Payroll Solutions - Which One is Right For Your Business
Bond Payroll Services offer a full range of payroll solutions for SME's, corporate clients and charities including payroll bureau and managed payroll. Whatever your size or the complexity of your payroll requirements, we offer flexible, fully customisable payroll solutions to suit the needs of your organisation.
If you are new to payroll outsourcing, this guide introduces the two main payroll outsourcing solutions: managed payroll and payroll bureau. It explains the pros and cons of each and how the service works. For more information on our payroll solutions and for help in determining which option is right for your business, please contact us or a review of your payroll.
Managed payroll is a fully outsourced payroll solution, which saves a business time and money by managing their payroll function. Suitable for all types of company, large and small, our managed payroll service is particularly recommended for smaller businesses who do not have the resources, software or expertise to keep up with changing payroll legislation and manage their payroll in house.
The service works as follows:
Bond Payroll Services work with each new customer to understand how their business operates and draw up a service level agreement which details how the current payroll requirements will be met. This will include full information on how the service will be set up including deliverables and timescales.
Next a system will be built from these identified requirements and workforce data will be added. Initially this system will be run in parallel with an existing system (if one exists) to ensure it is all working correctly. Then once the customer is happy with the new system, it will go live.
Once set up, the day to day running of your company payroll is managed by our team of highly trained payroll in-putters and account managers. All UK based, each customer has their own nominated account manager who is in regular contact ensuring the smooth running of the processing.
Data is supplied by email, fax or in an emergency, the telephone. We then input and process all of the data to our payroll software – Payrite, which is HMRC accredited and kept continually up to date. Our service includes the printing and distribution of our security sealed payslips, the production of management reports, same day BACS credits and debits, the processing of any third party disbursements, the completion of all year end work and online filing to the Inland Revenue.
Managed Payroll – contact us for more information and to arrange a review of your payroll,
The Benefits of Managed Payroll
- No need to maintain software in-house which can be prohibitive for small companies who don't have a dedicated IT department.
- No need for payroll expertise – it can be far more cost effective to outsource payroll processing than to employ a specialist in house.
- No need to keep up to date with time consuming legislation changes – making mistakes with payroll can be extremely costly – both in time as well as in penalties and interest payments to HMRC. Our service delivers peace of mind that everything has been processed correctly.
- No requirement for training on software – no work is required by your organisation except for the supplying of data. What's more there is no need to change existing processes as our fully managed services can work with a multitude of different inputs.
- Customers using this service have access to teams of professionals who can answer any queries quickly and accurately.
Payroll bureau is ideal for companies who want to maintain control over data input and reporting yet do not want to run their payroll in house. When outsourcing to a company like Bond Payroll Services, Bond become the company's payroll department, providing an efficient, secure and reliable service dealing with all payroll and year end processing. They also manage the production and distribution of payslips.
Similar to the above, the difference between payroll bureau and a fully managed payroll service is that with the bureau service, all data is entered into the Bond payroll system directly by the company. Information is in-putted on the regular pay period basis and then processed by Bond's team of payroll professionals. It is finally checked by the company before being submitted by Bond.
Bureau is the ideal solution for companies who have some payroll expertise in house, but who do not want to invest and run their own payroll software. They are provided with Bond's HMRC accredited payroll software which utilises the latest payroll technology and have the expertise of an experienced team behind them who take care of all of the time consuming processing and fulfilment. Clients retain overall control over their payroll and can produce reports internally as and when required.
With Payroll bureau the client will need to maintain the software and the infrastructure it sits on. Also the company will need someone internally to keep up to date with payroll legislation and maintain their own payroll expertise.
Payroll Bureau – contact us for more information and to arrange a review of your payroll
The benefits of payroll bureau
- Perfect solution for companies who want to retain control of their payroll but want to outsource the time consuming payroll processing
- Flexible – the resources are there as your business grows
- No need to invest in costly payroll software
- Advice and support is there when you need it