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What does PayStream mean by compliance?
Agencies spend time and money on building their brand so being associated with a non-compliant provider makes little sense particularly since clients are becoming more and more interested in a compliant supply chain. The public sector and the banks now look for assurance that contractors are paying the right amount of tax.
If you are trying to embed a culture of doing the right thing for contractors it makes sense to look at the culture and values of your suppliers.
If you are looking for an exit you will need to demonstrate to a purchaser that your earnings are sustainable. For example if you work with a partner using a 'pay day by pay day' model a purchaser will undoubtedly look to discount your earnings on the basis that HMRC will challenge the model. Similarly the multiple attached to business profitability is easily discounted if non-compliance is identified.
The directors of companies are responsible for determining the risks the business is willing to take.
At PayStream we have a compliance team of 8 people who understand exactly how the business should operate. The key is to ensure that the rest of the business has the same understanding. To that end we have:
This allows the internal compliance team to monitor and assess the rest of the business against our compliance templates. This happens on a monthly basis and the sales team commissions are contingent on passing these compliance audits which is a powerful motivator.
Very importantly we get external auditors (BDO and Professional Passport) to vet our processes and to audit the audits. We get a certificate of compliance from both parties and their comments are fed back to the business by the compliance team.
By focussing, from a compliance perspective, on our interaction with contractors and agencies we identified areas where we can improve our customer service and again part of the compliance team's job is to feed this back to the business.
We believe that our stance on compliance puts us in a strong position to grow our business. Clients, now more than ever before, are keen to ensure a compliant supply chain. This means that agencies are looking more closely at what service providers actually do and are gravitating to those that can demonstrate that they are operating compliantly.
PayStream explain the set-up of a Limited company to contractors in a clear and understandable way. This is why contractors are happy to go with PayStream. Contractors find it easy to speak with you about any query.
R. Thomson – Infinity Resources