Introduction
Upon joining Raise, the agency will be given an account manager. This is going to be their go-to person for any questions they may have and the day to day management of their account.
They will be introduced to each other in a kick-off call, which outlines the basics of the platform. If they have their first need then even better! We can go through the platform with a real example!
This allows us to build a real authentic relationship from the start – the agency know who to go to for all their issues and have a recognisable face to attach to this, rather than being left to work it out for themselves with a ‘chat bot’ to solve the issues.
Margin/Earnings
The agency margin is calculated by deducting the total contractor rate, and Raise service charge from the total client rate.
The service charge will be a percentage of the Gross Client Charge and VAT is added to the amount. If you minus our service charge (with VAT) from the margin (client charge minus contractor pay), you will see your earnings.
In simple terms
Full client invoice amount - contractor pay - Raise fee = Agency earnings
Placement Planning
The agency may have joined some time ago and have been awaiting their first requirement.
We don't need to have any signed contracts or schedules at the early stages, but we can credit check the client at the beginning of the discussions and give the agency an idea of what we’d be able to support with insurance.
We will also use this as an opportunity to advise on payment terms and funding options, so that the agency can maximise their earnings as much as possible, whilst also allowing them to plan for future placements.
VAT can be confusing, so planning ahead by checking the VAT situation of the potential entities, we can advise agencies on how this will impact their earnings.
Contractor
The platform is personalised to show the contractors agency details and logo.
Agencies do not need to have the contractor documents, only how they are going to engage, but have an option to share any information/documents that they may have.
We currently have around 200 umbrellas available for use on the platform, and with certain criteria/certifications, we are open to working with new ones.
We can take control of onboarding any new umbrella entities, and will work towards contractors needs.
Client
The platform is personalised to show the clients agency details and logo.
We have an integration to Companies House, which means the agency only needs to know the company registration number of the client to add them to the platform (if UK). We can also support clients globally, which requires the company name, registration number and address.
Terms
The agency will need signed terms with the client and contractor.
Agencies have a variety of options; their own signed terms, our standard terms, or a template of their terms ready to go.
We offer multiple ToB options for agencies. The ability to use, and issue, their own template terms gives maximum freedom. For agencies who don't have their own terms, or agencies who would rather issue everything through the placement process, they can use our standard terms. We can also offer advice and check through agencies own terms.
Funding options
At Raise we have 3 funding options: fully funded, partly funded or paid when paid. Fully funded is advancing both contractor salary and agency margin.
Partly funded is advancing contractor salary and holding agency margin until client payment.
Paid when Paid is holding both contractor salary and agency margin until client payment.
The varying funding options gives agencies flexibility. Build up cash-flow by funding as much as possible or become a more financially established agency that is self-reliant. There is flexibility around all the options so that an agency can pick and choose per placement
Extended contractor payment terms serve as a similar option.
By delaying payment to the contractor by 7, 14, or 30 days, agencies will receive a service charge discount. This is managed per placement.
Loading the placement
The agency will log onto the platform and fill out as many details as possible – we are at hand if any issues arise.
We offer as much support in this area as we can. We can create additional pay rates, help with setting up manual timesheets and discuss options around any custom processes which need to be considered.
The agency will complete all the key details of the placement, including charge rates, dates and notice periods. They will also select their funding option/ extended payment terms.
We offer a variety of different options across a placement, allowing the agency to fully flexible with each individual engagement.
Hiring manager, timesheet approver and invoice contact are all mandatory.
They can be changed easily throughout a placement by the agency when required.
Schedules
Our schedule of work has a feature that supports deliverables, so they can be written out clearly alongside the rest of the placement details.
We offer a huge amount of flexibility on the scheduling side of the placement. The agency are able to do all of this themselves and always have total control.
Submission and Raise approval
Once submitted, the placement moves to Raise approval. From here we carry out a variety of roles. We need to check the compliance of the client and the signed terms. We also complete the credit limit and insurance information.
Our compliance team offer a thorough check of a client and contractor credentials.
Checks on specific entities using addresses and domains make sure all information provided is accurate and compliant.
This is an important step that allows us to give the agency peace of mind that all compliance measures have been completed.
Client and Contractor approval
The placement goes to the hiring manager and contractor, who will have both received their login credentials.
The hiring manager can view/sign the schedule and terms, and approve the placement if satisfied.
The contractor can add any information needed for their placement (ID, Bank details, Proof of address), view/sign the schedule and terms, and approve the placement if satisfied.
A simple and effective system. We are on hand to make any changes or answer any questions the client/contractor/agency may have.
It is also worth noting that the client and contractor rates are not visible for one another – this is kept completely confidential.
Final Raise Check
Once approved by the contractor, the compliance team will ensure all documents have been signed by the correct individuals, and ensure all information is correct.
Further compliance to make sure that everything is in place. This check is to ensure we have everything in place for a compliant placement.
Timesheets
The placement is live!
The worker has completed their first full working period and have submitted their time through the Raise platform.
The timesheet approver has until Tuesday 23:59pm to approve the submitted time.
If approved before the deadline they will be paid at the earliest possible time according to their payment terms.
PAYE also have till midday Wednesday to get their timesheet approved.
We have a dedicated timesheet and payment team who are on hand to not only help with chasing submissions and approvals that are approaching the deadline, and can process any manual approvals.
Agencies also have the power to ‘chase’ timesheets themselves using the Raise platform. They have the ability to create a new timesheet approver in case of a holiday/absence.
The approval system gives all parties the confidence that timesheets will be correct – as two individuals must manually action a submission/approval.
4 Invoices are created upon timesheet approval. Contractor to Agency, Raise to Agency, Raise to Client, Agency to Client. It is at this point the payment terms will be triggered.
These invoices are self-billing and so the agency does not need to action anything. Invoices will also have the agency’s logo printed on them.
Payments
Payday!
Contractors and agencies are paid by EOD Friday, umbrellas by EOD Thursday, depending on funding type and payment terms .
We are here to confirm payment and will investigate if anything is wrong.
Collections
An invoice is sent upon approval of a timesheet.
Further reminders will be made nearer to the due date.
Invoices can be accessed by agency and client, and can be resent with a new PO number if requested.
The ledger report can be used to track the status and age of invoices
Raise handle communication around invoicing, and will escalate to the agency when an invoice becomes overdue.
Payment is made by the client.
If partly funded or paid when paid, payments will be part of the next payrun.
Invoices are matched and closed off on the platform.
Customer success and collections are here to keep agencies informed of the status of invoices, and voice any concerns if any become overdue.
Reporting/XERO
On the Raise portal we have a number of different reports and graphs that give agencies as much insight as possible!
With enhanced filtering, versioning, and real-time currency conversion, agencies can gain deeper insights into earnings, placements, margins, clients and consultants.
The ability to filter and export data into spreadsheets for more fileable data and also gives flexibility.
Our XERO Integration allows agencies to streamline their accounting processes.
We will organise a XERO integration meeting so that agencies have a helping hand in getting this setup.