Glossary of Key Terms

Assignment:
An assignment is any gig, shift or placement contract between the customer (You), the client and the worker (via your supplier).

Synonyms: Placement, Deal, Filled Vacancy

 

Timesheet: 
A record of the amount of time worked in a given period. 

Synonyms: Log, Log-book, Clock In / Out Record

 

Unsubmitted (Timesheet):

A timesheet that has not been completed and returned by the worker, or sent back to the worker to redo or correct.


Unauthorised (Timesheet):

A timesheet submitted by the worker, but not yet approved by the timesheet authoriser.


Unbilled (Timesheet):

A timesheet that has been submitted and approved, but not yet used to fund.

 

Billing:
The process of sending invoices.

Synonyms: Invoice (verb), Charge

 

Billable:
Able to send invoice. 

 

Unbillable:
Unable to send invoice.

 

Worker:
An Individual who had been placed to complete any gig, shift , or placement for the end client or debtor by an agency (via the worker’s supplier).

Synonyms: Candidate, Contractor 


Authoriser:
Individuals (typically managers at the client site) who have the authority and responsibility to approve a worker’s timesheet.

Synonyms: Managers, Line Managers, Approvers

 

Sales Consultants:
Employees of the agency who are responsible for assigning workers to the vacancies at existing or new client companies, often earning commission for doing so.

Synonyms: Consultants, Delivery Consultants, Recruiters, Recruitment Consultants

 

Funding Limits:
The maximum value of outstanding debt we allow a customer to have per client funded against. Not necessarily covered entirely by BDP (Bad Debt Protection). 

 

Credit Limits:
The maximum value of outstanding protected debt we allow a customer to have per client funded against. 

See Funding Limit vs Credit Limit nugget for more information. 

 Clients: 
The end debtors of the customer. 

Synonym: End-clients, Debtor

 

Registered Company Name:
The official name of a company, it must be used on official communications and invoices. 

Synonym: Official name

 

Suppliers:
The organisation in which the worker is paid through. 

A Supplier can be either: 

- A Personal Services Company (PSC)
- An Umbrella Company
- A global Employer of Record (EOR)


Billing Frequency:
How often a customer can bill and have invoices sent to their clients.

 

Timesheet Frequency:
How often a customer will send a timesheet to a worker.

 

Expenses:
Additional costs incurred by a worker outside of their rate e.g. travel, accommodation, food. 

Synonyms: Travel, Accommodation Costs

 

Funding:
In invoice financing, funding is the money given to a customer in exchange for an unpaid invoice. 

Synonyms: Funds, Financing, Cash

 

Invoice: 
A bill for goods or services provided with a total due or owed. 

Synonym: Bill (noun)

 

Liability:
The funds-in-use balance. How much funding you have withdrawn that hasn't been collected from your clients.

 

Availability:
How much money is available to withdraw. 

Synonym: Withdrawable Funds

 

Cash Allocations:
Payments from a customer’s clients and how they've been allocated. A cash allocations report is used to reconcile cash and invoices. 

 

Unfunded Cash:
Cash paid to Sonovate for an invoice we did not fund. In most instances, it is returned to customers without taking a fee. 

Synonym: Unfunded Invoice

 

Funded Aged Debt:
Measurement of the total money owed by a customer’s clients that was funded by Sonovate. Available in a report on Time & Fund Reports Tab. 

 

Sonovate Fees: 
The money Sonovate charges to a customer for access to Time & Fund.
The fees vary and are negotiated by our sales team on an individual basis, they are split into two separate fees: 

 
Invoice Fee:
The percentage fee taken by Sonovate from each invoice the customer has funded against. 

E.g. An Invoice Value of £1000 at a fee of 3%, Sonovate will receive 3% of £1000 = £30 

 

Subscription Fee: 
The monthly charge for access to Time & Fund. Subscription duration can vary in length.