What are managed payroll services?

5 Benefits of a fully managed payroll

 17 Dec 2018


Most business owners know how daunting and complex payroll can be regardless of the company size. This is why most businesses are looking for ways to streamline their administrative processes. Now, that leads to another crucial decision, whether to keep everything administrative in-house or to delegate administrative functions to an external payroll provider. However, what does a fully managed payroll provide to a company?


Improved Accuracy


Handling payroll requires extremely high accuracy as any financial reporting errors or misfiling can incur a fine or issues with HMRC. Unfortunately, when a small business owner deals with tax rates, deductions, benefits, deadlines, as well as all the other duties involved with running a small business, the desired accuracy may not be achieved.


Outsourcing payroll services can confirm high accuracy so you remove the burden knowing that your employees receive their wages correctly as well as any required tax process. This will also enhance the way in which your employees related to being paid and the knowledge that their tax obligations are up to date.


Keeps you in control of things


Some business owners are reluctant to have managed payroll services because they feel they’d be losing control over things. In reality, when you outsource your payroll needs to a third party, you can specifically choose the sections in which you require the most help, in fact, some external source companies have pay-as-you-go methods so you can stay in control of everything you want to.


Risk Management


Taxes are complex and require in-depth knowledge. Having the right professional guidance can help your company with this matters while assuring that all risks entailed are reduced. You can rely on efficiency and accuracy when it comes to tax law and it will also give you the confidence of knowing that your data is secured.


Costs


All companies are looking to reduce or control costs to make the operation as efficient as possible. Being able to choose what payroll services you need gives you control to measure exactly how much you’ll be spending on a third party service provider. Plus, with outsourcing solutions, you reduce costs as you won’t pay for any specialised software or equipment and you’ll be saving on those HMRC fees that are costly. Some providers even offer charges per an employee so regardless of your company size, you’ll have a consistent pay banding.


Save time


If you have delegated payroll duties onto your administrative staff they may be overwhelmed with the workload and may end up fulfilling neither of their expected duties to its fullest. By outsourcing your payroll needs everyone can concentrate on their assigned tasks thus enhancing productivity.


If you’re still not sure on how to proceed or which aspects of your company’s payroll that you wish to outsource, then you need to talk with a professional that truly understands your business and industry need so you can work together as one. Try our team of experts so you can see what it truly means to outsource payroll in the best way possible.