Good payroll systems influence your business in a number of ways, here are just a few of the effects it can have on your organisation.
Employee morale
The first and most obvious aspect to payroll is to properly, accurately and reliable compensate employees for their time. Payrolls are usually managed weekly or monthly and the impact of a late or incorrect salary payment can be detrimental to the morale of the individual or team. Many employees rely on their salary to pay bills, mortgage or rent payments so a missed payment can have severe consequences which is why Payroll Options provides every client with 2 payroll administrator who run each payroll in parallel to ensure that we deliver an accurate and on time payroll, every time.
Regulatory compliance
In the UK there are a number of statutory payments that need to be managed correctly to ensure that neither the business nor employee misses out. These include Tax, National Insurance, Statutory Sick Pay, Statutory Maternity Pay, Statutory Paternity Pay, Statutory Adoption Pay & student loans. It’s important that these are administered correctly to avoid potential losses. At Payroll Options we are BACS approved and have multiple data validation steps and audits to ensure RTI compliance with HMRC.
Reputation Impact
A consistent, reliable and accurate payroll service helps to reassure employees that the business they are working for cares about their welfare, but it also ensures that their legal obligations are met. The efficiency of meeting tax regulations helps establish an employer’s reputation which will ultimately help to attract the best talent or, at the very least, a bad reputation will certainly put off the best talent.
Save time and resources
Managing a payroll, especially as your business grows, can be a very complex and time-consuming process. With each employee the volume of funds grows and the margin for error increases. As such most organisations have done away with their spreadsheets (does anyone remember Lotus Notes?) and chosen one of two solutions: Self-managed using payroll software or outsourced through a payroll bureau. Whilst payroll software promises to reduce the resources needed to manage your payroll it increases complexity and can cause some business to run into problems as they automate inefficient or incorrect processes whilst outsourcing your payroll completely removes the administration burden from your business allowing you to free up time and resources. If you’re managing your own payroll then imagine how you could redeploy that time more efficiently by simply outsourcing this function?
If you’re thinking of outsourcing your payroll then Payroll Option offer a no set up fees and we’ll manage, advise and administer the payroll for your organisation. Call us now on 01908 630 777.
