Outsourcing Your Payroll Can Save You A Lot Of Administrative Pain
Payroll can be a real issue for many small and medium sized businesses because in many cases they donât have enough employees to make it worth their while to have a full-time payroll manager, and yet their payroll is nonetheless complicated.
This is particularly the case if they have employees who work varying hours, others who may work overtime one week and not the next, and perhaps employ salesmen on commission. All of this means that one weekâs payroll is never the same as the last week, so they are having to constantly calculate hours, commissions, taxes, and so on. Add to that the fact that two employees on exactly the same wage could be paid differently because one gets benefits and the other doesnât, and payroll, not to put too fine a point it, becomes nothing short of a pain in the butt.
There is also the problem of the laws around taxes changing. In a recent survey, one quarter of payroll users stated that they were concerned about keeping up to date on the tax laws and regulations.
Then, of course, there is also the issue of making a genuine error and yet being fined for it by HMRC.
What often happens in a small or medium sized business is that an employee is put in charge of payroll for however long it takes â say two days a week, half a day, or whatever. Since that employee is not an expert on payroll, and probably never joined the company on that basis in the first place, the odds on errors creeping in are very much increased.
This is the reason that more and more businesses are choosing to outsource their payroll, and you may also wish to outsource your employeesâ payroll to professional providers such as ourselves at PayCheck. Payroll is what we do, and we have been doing it since 1996 so we have become pretty good at it. We can handle part or all of your payroll for you including raising payslips and paying your employees, whether you pay weekly, fortnightly, or monthly.
A BACS Approved Bureau
We are a BACS approved payroll bureau which means that we are allowed to send BACS payments on behalf of our clients. We send a file that you have approved through the BACS system, and this triggers payments directly from the company bank account to the recipient, whether that is your employees, HMRC, or a third party such as providers of Childcare Vouchers.
If your business is not big enough to qualify for BACS payments, we also have a secure client account which will enable you to send us a single payment of funds which saves you writing out a lot of cheques, and then we can BACS the individual payments out to your employees, HMRC, or anyone else.
When you outsource your employeesâ payroll to us, rest assured that we have the highest possible level of data protection at PayCheck and we review our policies on an ongoing basis so that we are fully compliant with the EU General Data Protection Regulation (GDPR). We also run in-house training courses that we have specially devised so that our staff here are always aware of the GDPR legislation and the effect that it has on the way that we work. Furthermore, if you have any questions about our data protection obligations, please ask your payroll administrator here. Every client has a dedicated payroll administrator who will look after their payroll and who is their first point of contact.
In addition to your payroll, we can also provide you with pension auto enrolment services. Auto enrolment is another area where things can become very complicated, but we take away the stress so that you will know that you are fully compliant.