Are you a contractor or a freelancer? Or, maybe you are considering going down this path? One thing you will soon learn is that the paperwork and organization required with regards to taxes and invoices can seem like a huge inconvenience. This is something most contractors state they dislike the most about this line of work. However, the good news is that there are plenty of umbrella companies who are waiting to take this problem off your hands. All you need to do is submit your timesheet and they will take care of the rest for you. Nonetheless, before you agree to use their services, make sure you ask the following questions:
How much do you charge for your services?
There is only one place to begin and this is with the cost of the service. After all, there is no point in considering a company if they are going to be too expensive. There are umbrella companies that charge a fixed rate and there are those that take a percentage from your earnings. Most people will agree that it is better to go for the former option. After all, why should you have to endure more charges just because you have had a good month work-wise?Â
How long will I have to wait for my net profit to be deposited?
The next thing you need to discover is how long you will have to wait for your earnings to be paid into the bank. It is unlikely that most people will be able to afford to wait too long for their money. After all, not everyone has money available to subsidize their bills and alike whilst they wait. Thus, make sure you get an idea of the waiting time before agreeing to the service.Â
How does the service work?
Last but not least, you will obviously want to have a good idea of how the service works before you agree to it. Firstly, you should always have a contract between you and the umbrella company. There is simple contract management software available today, so there is no excuse for not having this. In general, most umbrella companies require you to upload your timesheet and your expenses sheet. You then wait for them to work their magic until the money is deposited into your bank account. But, how do you upload your timesheet? Are you able to monitor the progress of everything? Is there anybody you can contact if you have any queries? You want to know the ins and outs of the service entailed.
If you ask the three questions that have been mentioned you should have a good idea of the service you will benefit from if you opt for the umbrella company in question. Aside from this, it is advisable to ensure the company is credible. Look out for a business with a good amount of experience and make the effort to read reviews that have been left by previous clients as well. This will give you the peace of mind that they have a good reputation.
