Payroll Solutions
What are payroll solutions?
Payroll solutions encompass a range of facilities which can be tailored depending upon the needs of your business. Whilst some aspects of payroll solutions are tailored specifically for the staffing industry, payroll finance is available for all industry sectors.
Payroll solutions can assist with overcoming the cash flow problems associated with having to pay employees or temporary placements prior to being paid by your customers, as well as providing back office support. Additionally, credit insurance can be incorporated to protect your business against debtor non-payment or invoice finance to release cash against your invoices.
What are the benefits of payroll solutions?
- Payroll solutions are tailored to your needs and can include back office services, payroll funding, invoice finance, asset based lending and credit insurance.
- Payroll finance providers can advance capital to cover wage payments, tax and national insurance contributions to ease your business’ finances.
- Business outsourcing companies save you time and money by assuming the tasks of calculating tax, national insurance and other deductions.
- By outsourcing your payroll, your business will be left with the resources and working capital to fulfil new business opportunities.
- Payroll finance provides credit that is available as and when you need it.
- The cost can be offset against the resources and working capital it will release, leaving your cash flow in a healthy state and allowing you to focus on your day-to-day activities.
Which payroll solution suits my business?
Payroll solutions can incorporate a number of funding and administrative offerings.
Designed for the staffing industry, recruitment finance is a flexible solution which incorporates funding against invoices to eradicate the difficulties associated with paying temporary staff before payment is received from clients. Recruitment finance also provides an outsourced back office and payroll function and can incorporate credit insurance to protect against debtor non-payment.
Payroll finance overcomes any cash flow problems which may stretch your business when making wage payments by advancing the funds to cover this, as well as the tax and National Insurance contributions. It can also incorporate an outsourced back office function to reduce your in-house administrative overheads.
Outsourced back office payroll support will free up time and resources invested in calculating tax and National Insurance deductions, therefore reducing administrative burdens.
Whether recruitment finance, payroll finance, outsourced back office or a more traditional commercial finance solution would best suit your business, Hilton-Baird Financial Solutions will work with you to find the right funder for your business.
Call us on 0800 9774833 or email info@hiltonbaird.co.uk to find out more about payroll solutions.