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How to use payroll finance to grow your startup

02 February 2016

Payroll finance is a unique feature of the services that Earlypay offers its clients. As a startup, you will have much more on your mind than clearing a payroll and waiting for funds to become available so that wages can be taken care of. After all, you're running a business and there are so many facets that you need to keep under control. Payroll finance can help you to manage just that: your payroll.

What is payroll finance?

When the rest of your company to-do list is backing up and looking impossible to deal with, finding a company that deals with everything from leave entitlements to employment contracts is a true silver lining. With a backlog of payments to external organisations, and employees also on the brink of being paid, Earlypay can take the pain out of that aspect of your business, allowing you to keep on top of anything unexpected.

According to the Debtor and Invoice Finance Association (DIFA), the September 2015 quarter saw debtor finance turnover of $15.8 billion, an increase of 1.8 per cent on the same quarter in the previous year. More businesses are turning to companies that offer invoice finance in order to take advantage of the services on offer and develop as growth becomes possible.

How payroll finance can help your startup

"You're basically turning your receivables into cash quicker than they would normally be turned into cash," stated DIFA ex-chairman Peter Langham in an interview with the Australian Financial Review.

Startups in 2016 will be capitalising on the new technology available, when companies in the past have not had the same luxury. The $1.1 billion Australian government initiative announced in December 2015 by the new Turnbull office is set to turn the market on its head.

"We have never seen innovation at the top of the national agenda before - we need to make the most of this historic opportunity," said Steve Baxter, a prominent entrepreneur and startup investor.

The Australian government is doing its part to help startups flourish in the country over the next four years at least, and businesses are going to want to take advantage of this unique prospect.

Whether you need to take out payroll finance and free up some time to sort out your growing company without wages hanging over your head, or you just need to make available some capital for an unexpected emergency, Earlypay can help you. Get in touch now to find out what debtor and payroll finance can do for your startup.