Back Office and Payroll Finance
Our specialist Payroll Finance service provides temporary recruitment agencies with back office support combined with finance and credit insurance. The key service features are:
- comprehensive payroll administration
- finance to meet payroll/contractor costs
- invoicing and timesheet matching
- sales ledger management
- credit checks and credit insurance
- credit control
This facility brings together within a single supplier relationship payroll services, a factoring facility and a credit insurance policy that would otherwise require relationships with multiple service providers.
Details of Back office & Payroll Finance service
- Payroll management (weekly/monthly payroll calculation, payslip/remittance advice production, new starter set-up, leavers' P45s, year-end P60s and P35, data archiving, Inland Revenue liaison).
- Payments directly to temporary staff and contractors by BACS each week (or monthly).
- Payment to Inland Revenue each month in respect of tax deducted and employers' and employees' National Insurance contributions.
- Holiday pay management.
- Invoice production, matching with timesheets, and mailing to your clients.
- Debtor protection cover (subject to insurer's limits) is included in our fee.
- Credit checks.
- Payments of profit margin by CHAPS (free-of-charge) on Thursday of each week.
- Calculation and management of output VAT reserve on the invoices we raise.
- Payment of VAT reserve value to you when payment to HMRC falls due.
- Sales ledger management (input of invoices, credit notes, banking and input of cash received, ledger reconciliations, production and despatch of statements and letters).
- Credit control (telephone chasing and despatch of dunning letters).
- The cost of funds advanced is included (i.e. there is no separate interest charge) in our fee.
- A single fee expressed as a percentage of your sales pays for all our services. There are no minimum charges or hidden additional costs.
