Payroll, Funding and Financing
By setting up a temporary recruitment agency, you are entering a high administration business. Payroll processing will be one of your main areas of concern. As your business grows, you will be juggling different workers, timesheets, contracts and invoices. The nature of temp work means you will be likely managing weekly payroll. To retain your bank of dedicated candidates, you must ensure wages are paid on time and any issues are promptly dealt with.
Instead of managing it internally, you may choose to use a dedicated payroll service saving you time, money and stress. Payroll outsourcing will minimise your costs when compared to employing payroll-trained staff and purchasing payroll software. Outsourcing payroll can also reduce:
- The stress of managing multiple payees
- The burden of complex pay calculations, tax, pension and compliance considerations
- The general administrative burden that inevitably comes with paying temps on a weekly basis
With outsourced payroll, the payroll provider can take control of all aspects of the process. Removing this burden from your business operations will give you additional time and money to invest in growing your business.
There are different providers and services available, ranging from a standard payroll bureau to a comprehensive and fully-managed payroll service. When you are considering your options, it might be helpful to ask the following:
- Does your payroll outsourcing take care of all administration, compliance, pensions, tax, SSP (Statutory Sick Pay), SMP (Statutory Maternity Pay) and SPP (Statutory Paternity Pay)?
- Is the set up quick and simple?
- Will your provider help keep you compliant?
- Does it process everything online and store information and data securely in the cloud?
- Does your payroll outsourcing work with your other administrative processes? For example, if you are using software to manage the other high administration areas of your business like timesheets and invoicing, does this fit with the services your payroll provider is offering.
Fully Outsourced Back Office and Funding Solutions
As a start-up agency you may want to consider a system offering a full back office and funding solution. Choosing software that streamlines and automates your main administrative processes will save you time and money and help keep you compliant. A fully integrated package that provides payroll services and funding solutions can lessen the stress of starting a business with high administration demands and provide you with the reassurance and financial support to grow.
Consider building your new business around software and services that offer:
- Customisable electronic timesheets
- Invoice production and despatch
- Contract management
- Payroll processing
- Management reporting
- Credit control
Having experts on hand to help collect payments due from your clients reduces the stress of chasing invoices and enables you to focus on building positive working relationships with your existing clients and winning new business.
Furthermore, a provider offering cashflow solutions such as access to flexible funding for your weekly candidate payroll will give you greater freedom to develop your new agency and a greater chance of success.
By using fully integrated software, outsourced payroll services and recruitment finance solutions you can be assured your administrative processes are well managed and your contractors, temps and staff will be paid on time while giving you the freedom to grow your business.