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Creating a PSL
Why have a preferred supplier arrangement?
Managing a large number of suppliers can be inefficient for any business, because every supplier has different processes and diverse working practices. The recruitment world is no different.
At the end of the day, supporting an agency's core activity effectively requires any partner selected to provide truly great service. The reality is that umbrella and accounting providers can have vastly different approaches to supporting contractors and agencies.
On top of that, legislation around the recruitment sector is such that a supplier's processes could create a different risk profile to that of the recruitment agency. That's why clear emphasis on compliance from the provider creates a level of comfort for the recruitment agency. We are all in business for the long term, so choosing an established, financially strong partner with good staff retention is paramount.
What to think about when choosing your preferred supplier
Do they provide good service to both the agency and contractor? Things to consider: reputation; breadth of service offering; account management approach.
What's their financial strength? Things to consider:PBT generation; evidence of bank reconciliation between company and umbrella funds; confirmation tax payments are up to date; no late payment penalties; recent statutory accounts; quality of audit sign-off e.g. big four firm.
Do they have resilient compliance processes? Things to consider:Supplier has a separate compliance function; evidence of internal controls and internal audit processes; dispensation and overarching employment contract readily available for inspection; IR35 and MSC compliance processes in respect of PSC business.
Why is PayStream the right choice as your preferred supplier?
Contractor UK award winner
Accredited by Customer Service Excellence (CSE)
Regular customer surveys
Strong outbound and proactive support
Clear business and service KPIs
Many years' trading
Strong balance sheet
Daily bank reconciliations
Segregation of duties
Offsite data storage and disaster recovery plans in place
Ex-Eversheds inhouse lawyer
Internal compliance team
Accredited by FCSA and APSCo
Compliance processes reviewed regularly by BDO
Outstanding service born from our relationship with PayStream.