Contractor User Journey

User Case Study

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Ama is a make-up artist signed by "Beautsters Agency". 

 

Oftentimes she needs an advance until her next invoice gets paid. That's where Beans come in. We advance her invoice on behalf of her agency,  which is secured against her "accounts receivables". As soon as she gets an invoice paid by a client, Beans gets paid back.

Mona logs into her Beans account.

She sees her Account Balance, which is all the invoices she is yet to be paid.

Available Balance is the amount she can withdraw with Beans.

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Mona withdraws £250.

She is charged £4 for the transaction refer to pricing guide.

This gets deducted from her Account Balance.

Her Beans balance becomes -£254.

When any of her invoices get paid, the agency first repays the balance owed to Beans and then the rest of the balance is paid to Mona.

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An Invoice Arrives

An invoice of £500 arrives after 20 days.

 

£254 + £4 fee gets paid to Beans and £246 is paid to Mona.

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Agency Journey

Agency Case Study

Beautsters Agency manage and book jobs for set-designers, creative directors and make-up artists for company clients in the fashion and music industry.

 

Their talent are high income earners but their income can be irregular due to the long waiting of getting their paid invoices.

 

They are reluctant to offer advances to their talent because of company cash flow concerns. They may only offer advances as an emergency, but equally, their talent doesn't like to ask, and instead, they suffer in silence or find other alternative means.

How Accounting Works

Automatic

Manual Process

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Beans integrate with agency account management software

Beans can integrate with all known account managment software and can even integrate with bespoke systems.

The Agency gives Beans the permission to update and reconcile Account information.

Monas statement of account will be automatically updated to have £204 deducted from her file.

Any invoice paid for Mona will have the first £204 directed to be paid to Beans.

Agency Admin Logs in to Beans

Emma, the agency admin, uploads a .csv file containing the statements of all user accounts to Beans.

This is can be done daily, weekly or whenever she can.

Beans update each users' Account Balance and Available Balance.

When Mona makes an advance request, Beans sends her money on behalf of the agency.

Beans will send the Agency Admin an update, which:

 

A) Contains a deduction of £204 from Mona's account receivables file.

 

B) An invoice for the Agency to pay Beans a balance of £204 at the time any of Mona's invoices get paid.

When Mona gets an invoice paid, the agency admin will first pay Beans any amount owed and then pay Mona the difference.

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Who owes Beans?

We are a B2B working capital finance company. Our service is much more affordable than other providers because our social objective is to improve the financial wellbeing of people who are self-employed. We focus on freelancers who are signed and managed. In this way, the liability sits with the management only and no burden of liability is left freelancer.

We advance cash for agencies so they can pay their signees quickly.

When the signed talent gets paid it is the Agency's responsibility to pay Beans any cash advances that were made prior to paying their signed talent.

The liability sits with the Agency, not the Contractor. We provide financial services to Companies and service their contractors on behalf of the company.