A payroll bureau provides outsourced payroll services to businesses. These bureaus offer a wide range of services to help businesses manage their payroll responsibilities, from processing employee wages to providing expert advice and support on complex payroll issues. By outsourcing their payroll function to a payroll bureau, businesses can benefit in several ways.
What a Payroll Bureau does?
Payroll bureaus offer a range of services to help businesses manage their payroll responsibilities. Some of the key services that they provide include:
- Payroll processing: Gathering all necessary employee data to calculate salary and wages. This includes personal, employment and contractual data impacting an individual’s gross pay. A payroll bureau uses that data to calculate an employee’s take-home pay, taking into account deductions such as tax, National Insurance contributions, pension payments, allowances, benefits etc.
- Manage statutory payments: Accounting for employee absences such as the calculations of Statutory Maternity, Paternity and Adoption Pay, Statutory Bereavement Pay or Statutory Sick Pay. The payroll bureau will ensure that employees are paid accurately and on time and that the business remains compliant with relevant legislation.
- Compliance: Keeping up to date with all HR requirements and payroll legislation to ensure businesses remain compliant with legislation, regardless of the complexity of change being introduced. The bureau will also take responsibility for submitting key information to HMRC each month and pension information to providers.
- Reporting and analytics: Providing businesses with detailed reporting and analytics on their payroll data, helping them to make informed decisions about their workforce and finances based on a wide range of management information.
- Employee support: Providing employers and employees with expertise, advice and guidance on payroll-related issues or queries.
- Expertise: Investing in the quality of their teams, a bureau ensures that their payroll professionals are constantly up to date with knowledge and are effectively trained and qualified to deliver the high levels of service expected of them and you.
What are the Benefits of a Payroll Bureau?
- Time and resource savings: Small to medium-sized businesses may not have the necessary headcount or expertise in-house to effectively manage payroll efficiently. By outsourcing this function, businesses can free up employees’ time and focus on other key areas of the business. This allows them to maximise the efficiency of their personnel and allocate resources more effectively.
- Cost savings for businesses: Businesses can eliminate the need to employ payroll professionals within their company. The bureau takes care of all the payroll-related tasks, reducing the payroll costs for the business. This is particularly beneficial for smaller businesses that may not have the budget to hire a dedicated payroll professional.
- Invest in the quality of their teams: Ensuring that their payroll professionals are constantly updated with the latest knowledge and training. This expertise is invaluable, especially for businesses without a dedicated payroll professional. The payroll bureau’s professionals are well-versed in payroll management and can provide businesses with expert advice and guidance on payroll-related issues and queries.
- Scalability: Offering services that can be tailored to the needs of businesses of all sizes. As a business grows, the payroll bureau can easily scale up its services to accommodate the increasing payroll requirements. This eliminates the need for businesses to invest in resourcing and training their own payroll teams.
- Compliance with payroll legislation and regulations: Staying up to date with HR requirements and payroll legislation, adapting business processes to remain compliant with any changes. This helps businesses avoid penalties and fines that can result from non-compliance. Payroll bureaus use specialist software and technology (usually cloud-based) to manage payroll data and ensure that employees are paid accurately and on time. They also have the responsibility of submitting specific employee data to HMRC and pension providers. Payroll bureaus are responsible for submitting employee data to government bodies such as HMRC and pension providers, ensuring that all necessary information is accurately reported.
- Reporting and analytics on their payroll data: Enabling businesses to make informed decisions about their workforce and finances. For example, a bureau can generate data for gender pay gap reporting, which is a legal requirement for certain employers in the UK. These reporting capabilities provide businesses with valuable insights into their payroll and help them meet their obligations.
In summary, using a payroll bureau offers several key benefits for businesses; saving time and money, providing expertise and guidance, ensuring compliance with legislation, and offering scalability. By outsourcing a payroll function to a payroll bureau, such as Everett King, businesses can streamline their payroll processes, reduce costs, and focus on their core operations.
How can Everett King help?
There are over 170 pieces of legislation relating to payroll in the UK. For an SME, it’s almost a full-time job to keep up with legislative changes and if businesses fail to keep up with them, they’ll run the risk of fines and penalties. Not only is there the financial implication of failing to keep up with legislation, but there’s damage to a company’s reputation to take into consideration too.
Outsourcing payroll to a payroll bureau can save both time and money. It can give business owners the opportunity to concentrate on running their business and plan for strategic growth.
Everett King offers a payroll bureau service to their clients, run by professionals who have extensive experience in supporting SMEs in managing payroll and pensions. It becomes our responsibility to keep systems up to date and automate complex payroll calculations. We can also help/support setting up an auto-enrolment pension, calculating the payments and, if required, uploading pension information on your behalf to the auto-enrolment pension scheme.
Contact us today to find out how we can provide peace of mind that your payroll is in the hands of experts and ensure compliance with legislation, supporting and protecting your business in the long run.