Payroll Bureau Services – Benefits
Choosing a payroll bureau services company to help manage your payroll may seem like a significant expense to take on, especially for a small company. But moving to a payroll bureau service offers several significant benefits quite apart from cost.
The Benefits of Payroll Bureau Services
Previously, we described the main features of theservice provided by Bond Payroll Services. Here we explain how these features result in measurable benefits for clients of all types, whether large or small.
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There are four main types of benefit of using a payroll bureau services company such as Bond: Cost Savings, Time Savings, Security and Compliance, and Visibility and Control.
If you are currently have an in-house payroll function, this will have costs associated with it.
Firstly, you will be paying for staff to spend time administering the payroll. For a large company this may mean several dedicated staff. For a small company it may mean taking technical or managerial staff away from their key functions.
Secondly, there will usually be software licensing costs, as well as support costs.
Thirdly, you will already be paying for payslip production and distribution.
Moving to a payroll bureau service can reduce these costs considerably, especially in the area of software licensing, to be replaced with a much simpler pricing structure. There is an initial set up cost involved in creating a payroll system that meets your company’s needs. This is an upfront cost which is quoted at the start of the process, enabling you to compare it with your current payroll costs. After that, there is a fixed per payslip charge. This enables you to precisely budget for monthly payroll costs, based on the number of employees you have.
With a bureau service, you remain responsible for data entry into the system every week or month, which will still require staff time.
It will depend largely on the current expenditure on payroll activities whether moving to a bureau service will deliver cost savings to a particular company. But there are other significant benefits to consider.
Visibility and Control
A payroll bureau service provides the highest possible level of visibility and control while still using an outsourced payroll option.
First of all, you retain complete control over the data entry function on a weekly or monthly basis.
Secondly, you also have control over what calculations are made and what appears on payslips, since this is specified at the system setup stage.
Thirdly, you have access to a dedicated Payroll Manager at all times to discuss problems and have them sorted out promptly. And of course, your dedicated manager can call on the expertise of a large team of qualified professionals within Bond Payroll Services, should the need arise.
In terms of visibility, our bureau service offers virtually complete visibility via direct access to the payroll system. There are a large number of standard reports available, as well as additional bespoke reports if required. In addition, you can run instant reports whenever you need them.
While the key task of collecting in-house data and entering it into a payroll system can be carried out by general administration staff, other aspects of running a payroll in-house often require people with more specialist knowledge – e.g. to understand pay and tax legislation and make sure that the payroll system is correctly implemented.
Using Bond Payroll Services' bureau service can help save the time of key technical or managerial staff. The presence of a dedicated payroll manager means that admin staff can turn to us if they need help, rather than depending on in-house resources to solve problems.
You also save time on activities such as installing and maintaining in-house payroll software systems.
Security and Compliance
Our payroll software is fully HMRC compliant and is kept constantly up to date to reflect changes in taxation and other relevant legislation. So you no longer have to keep payroll expertise in-house in order to ensure that your company is fully meeting its obligations. We also automatically produce end of year figures and submit them to HMRC on your behalf, minimising the chances of HMRC issues arising.
For many companies, this peace of mind regarding the legal side of running a payroll is a primary benefit.
Using a bureau service also enhances the security of your employee data.
Firstly, we produce security sealed payslips for all employees and pensioners. Secondly, all employee data is stored off-site in our own secure servers, instead of sitting on in-house computers which might more easily be accessed by unauthorised personnel.
To find out more about how acould help your business, please .
Keith Mitchell, Regional Manager, Shaftesbury Young People.