went bust meanwhile.. (Progressive).
Do people on here wait similar time to invoice in batches? or invoice for each week?
Cheers, richyTags: None
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: