Payroll Bureau Provider Services – Key Features
Payroll bureau provider services are becoming increasingly popular amongst businesses that want to outsource part of their payroll function but still retain an element of control. But what is the difference between a payroll bureau service and a fully managed payroll service? And what are its key features?
Payroll Bureau vs Fully Managed Payroll
The main difference between a payroll bureau service and a fully managed payroll service is the degree to which the different elements of the payroll function are outsourced to a provider or remain the responsibility of the client.
A fully managed payroll service outsources all aspects of the payroll function – the client simply sends weekly/monthly pay data through to the provider. A payroll bureau service, by contrast, leaves data entry in the hands of the client.
To achieve this, the client is provided with direct access to the payroll software at their premises. As well as allowing direct data entry, it also enables the client to generate instant reports from the system as required.
A payroll bureau solution will therefore generally be a less expensive option compared to a fully managed service. However, savings in the cost of the service will be offset by the cost of employing staff to carry out data entry. So the choice will often depend more on the preferences of the business rather than on costs.
Bond Payroll Bureau Provider Services
Bond Payroll Services offer organisations a bureau service which combines the latest payroll technology with a high level of expertise. Here is an overview of its key features:
- Comprehensive set up of base data – We perform a requirements capture process to ensure we understand the needs of your business and set up the bureau software with your employees’ data.
- Parallel running of payroll prior to set up – We test the system against your existing payroll until we are sure that it is running correctly, before switching over to the new system.
- Figures balanced to ensure correct takeover of data – We check figures between old and new systems.
- Full training and support – We provide you with full training by a payroll consultant. This is followed up by ongoing access to a dedicated payroll manager.
- Feature rich Payrite software used – This is kept constantly up to date with legislation and is fully HMRC compliant.
- Access to front end version – This is where you enter payroll data into the system. It is also where you can run instant reports.
- Calculations – The system calculates tax, NI, PAYE, GAYE, Pensions, SMP, OMP, SAP, SSP, SPP and OSP.
- Production of security sealed payslips – We produce these based on the payroll data entered, and they are sent to the company or individual personnel as required.
- Payments – We process all BACS payments into personnel bank accounts. This includes pension payments and third party disbursements.
- Extensive reports – As well as a suite of standard management reports, we can create bespoke accounting reports if needed.
- GL interface for clients into their accounting software – 90 finance packages interfaced with.
- Production of P45’s, P46’s, P35’s, P11’s, P11d’s, P14, P60’s for personnel and HMRC
- End of year filing – End of year figure work all taken care of and submitted to the revenue.
What Does a Payroll Bureau Service Cost?
The cost consists of two elements: Set up costs and ongoing costs.
Set up costs: The cost of the initial set up will vary depending on the complexity of the system being created and your requirements.
Ongoing costs: Thereafter you pay a per payslip cost, with no additional charges.
To read more about how all these features translate into benefits for your company, please read our accompanying guide: Payroll Bureau Services –The Benefits
About Bond Payroll Services
At Bond Payroll Services we provide a range of reliable and secure payroll services to SMEs and large organisations. We offer payroll bureau and fully managed payroll services using the latest HMRC compliant technology. Our clients are supported by a large team of qualified Payroll Managers, most of whom hold IPP Diplomas. We are also fully HMRC accredited and BACS registered.
To find out more about how a payroll bureau service could help your business, please contact us.