If you use Oncore for funding; it’s worth being across our cashflow management services and debt recovery process. These FAQ’s provide you with an overview of these services, and address our most common questions.
Cashflow management - an overview.
In the world of flexible work, it’s important to feel confident that payroll is being processed on time - regardless of when the invoices to your clients are being paid. Therefore, cash flow is of paramount importance when running and growing a contractor book.
As clients understand, time allocated to the processes and systems of the cash flow management to ensure that the funds are received and accounted for are equally important as access to the funds.
Oncore’s management of the cash flow is not only designed to provide growth funds to your agency, but also the follow up to ensure funds are paid, receipted and reconciled against issued invoices. This takes on an administrative debt recovery burden for your recruitment agency; while all being actioned under the brand of your agency by Oncore’s team of experts!
Funding is provided as payment to your workers on a set frequency, on behalf of your recruitment agency. This is done only after approved timesheets have been received.
An invoice for the corresponding timesheet or timesheets is then raised, and sent to your client for payment. When onboarding with Oncore, if you’re using our funding, we will set up a bank account on behalf of your agency to receive payments for these invoices. Once an invoice is paid Oncore will process this to you; we remit all margin payments received weekly on a Thursday.
Key elements of Oncore’s cashflow management service.
• Payment to contractors for approved timesheets.
• Customised action of invoice collection processes.
• Late payment escalation process.
• Daily receipting of funds.
• Reconciling of account.
• Weekly payment to agencies of relevant funds received, margin, payroll tax & net GST.
• Reporting of funds management via online portal.
Oncore’s debt recovery process.
The below graphic provides a high level overview of Oncore’s debt recovery process.
Oncore issues invoices, then once the invoice due date lapses by 3 days we email your client (the debtor) to follow up.
If there is no response within a week, we follow up with a call. This is why when setting up a new end client with Oncore, and giving us billing contact information it’s imperative that you find a contact number to give us.
We’ll then be sure to reach out to you if we’re struggling with getting a resolution. Having strong relationships with your clients is a key way of ensuring that invoices are paid promptly, or that any issues are resolved quickly. However, with our cashflow management process we take the lead in invoicing and recovery - you can trust our expertise processes and personnel.