What will my payroll company do?

 23 Aug 2018

Every business has to instantly organise their payroll structure and you would not be alone in admitting that tackling payroll provides some serious challenges you would rather avoid. You might now be understanding why other companies prefer outsourcing their payroll to a professional payroll company to take the stress out of payroll. Not only will a payroll company offer the best in legal compliance but also a simple solution to streamline your payroll process and remove the requirement for an in-house payroll team. Furthermore, you may be falling into either or both reasons why businesses of any size have started outsourcing to a payroll company.

  • Too many employees that your payroll processes have become too complex and time-consuming

  • You have decided that your time is more productive being spent on more core company matters and would like to pass on the responsibility to a professional payroll company.

You may be wondering what does a payroll company in the UK actually perform? You’d be forgiven for expecting that it’s just writing checks or setting up employee salary payments via direct deposit. As you would expect, the core aim of all their process is to ensure your employees are paid on time and that all of your legal obligations are fulfilled.

  • Setting up and making adjustments to direct deposit accounts

If you have a quickly expanding company or operate with employees on flexible contracts then you will be constantly challenged with making continuous payroll adjustments which will be a laborious task. A dedicated payroll account manager will take over your responsibilities and ensure a flawless process which will make sure all your employees receive the correct wage every payday

  • Calculating payroll taxes and ensuring the correct deductions

As an employer, you would have been obliged to ensure the correct tax amounts are calculated and any individual cases of employee deductions are performed. Your payroll company should possess the experience to turn this detailed and time-consuming task into a standardised process within your payroll services. Not only will this relieve the responsibility from you but also ensure that all your tax obligations are met to prevent incurring any financial implications. 

  • Ensuring seamless integration of benefit plans

You may be offering several company perks to all your employees as an incentive or as a support function. A professional payroll company will be able to manage and integrate the benefits into your payroll system to ensure a clear organisation of your payroll service.

  • Provide employees and employers with electronic payroll records

Electronic copies of payslips (ePayslips) have become normality for most businesses and the application can be applied to businesses of all sizes. More businesses have extended the flexibility in their approach to employee working locations (From home or multiple offices) and electronic copies allow for direct communication to an employee wherever they are located. We have all become accustomed to gaining access to all our secure information instantly and at any time via digital devices. We’ve previously covered why you should use ePayslips.

Outsourcing your payroll process to a professional provider who has the experience and systems in place to offer a reduced chance of making serious payroll errors which have financial implications can be a large relief. Every professional payroll company in the UK has the responsibility to keep up to date with payroll compliance including the direct obligations assigned to your business.

Every business is unique and has different responsibilities to fulfil. These responsibilities might be draining your resources toward the core processes in driving your business forward and therefore outsourcing your payroll to a professional payroll company will be the perfect fit, especially when you consider the small monthly costs. Alternatively, you could be looking to switch your payroll company to a new provider that can meet the new obligations of your business. If so, your attention should be on what process do the payroll company provide and can this fulfil the future requirements of your business.