Digital contractor payroll solution, Cool Company, has announced its highest gross revenue to date, with a 249% growth year-on-year for January 2023, and 135% year-on-year growth for the whole of Q4 2022. Raising total gross revenue for the year by 115%.
The business received Professional Passport accreditation in 2022, providing additional reassurance for contractors, recruiters and businesses, looking for a simpler way to handle payroll following the implementation of IR35. The recognition from the insurance-backed accreditation provider seems to have worked, with the number of contractors working through Cool Company increasing by 59% in 2022 and the number of timesheets processed by the business increasing by 79% year on year.
Cool Company’s growth reflects the returning confidence in the contract workforce and the willingness of both contractors and the businesses they work with to seek new payroll solutions. Following the disruption related to the new off-payroll working legislation in April 2021, many businesses moved away from outsourcing. But despite the international economic turbulence of 2022, the sector is experiencing a recovery with contractors using digital payroll solutions, such as Cool Company, to work with new clients both in the UK and Overseas.
Kris Simpson, Country Manager UK at Cool Company, comments: ‘We are delighted by Cool Company’s continued growth.
‘2022 was a difficult year for many businesses, with the economic downturn, cost-of-living crisis, and global talent shortage all taking their toll. The ability to easily access a contract workforce without compliance concerns has eased the burden for many businesses. While our contractor clients have benefited from being able to work with a broad customer base. Both in the UK and overseas.
‘Cool Company’s figures for 2022 imply that the contractor sector is rapidly recovering from the setback related to IR35 and our gross revenue for January 2023 hints at a positive outlook for the coming year.’
‘We’re excited to continue our growth and will be focusing on expanding our UK teams in both customer service and sales this year to keep up with growing demand.’