Joonas had been working in the labour-hire industry for about 18 months before he decided to go it alone and launch his own company. With an initial capital investment, he launched Dayjob in 2017. ‘Mostly we hire out carpenters, skilled labourers and general labourers and also from time-to-time bricklayers, traffic controllers and concreters. Our biggest clients are currently working on hospital and correctional centre expansion projects. We’ve had our people working in maybe 8 centres in the last 2-3 years.‘
Removing the pressure that clients won't pay
In the early days of the company, they were not supported by a financier. Cash flow needed to be managed using their own funds, which could cause considerable pressure. ‘When we didn’t have any financing, it was super hard. We had to do everything with our own money’. Cash flow pressure is particularly acute in the labour-hire and recruitment industries, where workers need to be paid weekly, but client invoices come in less frequently and often less reliably. ‘We always pay once a week, every Friday. If someone was late with invoices, it’s a big risk for the business. If you don’t pay your workers on time, you’re going to lose your good reputation very quickly.’
Dayjob began working with Waddle in 2019. ‘Now that we have financing, it has removed the stress that we can’t pay on time. We have the money even if our clients are late, which they often are’.
Waddle has eliminated manual input
Joonas loves the simplicity of the Waddle platform ‘Whilst it’s the first invoice finance company I’ve worked with so I can’t compare, the connection with Xero makes it all super easy. I just put in the invoice and it’s funded. It has completely eliminated manual input.’
Although certain features of the Waddle platform are important to Joonas, the most crucial thing is that it sits in the background and lets him get on with his day job. ‘Having to do as few things as possible to get my funds, that’s what I need. And that’s exactly what I’m getting from you.’
Joonas Russak, Founder and CEO, Dayjob Recruitment