Why using a dedicated payroll bureau is so important in a post COVID world?
In a world of uncertainty and anticipation, many companies are not committing to the level of technology investment to creating a more efficient payroll process as they are doing towards other sectors such as customer service.
Why is this a downfall?
By not committing to payroll, the day to day challenges increase. From struggling to process accurate payroll, to keeping compliant with legislation, to managing the often-hidden costs, the likelihood of accidents and mistakes grow. The current climate has only exacerbated these challenges for organisations. According to Zellis, 30% of companies have lost capacity in their payroll function during COVID. They claimed these were caused by extra work required by processing payments in accordance with complex emergency measures, issues with accessing payroll technology at home, and losing staff to illness or absence.
Even prior to COVID, many businesses payroll departments struggled to successfully produce quality work due to lacking the knowledge of payroll technology upgrades. With small, in-house payroll teams’ companies can suffer hugely if an incident causes a stoppage of service, or if a key employee leaves or becomes ill. By developing the correct outsourced model, Intelligent Payroll can help businesses overcome these challenges. Our payroll services consolidate everything into one, single, manageable cost which handles all compliance and technology requirements that keeps your operation running smoothly.
By partnering with the Intelligent Payroll team, our clients see;
A reduction in cost. This is the clearest benefit to outsourcing your payroll, especially under current circumstances as pockets tighten. You remove the need for having more salaries to pay with an in-house team along with not needing the required office space to hold the extra team members. The cost of running a payroll is much greater than employee salaries and payroll software- there are many additional costs to consider such as training, rent, utilities, print costs and system maintenance.
By outsourcing you are also removing the hidden costs of payroll related errors. The hidden errors can be from incorrect manual calculations, likely to occur when dealing with the furlough scheme, to failing to submit data to HMRC within specific time frames.
Stronger compliance and risk management
By outsourcing, you will get both the hardware and software provided for and hosted within a secure data centre. You will also have access to knowledgeable experts who hold the information of how to successfully manage your payroll along with being able to manage any sudden changes that may occur due to COVID legislations. Intelligent Payroll can deal with the processes from beginning to final sign-off, including managing all payroll inputs and calculations, liaising with third parties such as HMRC and pension providers on your behalf, and preparing and submitting BACS/SEPA payments on time and to a quality standard. This reduces the risks and lowers the responsibility your team will have to deal with, something nobody needs extra off at the current moment.
Outsourcing payroll can be a great solution for organisations who have been or are being impacted by Coronavirus. It can create a peace of mind for not only employers but employees by removing that stress of deadlines and pressure of making no mistakes.
Making sure the integral process of payroll is completely taken care of may just alleviate some of the fear surrounding businesses and COVID.
To learn more about our payroll services and how the Intelligent Payroll team can help reduce the pressure your company may be facing, please either call us on 01254 781969 or email is at firstname.lastname@example.org