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Payroll Packages: The Benefits
It’s hard to get excited about payroll processing. For the average owner or director more concerned with the day to day running of their business it’s something to keep as far away from as possible. To everyone’s great relief there exist a multitude of companies offering a range of payroll packages to take this repetitive, pitfall strewn and headache inducing task off your hands for good.
All a potential buyer needs to do is make sure they’re choosing the right payroll package for their company.
Payroll Packages: The Options
Payroll packages fall into two main categories: managed payroll packages and hosted payroll packages. Which you’ll ultimately decide to go for will depend on exactly how much of your payroll operation you want to outsource and streamline, or, on the flip-side, how much control over the process you want to give up to an external company.
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Payroll Packages: Hosted Solutions
A hosted payroll package works with your existing payroll department, providing them with the tools and expertise they need to process payroll efficiently and accurately in compliance with employment law and regulations. A hosted payroll package will also process your payments, send out payslips and provide reporting for company tax returns.
With a hosted solution you’ll retain payroll staff in-house to whom your employees can address their queries and whom you can turn to for accountability and audits.
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Payroll Packages: Managed Solutions
A fully managed payroll package will offer total outsourcing of your payroll operation. In effect, the outside company will become your payroll department, collecting information, processing payments, providing reports and payslips and liaising with your employees over payroll issues.
A managed solution negates the need for in-house payroll staff which can greatly reduce payroll expenditure.
Comparing Payroll Package Providers
With so many companies offering different packages combinations of the above are available. Finding a payroll package that matches your needs exactly is therefore simply a matter of looking hard enough. Payroll packages are normally arranged on a yearly basis but rolling contracts are available from some providers to cover transitional periods or maternity leave.
Approved Payroll Services provides a free, no obligation method of comparing leading payroll package providers.
Start by submitting your outline requirements in our simple enquiry form to receive quotes from up to 4 leading payroll companies today.
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