A company which specialises in payroll and back-office finance for recruitment agencies across Britain is the latest firm to sign up to a thriving business centre in Southampton.
PayFlow, founded by managing director Stuart Edwards six years ago, has moved into a 580 sq ft office at Ocean Village Innovation Centre.
With 67 serviced offices, the centre is occupied by start-ups and high-growth companies requiring flexible space on easy-in, easy-out terms.
There are 39 businesses on site, with 32 virtual office customers. With PayFlow’s arrival, occupancy is now a record 95%.
PayFlow, which has four staff, has a £5m turnover, paying 200 temporary workers every week on behalf of a number of recruitment agencies across the UK.
Depending on credit limits, customers have up to 60 days to pay back the money to PayFlow.
Stuart, who lives in Southampton, said: “We spotted a gap in the market and have grown customers since starting up in 2010. Recruitment agencies, like all businesses, require the lifeblood of cashflow – our solution enables them to concentrate on expanding their business rather than wasting non-profitable time raising and chasing invoices.”
The majority of workers are in the healthcare sector, such as nurses, as well as hospitality and industrial employees.
As part of the service, PayFlow processes timesheets, raise customer invoices, calculate each employee’s net pay after PAYE deductions, pay PAYE and National Insurance contributions to HMRC, ensure wage payments are made by bank transfer and credited every Friday and issue payslips.
Stuart added: “The outsourcing of payroll and back-office finance is growing in popularity as many businesses look for an all-in-one solution. There are reportedly 1.1 million agency workers fulfilling temporary roles in workplaces across the UK at any time – the market is massive.
“The facility can be used alongside existing borrowing, such as factoring and overdrafts, and no security or personal guarantees are required from company directors.”
Ocean Village Innovation Centre is run by Oxford Innovation, the UK’s leading operator of business and innovation centres.
Rob Greenberg, centre manager, said: “With PayFlow’s arrival, occupancy here is now a record 95%. Based on the entrepreneurial make-up of many of our occupiers, there is a clear trend towards larger companies turning to agile outsourcers like PayFlow to provide non-core work in the service sector economy.
“Similarly, we free up occupiers to focus on their commercial strengths because we look after their offices, reception calls and mail.”
