Outsourcing your payroll is more cost effective than you think but we know it’s a big decision. Your payroll isn’t just about money, it’s about peoples’ mortgages, nursery fees and food bills so we want you to know we’ve got your back with over 30 years experience. Find your payroll outsourcing costs using this calculator. Simply add in the frequency of your payroll and the number of employees for a quick estimate of your payroll outsourcing cost.
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 administrators who run each payroll in parallel to ensure that we deliver an accurate, low cost payroll every time.
In the UK there are a number of statutory payments that need to be managed correctly by payroll to ensure that neither the business nor employees miss 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 delivering great service at a low cost per payslip.
A consistent, reliable and accurate payroll outsourcing service helps to reassure employees that the business they are working for cares about their welfare, but it also ensures that your 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.
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 payroll through a bureau.
Whilst payroll software promises to reduce the resources needed to manage your payroll it increases complexity and can cause some businesses to run into problems as they pay for expensive licences to automate inefficient or incorrect processes. Outsourcing your payroll completely removes the administrative 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?
Payroll Options provides accurate & on time
payroll outsourcing solutions to a wide variety
of companies. We work with companies to
ensure accurate delivery of payroll, based
around their specific requirements.
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