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Online Payroll: What is it?
Online payroll is a catch all term for several different outsourced payroll services. Online payroll could refer to a hosted solution which processes your payments and delivers payslips to employees where you interact with the service through online software, or to a service that just provides the software for making calculations, printing payslips and reporting.
Both of these solutions offer time and cost saving advantages to the SME sector but vary in the amount of involvement and control they offer to the user.
Online Payroll: Hosted Solution
A hosted online payroll solution takes a significant burden off the hands of your payroll staff. Your staff inputs all the necessary data into software provided which perform the necessary calculations and sends this data via the internet. The payroll company will then:
- Process payments to your employees
- Send payslips or e-payslips to your employees
- Tell you exactly how much you need to pay to HMRC, pensions and unions
- Provide detailed monthly, quarterly and end of year reporting
- Provide telephone or online support
A hosted payroll solution therefore eradicates a lot of the routine and time consuming elements of the payroll process.
Online Payroll: Software
An online payroll solution that offers software only is a good method for small businesses to avoid paying out large lump sums for in-house software. A good online payroll package will be accredited by HMRC and allow your payroll staff to input all the relevant data into standard fields so that the appropriate calculations can be made. The software will also include templates for printing payslips for each employee and for generating forms to file end of year reports with HM Revenue and Customs. It should make it easy to update tax codes and will automatically update when changes are made to laws and regulations.
Beyond Online Payroll: An Outsourced Solution
If you’re looking to seriously cut costs and boost efficiency you might decide to eschew online payroll services altogether and go for a fully outsourced solution. Here a payroll company will take over your entire payroll operation – calculating and processing payments to employees, HMRC, unions and pension schemes, answering employee enquiries and filing your end of year reports.
Online Payroll Quotes
Careful consideration of which kind of payroll service is most suitable to your company is critical. Luckily there are so many providers and so many different packages that finding a payroll service tailored to your precise needs is entirely possible.
Approved Online Payroll provides a free, no obligation method of comparing leading payroll services companies.
Just fill in our simple enquiry form to receive free, no obligation quotes from up to 4 Online Payroll companies based in the UK.
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