Payroll services are very important regardless of the size of your business. It’s a complicated and time-consuming task that you would have to employ someone full-time to do and buy the necessary software for as well. Sadly, most people avoid using payroll services due to costs. If this is the only factor that has prevented you from availing of this highly valuable service, read on to find out the price ranges you can go for.
For most businesses, there will be a range of price packages and options to choose from, however it is important to make sure that whatever you choose is suitable. A lot of the time, it is not simply about choosing the lowest price, it is about choosing the payroll service that will work best for your company. The best way to find the right service, is to speak to as many suppliers and companies as possible - Approved Index can help with this.
Comparing payroll service prices & quotes with Approved Index is free, quick and easy, and it can save your business a great deal on the cost of your payroll.
Compare Payroll Service Prices & Quotes Today To Find The Right Company.
Price Ranges for Payroll Services
In the sections below we have tried to provide information about what is included in a range of payroll services - take a look at the features and costs to decide what kind of level will be most suitable to your requirements.
For an even quicker idea, the table below included a quick-comparison of the three sections below.
|Basic Payroll||£5/month per employee|
|Mid-Level Payroll||£8/month per employee|
|Advanced Payroll||£3/week per employee|
The table above includes some basic information about the different costs you might expect - for more detail, visit the sections below or else complete the form at the top of the page.
Basic Payroll Service Costs
If you’re looking for payroll providers for your small business, you’re probably going to focus on getting the highest quality for the lowest prices.
If you’re going to outsource your payroll processing, expect to pay from £5 per month per employee. For this price range, you can:
- ensure accuracy, especially with UK tax rules and limits in mind
- file RTI returns with the HMRC
- calculate PAYE and NIC deductions
- print payslips
These services are also available through web-based payroll service providers. If you choose these, you can avail of their services for the same low price but for up to five employees rather than just one.
Mid-Level Payroll Service Costs
If your business has between 10 and 250 employees, you can get your payroll processed starting from £8 per employee per month. Services within this price range offer the same services as low price range ones as well as the following:
- SSP, SMP, SPP, SAP and student loan reductions
- one-on-one advice on matters such as income tax and National Insurance matters
- helpdesk support
- management reports sent via e-mail or post
- P45s and P60s for employees(but an additional charge of as low as £3 per document may be added for tax year-end processing)
- mid-period calculations
Advanced Payroll Service Costs
For larger companies, payroll services start from £1.50 per employee a week but can go up to £3 per worker for the same time period. At these rates, you can expect a high end payroll service provider to offer the same as a mid-range one along with the following perks:
- personal consultants who will create a payroll model that is suitable for your organisation
- a range of complementary services like encrypted data transfer tools and support
Best-Value Payroll Service Prices
Payroll processing is a routine task which most businesses don’t pay much attention to. They are happy to let things stay as they are as long as the employees are paid on time and the paperwork is completed for filing purposes. It can, however make a lot of sense to outsource this everyday task. Even if your company is small, you don’t have to worry about spending an astronomical amount—simply look for a cheap payroll service that fulfills all your needs and requirements.
Don't use price as the sole factor when taking a decision. Low-priced services usually equate to substandard services. Price. however is not always a reflection of quality in the case of payroll services. So, make the best choice with the following points in mind.
What to Look for in your Payroll Provider
This section has been designed to help business owners and managers find the best value option - this does not always mean the cheapest price, but it does mean that you can find the service that's most suitable to your business needs.
For the best value payroll price and service, consider the following features:
- Wide Range of Services - Some payroll services cover a lot of the task generally associated with payroll processing. This includes filing the paperwork and disbursing the money to your employees. At the outset, you should ask the service about the range of services it has to offer. This way, you will be clear about what you should expect from it. The best payroll service for your business would be the one that takes care of the entire process without your interference.
- Spotless Reputation and Credibility - The company should have a spotless reputation and have a decent track record. Moreover, you need to check its credibility as well. A great way to do so is by inspecting its past statistics. Most payroll services are happy to supply the stats on demand. They will show whether they have made any mistakes in the past that led their clients to incur a penalty or fine. Focus on asking the right questions to decide whether you can rely on the service or not.
- Secure Processing Methods - Enquire about the processing methods used by the payroll service to get the job done. There are numerous methods for payroll processing, some of which aren’t up to the mark in terms of security. You have to be wary of the fact that important data related to your company payroll could be lost or be accessed by unauthorised personnel if the processing method is not secure enough.
- Quality Customer Support - Does the payroll service offer round-the-clock customer support? In case you have any issues related to the payroll, you should be able to simply pick up the phone and call the provider expecting an immediate reply. Sometimes, an employee may voice concern regarding their tax calculations or erroneous deductions. In such a situation, you have to deal with the matter right away and for that, you need to be able to get in touch with the payroll service on short notice. Otherwise, the issues would keep lingering.
- No Hidden Charges - Ask about the billing method used by the payroll service. If you have signed up for a monthly plan, you should know the exact amount the service provider will charge you. Also, make it clear from the start that you will pay only for the services you use. In addition, find out the delivery system of the payroll service and whether its provider will be covering the cost of postage and delivery or not. These additional expenses can inflate your bill, which more or less defeats the purpose of finding a cheap payroll service.
These are some of the factors you should keep in mind when finding a value, quality payroll service for your business. Only then can you be certain that you have gotten the best possible service on board at a price you can easily afford.
How to Choose the Best Price
You need to make sure to choose the service that best suits your company’s needs. If you’re a small business and have less than five employees, you may be better off with companies that do the payroll on a monthly basis. Weekly calculations are more costly since they mean four times the work for payroll service providers.
On the other hand, per employee calculations are perfect for medium to large businesses since they prevent the company from haemorrhaging large amounts of money, especially when it comes to weekly and fortnightly calculations. However, this isn’t a hard and fast rule. You can trust your gut if that has helped you make successful decisions so far.
Compare Payroll Service Prices
As you can see, payroll services aren’t as expensive as you might have initially thought. Even if you think they are, you should remember that handling this process professionally ensures that it receives the care it deserves. Payroll might be a mundane chore, but it’s an essential one for your business, so don’t skimp when hiring payroll services for your business.
The best way to find the best payroll prices for your business is to speak to suppliers and compare as many quotes as possible - Approved Index can help here.
Comparing quotes with Approved Index is free, quick and easy, and it can save you a considerable sum on your payroll service costs.
Compare Payroll Service Prices & Quotes Today To Find The Right Company.