With so many umbrella companies to choose from, deciding on one can be intimidating for a freelance contractor. There are specific things you should know about the company before making a decision. Carefully examine their fee structure so there are no surprises. Find out exactly what services they provide, if they have Internet access for ease of use, and ask around to learn about their reputation. Knowing just a few details can save you money over the long term.

When looking at a company’s fee structure, watch out for hidden start-up fees and exit fees. You may want to choose a company with set fees rather than fees based on your income, especially if it fluctuates or you make more money. Income based fees will increase with your income and can take a hefty percentage of your earnings. Most companies will charge weekly, semi-monthly, or monthly, and you will have to determine which works best for you.

Ask friends for recommendations of good companies and learn about the reputation of potential firms. If your acquaintances have only good things to say about a company, chances are it’s a good choice if they provide all the services you’re looking for. If you need to, ask the firm for references, see how many current customers they have, and how long they’ve been in business. Obvious stability is better than flashy and new.

One of the most important issues for a freelancer is good customer service. Find out how easy it is to submit timesheets and expenses. Do they have a website for submissions? Ask 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.

Depending on your particular circumstances, how a company pays could play a major role in choosing an umbrella company. Ask if they pay using FPS, C.H.A.P.S., or Bacs. If they use Bacs, you will have to wait days to be paid, but if they use FPS or C.H.A.P.S., you will receive payments in just one day as they use a same-day bank transfer, while Bacs is not an instant transfer of funds.

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 ask to be sure. If they can service your needs and provide these assurances, they should be a good match for your business.

Next : Umbrella Company

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