Payroll Outsourcing – Comparison Shopping to Get the Best Deal

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UK Payroll companies

More and more small and medium sized businesses are opting to outsource their payroll functions in the UK. This is a highly efficient and cost-effective manner to guarantee all employees receive their pay on time and in full compliance with UK regulations and HMRC requirements.

An outsourced payroll company can provide BACS deposits to employees, overtime calculations, direct debit management, PAYE and NI contributions, as well as the production and delivery of payslips to employees.

Payroll outsourcing benefits

Reputable and established payroll service providers make use of up to date technology such as data encryption as well as data backup facilities and multiple data centre sites to protect and maintain the integrity of essential and sensitive payroll related data. In fact, your business data and especially that pertaining to your employee payroll information is more secure when handled by such payroll service specialists than within your own company.

Small enterprises, in particular, can reap major benefits when payroll functions are outsourced. It removes the need to employ staff to administer and manage payroll and allows any staff that do deal with such tasks to be redirected and focused on more important revenue-generating or business development activities.

So how do you choose a payroll service provider?

It’s easier than you think. Like for most products and services available nowadays, comparison shopping applies equally well to shopping for an outsourced payroll provider. A quick search on the internet provides several appealing options, where you can simply enter some determining factors regarding the size of your business, the number of employees, current method of handling payroll function, and geographical location, and then generate comparison results of service providers which are deemed appropriate and suitable for handling your payroll needs.

The next step is to research and interview those providers which appeal to you, just as you would any other service provider or employee. Treat it as a search for a business partner and you won’t go wrong. You’ll want to know exactly what they can offer in terms of services, and what additional expertise or benefits they can bring to the deal which might be of interest to you.

Due diligence

Before entering into any agreement, you should ensure that any provider you consider is fully BACS and HMRC compliant and approved, that they have worked with similar businesses to yours previously, and that they have a stellar track record. Follow up on testimonials and get in contact with current clients they provide payroll services for in order to get further insight into how they operate and do business.

Outsourcing your payroll to a payroll specialist will be a turning point in your business development and growth, allowing you and your staff to fully focus on driving your business forward to be more successful and prosperous in the future.