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Need to find an answer quickly? You're in the right place!
How do I get started?
You’re all set to add your first placement! Click here to
download our handy placement processing guide.
Where do I login?
Here's your portal login page:- https://members.sonovate.com/signin
What information do I need to add a placement?
Click here to view our placement checklists. It includes a list for
every type of placement with the information you need, (for
example, if the contractor uses an umbrella company).
What is Bad Debt Protection?
We offer customers bad debt protection on 90% of their net invoice value. You can protect your cash flow in the event a client (the debtor of the debt) fails.
The end client has asked for a signed copy of
Sonovate’s bank details, where can I get them?
View our bank details here. We'll also include them on client invoices. Sometimes the end client asks for a signed copy.
How do I manage my agency account settings?
Click on the ‘Agency Admin’ tab on the left hand side of the portal and from there you will be able to make changes to your agency profile including adding new users within your business and set your placement contract preferences. Here is a video demonstrating Howe to do so.
Do I need to provide my VAT details to Sonovate? If so, where can I do that?
Yes, we do need your VAT number to be able to charge VAT.
Should the number be missing, VAT will not be charged to your end
client and may affect your margin . Learn more about it here:
https://support.sonovate.com/knowledge/vat
Can I to add PAYE candidates to the portal?
Yes, you can add PAYE placements via the portal.
You can find our guide for PAYE contractors here:
https://support.sonovate.com/knowledge/paye
What are the features that Sonovate offer?
Our platform lets you manage all your contractors from your dashboard.
Our back office service means our Credit Control team will collect and
manage invoice payments on your behalf. We also have an iOS and
Android app for users to submit and authorise timesheets.
Click here to read more about our back office services.
Can I add Sole Trader placement to the portal?
Unfortunately, sole trader contractors cannot be added to the portal. However, you could use an Umbrella company as a means to pay the contractor.
What is an HMRC Intermediaries report?
Agencies need to report to HMRC any worker that falls outside their own PAYE payroll. You can read more about it on our Help Centre here:
https://support.sonovate.com/knowledge/hmrc-intermediaries-report
How do Credit Control work at Sonovate?
Our Credit Control team manage the relationship with your client's
finance team to ensure payments are made and queries are resolved.
For more information credit control, check out our article here
https://support.sonovate.com/knowledge/sonovate-credit-control
Where can I find Sonovate's Service Level Agreement?
Our SLA and other terms of business can be found on our main website. Find out more about our placement processing SLA here.
What is a Debenture?
A debenture is a written agreement between Sonovate and You (your Agency) where a formal charge will be filed at Companies House. The debenture will act as security for Sonovate over any amounts due to Sonovate from You that is for some reason unable to be paid. With Sonovate's business model the most likely instance where this may occur would be where one of your debtors don't pay their invoices due to Sonovate, the outstanding funds are not covered by a Credit Protected Limit, and we cannot recover the amounts due from yourselves.
A debenture is similar to a mortgage that a bank would have over a property. If the borrower didn't pay the mortgage, then the bank would have the right to get any money that was due by taking ownership of the property. Also please note that the Debenture only applies You (i.e. the company) and there is no guarantee or charge over you personally.
What is a Deed of Priority?
A Deed of Priority is a formal agreement between You (your Agency), the existing debenture/charge holder and Sonovate that secures priority for Sonovate’s fixed charge over all outstanding book debts/receivables which are purchased under the invoice finance agreement between You and Sonovate.
What is the definition of a small business?
According to s382 Companies Act 2006 onwards the qualifying criteria for a small business is that it is meets two of the below:
- Turnover of £10.2m or less
- A balance sheet total (assets) of £5.1m or less
- An average of 50 employees or less
Balance sheet total is the total amounts shown as assets in the company’s balance sheet, before deducting any liabilities.
When considering the qualifying criteria, a corporate entity must look at the last financial year for which the period for filing its accounts, and reports ended before the beginning of the tax year to determine whether the tests are met.
A business will need to provide a Small Business Declaration document to prove it falls within this exemption.
To find out more about this, we recommend you visit HMRC's guidelines here.
Does Sonovate expect to receive a copy of Small Business Declaration document?
We do not require a copy of this document fund your placements.
We are currently working on developing the functionality for you to store this document or any other compliance documents onto the placement. Once that functionality has been deployed, you are more than welcome to upload them for safe keeping.
My candidate is set up for monthly payments. When will they receive payment?
Please see link here as it will advise on monthly manual & online timesheet deadline & payment dates: https://support.sonovate.com/knowledge/monthly-payment-dates-2023
Where can I find information on manual timesheet criteria?
Here you can find the criteria that needs to be met in order for us to process a timesheet: https://support.sonovate.com/knowledge/timesheet-criteria
What is the online weekly timesheet approval deadline?
Here is a link to the online deadlines for timesheets - https://support.sonovate.com/knowledge/online-timesheets-announcement
How can I check a timesheet status?
the video will provide you on how you can filter by different timesheet statuses, so you will be able to see if a candidate has been paid (invoiced).
The timesheet was signed after the deadline, when will my contractor receive payment?
We will send payment to the contractor the following week on a Friday if the timesheet deadline has been missed.
My candidate is paid through an umbrella. It is approved on the portal but they haven’t been paid?
If your candidate is paid via an umbrella and we have invoiced on the portal, please reach out to the umbrella for payment. Please ensure that the correct email address for the umbrella invoice is up to date so they can allocate payment. Failure input the correct email address for umbrellas may result in delays in them allocating payment.
How can I download invoices to send to an umbrella?
How can I download candidate and client invoice as a PDF document?
To obtain candidate and client invoices in PDF format, please refer to the instructions provided in the following video.
What does the ‘client limit’ mean on placements?
This is in relation to all placements that are placed on pause, this enables you to have more visibility over your contractors payment. If there is a client limit there, this will mean we are unable to pay your contractors. The link below will advise you on how to view this in the portal - https://support.sonovate.com/knowledge/client-limits
My candidate is having issues logging in to the Timesheets App. What can I do to support?
Check out the article below to aid candidates that are having trouble logging in to the Timesheets App: https://support.sonovate.com/knowledge/sonovate-online-timesheets
How does a timesheet authoriser log in and approve a timesheet online?
The article below will help timesheet authorisers navigate the Timesheets App -
https://support.sonovate.com/knowledge/online-timesheets#approve
What happens if Sonovate don’t have a VAT number?
Since Sonovate advance at 100% (less fees) then if the VAT number is missing then the VAT amount of 20% will automatically be paid into the weekly margin.
If the VAT number is received at a later date then we will raise VAT only invoices which will need to be paid to the contractor directly by you. This is because the funds have already been paid to you in margin payments in previous weeks.
As we do not withhold any funds against an invoice, it is not possible to prevent any payments from being made.
It is in the best interest of all parties that VAT numbers are input correctly from when the placement is originally added.
How can VAT be added on to expenses via online timesheets?
Please visit the link here on how to add VAT to expenses via the timesheet app:
https://support.sonovate.com/knowledge/sonovate-online-timesheets#add-vat
How can I view my margin payment?
Yes, you can do this under your agency admin tab on the portal –
How do I add an umbrella, LTD or PAYE placement?
The video below will advise on how you can set up all three placements:
How can I add a new timesheet authoriser and invoice contact to a placement?
I have my own contracts can I upload these to a placement?
Yes, you can add your own contract terms to a placement. The link will go to a video guide that will show you how to upload your own terms.
Online weekly timesheet approval deadline: https://support.sonovate.com/knowledge/online-timesheets-announcement
What currencies does your company offer invoice financing in?
We offer invoice financing in Pound Sterling (£ GDP), Euro (€ EUR), and US Dollar ($ USD).
What payment details are required for candidates being paid in GBP?
The payment details required include the following:
Beneficiary Name: The name of the person or organisation to whom the payment is being made.
• Beneficiary Account Name
• Beneficiary Account Number
• Sort Code
• Bank Branch Name
• Payment Reference: A reference or description that helps identify the purpose of the payment. This can be important for tracking and reconciliation purposes.
OPTIONAL: IBAN (International Bank Account Number) & BIC/SWIFT Code: While not always necessary for domestic GBP payments, it may be required if ever the candidate requires international transactions.
What payment details are required for candidates being paid in EUR?
When paying candidates in EUR (Euro), the typical payment details required may include the following:
• Bank Name
• Account Holder's Name
• IBAN (International Bank Account Number): The unique code that identifies the candidate's bank account. The IBAN format varies by country, but it typically includes the country code, bank identifier, and account number.
• BIC/SWIFT Code: The Bank Identifier Code (BIC) or SWIFT (Society for Worldwide Interbank Financial Telecommunication) code is a unique identification code for the candidate's bank. It is used for international money transfers.
• Bank Address: This information is often required for verification purposes.
• Payment Reference: A description for the payment, which could be the candidate's name, employee ID, invoice number, or any other relevant information to identify the purpose of the payment.
It's important to note that these requirements may vary depending on the country, financial institution, and payment method used. Therefore, it is advisable to consult with the candidate's bank or financial institution for their specific requirements and any additional information they may need for successful payment processing.
Example
Beneficiary Name: John Smith
Bank Name: XYZ Bank
Bank Address: 456 High Street, Anytown, EU
IBAN: XX00 0000 0000 0000 0000
BIC/SWIFT Code: ABCDEFGHIJK
What payment details are required for candidates being paid in USD?
When paying candidates in USD (United States Dollars), the payment details required include the following:
• Bank Name
• Bank Address
• Account Holder Name
• Account Number: The unique account number associated with the candidate's bank account.
• Routing Number: The routing number of the candidate's bank, which is used to identify the financial institution.
• SWIFT/BIC (Bank Identifier Code): This code is required for international payments or if the candidate's bank is located outside the United States.
Example
Bank Name: First National Bank
Bank Address: 123 Main Street, Anytown, USA 12345
Account Holder Name: John Smith
Account Number: 1234567890
Routing Number: 123456789
SWIFT/BIC Code: FNBAUS33
It's important to ensure the security and privacy of sensitive information like bank account details. It's recommended to follow appropriate data protection measures and comply with applicable privacy regulations when handling such information.
Are there any specific requirements for accepting invoice financing in different currencies?
Placements must use the same currency for payment and invoicing purposes. This means that candidates can only be paid and charged in the currency agreed upon.
For instance, if the client is invoiced in GBP (British Pounds), the candidate will also be paid in GBP.
If there is a need for your client or contractor to be paid and/or charged in a different currency, it is necessary to create a new placement using the specific currency required.
Bad Debt Protection
How will I be notified if my Credit Protected Limit is approved?
If you submitted your request via our Portal, you will receive a notification in your Sonovate account. If you submitted it via our Instant Request Checker, you will receive notification via email.
What is Bad Debt Protection?
Bad Debt Protection is a service we offer to protect our customers against financial losses caused by the failure of their clients (debtors) to pay their debts.
How much of the invoice value is protected under Bad Debt Protection?
We provide protection for 95% of the net invoice value. For example, if you have a bad debt of £10,000 + VAT (£12,000), you would be protected for £9,500 of the debt. VAT is not covered, but you can reclaim it from HMRC.
There are some caveats as detailed on the HMRC website - https://www.gov.uk/vat-returns/fill-in-your-return. This process would be completed outside of Sonovate by yourself or your accountant.
Are there any requirements or limitations for Bad Debt Protection?
Bad debt protection is available only for funding where client payment terms are less than 60 days. Funding with terms over 60 days will be considered on a case-by-case basis.
If your client contract contains a Paid When Paid (PWP) clause, you will not be fully protected under Bad Debt Protection. To secure a fully protected Credit Protected Limit, you need to notify us of the PWP clause, the end-debtor, payment terms between the agency and client, and payment terms between your client and the end-debtor.
If your contract is with an RPO (Recruitment Process Outsourcing) and there is a PWP clause, Bad Debt Protection against the end-debtor is valid only against insolvencies. Bad Debt Protection for the RPO will be valid against insolvency and protracted default.
Bad Debt Protection is enforceable only for undisputed, genuine, and lawful debt.
What does Bad Debt Protection cover?
Bad Debt Protection covers two events: insolvency and protracted default. Insolvency refers to a company's inability to repay its debts when due, including liquidation or administration. Protracted default occurs when a company fails to pay the contractually agreed debt within the agreed period, even after our collection process is completed.
What happens if my debt is not covered by Bad Debt Protection?
We cannot guarantee the provision of Bad Debt Protection for all situations. In such cases, you have a few options:
You can request the client to reduce the payment terms to minimize your exposure.
Sonovate can offer to fund with recourse, which means the invoices will be funded without any cover. In the event of non-payment or insolvency, you would be liable to pay the full amount of the debt. Consider the implications before accepting recourse.
Request up-to-date financials to reconsider our position on Bad Debt Protection.
Please note that the offering of these options is at the discretion of management and may be withdrawn based on payment concerns or market information.
Is there a cost for Bad Debt Protection?
Bad Debt Protection is included in our standard pricing, and there are no hidden costs such as credit check fees, annual renewal fees, or credit limit fees.
What are funding holds/payment pauses?
Funding holds or payment pauses are implemented to protect businesses from working with clients who have aged debt or potential credit risk events (e.g., insolvency). Payments may be paused if the client's debt exceeds 55 days or if Sonovate identifies credit risks.
We aim for a same-day response for funding requests submitted by 1 pm. Requests submitted after this time will be reviewed by 1 pm on the following working day. Cases requiring human underwriting and further review may take up to 24 hours, and additional information may be requested.
What happens if my debt is not covered by Bad Debt Protection?
If your debt is not covered by Bad Debt Protection, you may be responsible for the full outstanding approved debt. The recourse amount is 5% of the net outstanding approved debt.
How can an agency minimise funding holds/payment pauses?
• Review the weekly aged debt report.
• Contact the end client to discuss aged debt and invoice status.
• Request the client to pay the oldest invoice and provide the necessary purchase order (PO) numbers.
Where can I check client limits and find more information about them?
You can check client limits and access additional information in the article "Client Limits" available at https://support.sonovate.com/knowledge/client-limits
What happens if a client's credit limit does not cover the outstanding invoices?
If the client fails to pay outstanding invoices and there is no further bad debt protection, recourse will be taken against the agency. The agency will be liable for any unpaid invoices above the credit limit, potentially affecting margin payments and cash flow.
Where can I find more information about bad debt protection?
You can find more information about bad debt protection in the article "Bad Debt Protection" available at https://support.sonovate.com/knowledge/bad-debt-protection