Managed Payroll Services - The Benefits
Managed payroll services offer companies the freedom to concentrate on running and growing their business, safe in the knowledge that their staff are being paid accurately and on time. But there are many other benefits to managed payroll services, such as ensuring compliance with ever-changing legislation and HMRC rules.
Managed Payroll Services
We previously listed the main features of our managed payroll services. Here we show how those features translate into tangible benefits for your organisation.
The benefits of outsourcing your payroll to Bond Payroll Services fall into four main areas: Cost Savings, Time Savings, Security and Compliance, and Visibility and Control.
If you are currently managing your payroll in-house, this will involve a number of costs.
The main of these will be staff time – either employing dedicated staff to manage the payroll, or non-dedicated staff spending time on payroll each month, taking them away from other functions.
In addition, there will be costs associated with buying or licensing payroll software, which can often run into thousands of pounds, as well as support costs. And there may also be costs arising from payslip printing and distribution.
When you choose our managed payroll services, these costs go away, to be replaced with a much simpler charging structure. There is an initial set up fee which covers the time spent capturing your requirements and creating a payroll system that meets your company’s needs. This is an upfront charge which is quoted at the start of the process, enabling you to compare it with what you currently spend on payroll. After that, you pay a fixed per payslip charge. This enables you to know your monthly payroll costs very precisely, based on the number of employees you have.
This pricing structure can be especially beneficial to companies who expect to grow significantly over the next few years. An in-house payroll function would need to expand to accommodate the increased numbers of personnel. But on a managed service, once the system is set up, new employees can simply be added to it, incurring only additional per payslip charges.
For many companies, especially those who currently employ full time staff to administer their payroll, the cost savings alone can be enough to justify the move to managed payroll services. Other companies may find that it is the other benefits which make the move attractive.
Managed Payroll Services – Contact us now for a free review of your payroll.
Managing your payroll can and should be a background task for your company. It should not be distracting your key people from focusing on running and growing the business. If you currently have technical or managerial staff spending time administering the payroll, your business would benefit from freeing them up to focus on core business activities instead.
With Bond Payroll Services, once the system is up and running, the only time required is in collecting and transmitting employee data to us for processing. (This is data which would need to be collected for in-house processing in any case). We then do all the data entry, validation, processing and payslip production.
Security and Compliance
We produce security sealed payslips for all employees and pensioners. This means employee confidentiality is protected.
Our payroll software is fully HMRC compliant and is kept continually up to date to reflect changes in taxation and other relevant legislation – so you no longer have to keep up to date with these changes yourself or hope that you have updated your in-house software correctly. We also automatically submit end of year figures to HMRC on your behalf, meaning one less thing for you to worry about at year end.
Full Visibility and Control
Some companies persist with an in-house payroll system because they feel it gives them control and visibility over a vital process, and may worry that this will be reduced if they move to a managed service.
At Bond Payroll Services we completely understand this concern and have designed our service to provide whatever level of control and visibility the client needs.
At the system level we provide a large range of reporting options to provide you with regular snapshots of payroll activity. As well as standard reports, we can also provide additional bespoke reports at whatever frequency is required. And, depending on which type of service you choose, you can have access to instant reports whenever you need them.
You also have constant access to a dedicated payroll manager who knows you and your company and is available to discuss issues with you whenever you require.
In short, at Bond Payroll Services, we believe that we have designed our system and our service to virtually guarantee a net gain in terms of functionality and savings for clients of all types and sizes.