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Reply to: agency paying last friday of the month
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Previously on "agency paying last friday of the month"
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They all vary on when they pay. My current one basiclly pays up same day they get invoice (unless it is after working hours), invoice can be submitted pretty much whenever after whatever period you agreed with them, weekly, fortnightly, monthly
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Originally posted by MmarcoMis that normal for an agency? do all of you get paid last xx day of the month?
can it mean that something can go wrong or is just how some agencies work?
I've worked with some EBs who pay by the following Thursday, some who I invoiced weekly and they paid on 30 day terms, some who I invoice monthly by a given date and they pay 10 days later.
As long as you can handle the planning / forecasts etc. it's no big deal.
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All the rest is irrelevant
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Originally posted by boxmanHi
I had the same situation with my current agency. I have to invoice on the 1st of each month and then paid on about the 20th. Originally this was 20 working days later and for the first two months they were over a week late from that.
A couple of things to consider here I would suggest...
1. Consider the impact on your finances/cash flow of the initial period before you get paid. If you can ride this out then no problem.
Rob
If you can't survive waiting 20 days, how are you going to manage when you are between placements?
As a contractor, the one and only reason why the payment delay from the agent is an issue, is the increased risk of non-payment (for any one of a number of reasons).
All the rest is irrelevant.
tim
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Hi
I had the same situation with my current agency. I have to invoice on the 1st of each month and then paid on about the 20th. Originally this was 20 working days later and for the first two months they were over a week late from that.
A couple of things to consider here I would suggest...
1. Consider the impact on your finances/cash flow of the initial period before you get paid. If you can ride this out then no problem.
2. If the agency is not one of the big boys then run a credit check against them. Costs about £6 from memory and is well worthwhile - and of course tax deductible (assuming you're not using a brolly!).
3. Make sure your invoices indicate your payment terms. For example you could state payment due within 28 days. After 30 days you can apply the late payments legislation and charge interest plus a flat fee for your trouble. In my case this clause actually appears in the contract I have with the agency (their clause rather than something I suggested to them).
Many smaller agencies use invoice factoring to pay contractor invoices but I've detected a switch away from this over the past couple of years to self-funding with later payment terms. If your agency can't pay you and you've worked for almost 2 months before you discover this you're probably talking about a large amount of bad debt potentially. You could of course ask the agency for the name of another current contractor as a reference to check out whether they pay on time...
Good luck
Rob
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Every agency is different. My last one paid the Thursday after if you put the invoice in by Monday. Some do every friday.
As long as you know the cut off (i.e. there isnt a submit by the 5th or it is the last friday of the month + 1 then you should be ok.)
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agency paying last friday of the month
hi all,
i have been offered a contract.... i had a go before submitting it to B&C and found out htat they are going to pay me the last friday of the month..
is that normal for an agency? do all of you get paid last xx day of the month?
can it mean that something can go wrong or is just how some agencies work?
thanks and regards
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