How It Works
Contents
Signed Talent User Journey
User Case Study
Mona is a signed make-up artist of the "Beautsters Agency".
Oftentimes she needs an advance until her next invoice gets paid. Beans advances her, which is secured against her "accounts receivables", which are all the invoices she is waiting to be paid.
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.
1
2
Mona withdraws £200.
She is charged £4 for the transaction refer to pricing guide.
This gets deducted from her Account Balance.
Her Beans balance becomes -£204.
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.
3
4
An Invoice Arrives
An invoice of £500 arrives after 20 days.
£204 gets paid to Beans and £296 is paid to Mona.
2
Agency Journey
Agency Case Study
Beautsters Agency manage and book jobs for set-designers, stylists, photographers 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 invoice payment cycles.
They are reluctant to offer advances to their talent because of company cashflow concerns. They only offer advances as an emergency, but equally their talent don't like to ask, and instead suffer in silence.
How Accounting Works
Automatic
Manual Process
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 amout owed and then pay Mona the difference.
3
Who owes Beans?
We are strictly a B2B working capital finance company. Our service is more affordable than other lenders because the liability sits with the Agency, who are established credit worthy companies. No burden of liability is left with the user.
We advance cash to Agency's signed talent, freelancers and contractors, on behalf of the Agency.
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.
We are not a consumer credit or lending company, nor are we authrised by the FCA to provide credit to consumers, we provide financial services to Companies and service their employees on behalf of the company.