Choosing Umbrella Companies for Your PSL
If you’re an agency working with contractors, you’re likely to have Preferred Supplier Lists (PSLs). For recruitment companies working with contractors, it is integral to have an umbrella company PSL for contractors to be employed through. A PSL is a vetted and pre-approved list of umbrella companies that an agency will work with. Some agencies use their PSLs as a way of recommending their preferred supplier to their contractors, whereas others are more controlled and are only willing to work with agencies on their PSL.
The benefit of having a PSL is that it narrows down the choice between thousands of payroll providers, allows the recruitment agency to be in control and ensures they only work with reliable, compliant companies, thereby providing peace of mind for both the recruiter and contractor.
So, how do you ensure your PSL consists of the best umbrella companies for you and your contractors? Read on as we take a close look at the key points you should consider when choosing an umbrella company.
Are they Compliant?
Having the right umbrella companies on your PSL will help you comply with government regulations. You should carry out rigorous checks to ensure your PSL comprises of compliant companies only, that you have audited and belong to trusted umbrella organisations such as FCSA and Professional Passport. Recruiters should avoid setting up workers with a tax-evading payroll provider for a dodgy deal (agencies could be prosecuted should they not be able to prevent tax evasion).
Do they Have a User-Friendly Portal?
If you don’t speak the financial language you probably don’t want to select a payroll provider that makes payroll more complicated. Ideally, you will want to select a transparent company with a user-friendly portal where you can easily submit your timesheets and expenses. Umbrella companies should make payroll easier for you, not harder.
How Accessible is Their Customer Service Team?
Contractors might be working any hours of the day. This is why it’s important to sign up with a payroll provider with a customer service team that is accessible at times when you need it. The customer service team should also be helpful and be able to deal with issues promptly. Consider choosing an umbrella company that is UK based with a 24/7 call centre.
Do they Pay on Time?
No one likes late payments. Select a company that makes 100% of their payments on time. This will ensure you can rely on a regular, hassle-free income.
How Attractive is Their Margin?
An umbrella company’s margin is probably the main part to consider when it comes to choosing an umbrella company. Conduct some research on each company to find out exactly how much you would take home from working with each company. Headlines can be misleading, and some companies may have hidden charges.
How Bishopsgate Group can Help
Bishopsgate is a fully compliant and transparent umbrella payroll provider. With a 100% customer satisfaction rating and an easily accessible client portal, we are one of the best in the industry. Customer service is at the heart of our business as we go above and beyond to ensure our clients are paid on time, ensuring we have never made a late payment.
If you would like to find out more about umbrella companies, or how Bishopsgate Group can help you with your employment service needs, please do not hesitate to get in touch with one of our customer service representatives. Call us today on 0203 019 4990 or drop us an email at email@example.com.
Luke Shannon-Little, Managing Director
0203 019 4990