A fully managed payroll can help you save time and reduce hassle.
For most businesses, running payroll is not regarded as a core activity and that’s understandable. Yet it is essential it’s done well. Fortunately, there are other options available besides having to do it all yourself.
Some companies might decide that keeping their payroll in-house is the right thing to do on balance. But an increasing number of organisations are taking advantage of the many benefits a managed payroll service has to offer for taking care of this crucial aspect of running a business.
What are managed payroll services?
There are variations when it comes to exactly what managed payroll services provide, but essentially they are either a payroll bureau service or a fully managed payroll service.
A fully managed payroll service refers to when the entire payroll is outsourced to a payroll provider. That provider will deal with every aspect of payroll including calculating, processing and reporting. Features of fully managed payroll services can vary but effectively your payroll provider acts as your full payroll department.
A bureau payroll service is typically a blended approach which keeps the employer company involved to some extent. Therefore there may still need to be a level of payroll processing knowledge retained in-house.
Within the payroll bureau option, there is often flexibility over how many payroll processing tasks are outsourced, and therefore, there can be variation in how involved the employer company will choose to be.
Usually, there will be a point of contact within the employer company, and they will be responsible for working with the payroll software, overseeing the collation of the data (although several people in the business could enter the actual information) and for dealing with employee queries.
How can managed payroll services help your business?
- Compliance with legislation
The legislation and regulations around payroll can be complicated and keeping up with changes can be very time-consuming. By using a managed payroll service, you lift a lot of that burden off your business. You will always retain ultimate responsibility for ensuring you are complying with everything required of you. But a good payroll provider will be able to deliver services that are fully compliant with all aspects of payroll regulations, including workplace pension provision.
- A cost-effective and accurate service
For many companies, it’s less time consuming and more cost effective to outsource a payroll than to employ payroll specialists to run it in-house. Or payroll might be an activity that’s currently managed by members of your HR team. By enabling them to spend less time dealing with transactional activity like payroll, you free them up to have time for involvement in more strategic activities that add value. It’s not simply the up-front costs that need to be considered. You can expect a high degree of accuracy thanks to the quality of the software being used and the expertise of your payroll provider. That reduces the risk of errors and ultimately gives a better service to your employees.
- A robust and reliable way to run payroll
When you have payroll run in-house, there are all kinds of issues that can cause disruption. From sudden sickness absence to an IT failure, there is always a risk you could hit problems. By opting for a managed payroll service, you are taking some of that risk away. You have the peace of mind that your payroll will always be properly processed accurately and on time.
Managed payroll services enable you to focus on your core business and have the reassurance that your employees will always be paid correctly. Corporate Payroll Solutions offers a flexible approach to its cloud-based managed payroll services, ensuring you will always get the most suitable level of support for your company. Please get in touch with us to find out more.