How Skillbase utilised Kriya
Skillbase is a temporary recruitment company providing specialist building services contractors to the construction industry.
Formed in 2009, the company has been growing steadily and now employs 11 people as well as many as 250 contractors on site at peak times.
The cash flow challenge
As a recruitment business that deals in temporary contracted labour, Skillbase needs to be able to solve resourcing problems quickly.
Jason Bates, managing director of Skillbase explains: “A site might call us and need 30 electricians for the following week. We have to pay our contractors weekly and we’re invoicing customers monthly on 30 day terms, so effectively it can be up to 60 days before we get paid.”
“Without an invoice finance facility we’d have to think about whether we could afford to take on that job at all and, as a growing business, we don’t want to turn any business away.”
Finding the solution with Kriya
The company turned to Kriya in early 2017, looking for a new service to replace their existing invoice finance arrangement, which had become very expensive due to extra fees. Kriya's confidential invoice discounting service which provides businesses with a funding line secured against outstanding invoices. It’s quick to set up easy to manage and offers personal service with a dedicated account manager – Skillbase decided that MarketInvoice Pro was the service it needed.
“We looked at a few different options” said Jason, “but Kriya Lending seemed to be very simple and easy to use. There were no hidden charges or introductory fees – that was a big plus.”
Another thing that was attractive about the service was its integration with accounting packages. Kriya integrates with all of the most popular accounting packages such as Xero, Sage and QuickBooks, taking away the burden of manually uploading documents every month. Skillbase can now access everything easily online, and even on mobile if needed.
Kriya provides Skillbase with the regular funding it needs at a reasonable cost. “For me” said Jason, “it’s about having the peace of mind that I can seize new opportunities and grow my business without having to worry about cash flow or how we’re going to pay our contractors. Being able to draw down funding from Kriya keeps everything running smoothly.”