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Payroll Outsourcing Benefits
Outsourcing your payroll operations to a 3rd party provider can help you cut costs, save time and removes the continuous headache of having to stay up to date with tax, national insurance and employment legislation.
Whether you’re a small business with a handful of employees or a multi-national corporation, payroll outsourcing solutions can free up key personnel to concentrate on the core aspects of the business. All the while you benefit from the peace of mind that comes with knowing your payroll is being handled by experts in employment, company and tax regulations.
Payroll outsourcing is available at several levels of coverage. These include:
Managed Payroll Outsourcing
The payroll outsourcing company will take over all your payroll functions as if they were an extension of your company – essentially becoming your payroll department. A managed payroll solution will provide:
- Processing of payments to employees, HMRC, unions and pensions
- Management of BACS payment runs
- Provision of payslips – paper or online
- Reporting tools
- Liaison with HMRC including end of year reports
- Dealing with employee enquiries
- Updating tax codes
- Ensuring a payroll operation that is fully compliant with tax and employment legislation
All you need to provide is the information, the payroll outsourcing company will do the rest.
Hosted Payroll Outsourcing
The payroll outsourcing company will act as an adjunct to your in-house payroll team, providing all the tools necessary for compliant and efficient payroll management. A hosted payroll solution will offer:
- Complaint software for calculating payments and deductions
- Processing of BACS payments
- Provision of payslips
- Reporting tools
- Support for your payroll staff
With hosted payroll outsourcing you keep access and responsibility in-house while outsourcing the routine and time consuming elements of the operation. You also avoid having to purchase and update costly payroll software.
Pay-as-you-go Payroll Outsourcing
Your company might be going through a transitional period or your payroll manager might require maternity cover – either way you need a temporary solution for your payroll processing for an indeterminate time. Pay-as-you-go payroll outsourcing provides a fully managed payroll solution on a rolling basis.
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