How To Choose An Umbrella Company
Choosing the right umbrella company for your business can be nerve-racking, especially with so many from which to choose. Asking the right questions and knowing what to look for can make the task much simpler. Knowing about their fees, services, accessibility, and reputation are excellent places to start. A small time and research will save you money and frustration in the long run.
When looking at potential companies read the fine print and be on the lookout for hidden entry and exit charges. If your income is unpredictable, it might be best to go with a company that offers a set fee rather than one that bases its fees on your earnings, especially if you make a excellent sum of money. You should be able to choose between weekly, semi-monthly, or monthly billing.
Do some investigating and make sure the company you are looking at has a excellent reputation. Word of mouth is a powerful tool, so question around for recommendations. Question the company for references from existing clients that you might know. Find out how long they have been in business and how many clients they have. This can be a excellent indicator of stability.
One of the most vital issues for a freelancer is excellent customer service. Find out how simple it is to submit timesheets and expenses. Do they have a website for submissions? Question about response time. You have a schedule to keep and don't want to be held up, waiting to hear back from your umbrella company. Look for a company that offers a "money back guarantee" if you are not satisfied with their performance.
Before you pick a company, find out how they pay. If they pay using C.H.A.P.S or FPS, you will get paid the same day. If they use Bacs, you may have to wait several days before you get paid. The celerity of payment can be a huge issue when choosing the right umbrella company.
Last, but certainly not least, make sure the company is a member of a professional body like Professional Passport, SPA, or AEMC so you know they are compliant. Most umbrella companies provide professional indemnity, employer's liability, and public liability insurance as a part of their service, but question to be sure. If they can service your needs and provide these assurances, they should be a excellent match for your business.
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