Factoring has long been suited to the temporary recruitment sector, bridging the gap between the weekly payroll and clients settling their accounts; but until now few factoring companies have been able to offer a comprehensive in-house Payroll Service.
A full payroll service includes:
- Calculation of PAYE and NI deductions
- Calculation of net wages
- Payment of employees on designated dates.
- Provision of payslips
- Provision of year end submissions e.g. P60s
The factoring company will even raise the invoices for you should you require, all of which frees up valuable management time which can be better spent on winning new contracts and growing the business. A payroll service is extremely flexible, the factoring company will do as much or as little as you require, tailoring the service to meet the needs of your business.