Modern Business Way: Outsourcing Your Payroll
Companies in Ireland look to save time and money and effectively manage their flow of operations that ensure them proper business continuity. One of the key practices undertaken by modern businesses is outsourcing their payroll to expert accountancy firms.
Payroll outsourcing is commonly described as the practice of contracting third-party accountancy firms to handle all functions linked to a company’s payroll. So what exactly are the main payroll services? Payroll services are comprised of several tasks that range from the calculation of salaries and wages, withholding of taxes, the distribution of withheld funds to the appropriate government agencies, as well as direct deposit of net pay into the bank accounts of the employees. This all translates as a major benefit for companies who decide to outsource their payroll: the advantage of managing the payroll process without having to run a massive payroll department.
Choosing to go with a payroll outsourcing option can bring several benefits to companies who do not have the resources to undertake this internally. The most important benefit is the possibility of saving time and money on the handling of payroll financial tasks. Several companies state it is considerably less expensive to use a payroll service than doing the work internally or hiring a bookkeeper especially for this. Once a company decides to use a payroll service, it is common that the only work that has to be done internally is to appoint one or two individuals to supply basic data to the payroll service who will then handle the rest of the elements. What does this mean? Spending less time calculating wages, taxes and handling various financial issues.
Another important benefit of outsourcing your payroll is that your information is correctly processed by eliminating old tax tables and in exchange integrating software that automates the processing of data and tax calculation. As an employer, this means no more stress having to keep up with changes in the regulations that affect the tax calculations. The company you outsource your payroll to will take care of constantly being up-to-date and complying with recent laws. On the long term, this may save a company a lot of money.
Yet another advantage of contracting a company to run the payroll on your behalf is that employees get paid on time and hassle-free. They can also choose which format they prefer (checks or direct deposit), however it is more common that employees get paid by direct deposit in our modern way of running an operation.
The ease of access provided by modern payroll-processing software is also a great benefit since everything related to timesheets, changing personal details, payslips etc. is recorded within the software and processed by the outsourced team.
In summary, outsourcing your payroll can bring great benefits that will ultimately translate into your business saving time and money. Things are simplified in this modern and convenient business way of processing your payroll.
Our experienced payroll team provides a comprehensive and efficient service to an extensive range of clients varying in size from sole trader to multinationals. We provide a flexible payroll service to suit each client. Do you have a question regarding our payroll services? Get in touch with us today!