Payroll Finance

Young and growing recruitment businesses may not have the time, expertise or indeed inclination to manage their workers' payrolls or contractor payments. In addition the payroll finance requirements of a growing recruitment business are notoriously difficult to manage and the last thing a recruiter wants is their workers/contractors being paid late or incorrectly. 

PayFactory was developed to overcome these two concerns and more, and allow recruiters to do what they do best - Recruit! PayFactory provides the complete back office service for recruitment companies and includes; PAYROLL, INVOICING, COLLECTIONS, FINANCE and BAD DEBT PROTECTION (optional).

We also help you to manage your tax and keep you up to date on legislation; we provide detailed management reports to enable proper scrutiny and quality control for your business.

How does Payroll Finance work?

Payroll - We understand the importance of ensuring that your workers get paid correctly and on time.
Whether it is for permanent staff, temporary PAYE workers or self-employed contractors, we will provide the payroll solution that best fits your business.
Payroll options include:

  • Set up, amendment and deletion of employee records
  • Running of the payroll to calculate gross pay, deductions and net pay
  • Secure payslips
  • Production of standard reports
  • Production of P45s
  • Payment of employees by BACS
  • Compliance with payroll legislation
  • Help Desk and advice from fully qualified payroll advisors
     

Invoicing - We raise invoices for you using your own company-headed paper and VAT number.
Invoicing options include:

  • Preparing invoices from weekly timesheets or data
  • Mailing invoices
  • Calling down monies to cover payments to workers
  • Analysis of VAT for VAT return
     

Collections - Under your guidance we manage the credit control for your business and tailor this to suit your needs. 
Collections options include:

  • Sending statements
  • Sending reminder letters
  • Chasing for payment by telephone
  • Taking legal action if necessary
     

Finance - We provide payroll funding to pay temps and to provide you with working capital to grow your business.
We advance up to 90% of the value of your invoices on the day that they are raised.

Charges -  There is a single fee for the service which is charged as a percentage of your invoices. This means that costs are transparent and simple.
As the charge is a proportion of the gross invoice value, it also means that it is simple to calculate net margins for temps and to make it even clearer we can do the margin calculations as well. 

Contact Us for Payroll Finance

What to do next