Moving from manual or in house payroll to outsourced managed payroll can be daunting and is usually a big decision for many companies. However, opting for managed payroll can help you easily streamline your payroll processes and better manage your business.
Managed payroll is when an external business manages another company's payroll functions and can be more cost-effective and less time-consuming than the alternatives.
While managed payroll means you’ll pass on some of your business practices it still means you have control of your payroll tasks. You can choose exactly what functions you want your payroll provider to control while still giving you full visibility over all processes.
This gives you peace of mind that payroll tasks are being completed correctly without needing to undertake them yourself.
It can be difficult for businesses to stay compliant with payroll and GDPR regulations. But with managed payroll your third party payroll provider will complete tasks efficiently, accurately and confidentially all while keeping up with the latest rules and regulations.
Utilising managed payroll can help you improve your accuracy when it comes to paying staff on time and correctly. Not doing so can lead to your business facing penalties, fines or even business closure. You could even find yourself facing unhappy staff if they aren’t paid right or on time.
However when opting for managed payroll you will keep your staff happy and avoid legal consequences due to your external payroll provider managing your tasks efficiently and accurately.
When you implement managed payroll, it can free up time for your in-house team to work on more business critical tasks. You can then allocate tasks like salary and tax calculations to your outsourced payroll provider.
Ultimately, when you have your payroll managed by an external company you’ll have
the peace of mind that everything is being completed correctly. As a business owner or manager it can be difficult to keep on top of new staff, those retiring and pay rises. This makes managed payroll a great way to keep on top of your payroll tasks.
If you use payroll, HR and time and attendance tracking software, it may be beneficial to integrate them. At Payescape we can integrate all three helping you keep everything in one centralised location. This can provide benefits like:
● Improved efficiency - Removing manual processes can improve efficiency as you’ll no longer need to fill in spreadsheets or lengthy documents.
● Enhanced data security - When you integrate your payroll with us we store your data in secure data centres in line with GDPR practices.
● Access to expertise - When you choose software with Payescape you gain access to CIPP certified professionals.
● Improved retention - Our time and attendance software helps you keep track of employee 1-2-1s and appraisals, improving retention through positively engaging with staff.
● Gain insights - Our software gives you detailed reports, helping you better manage your teams and improve business practices.
● Reduced admin - Eliminating manual tasks removes the need for heavy data management and keeping everything in one place will stop document duplication.
● Prevention of time fraud - When you remove manual processes like paper and spreadsheet entries you can prevent inaccurate time tracking and time theft.
There are a variety of reasons why a business may consider switching to managed payroll, such as:
● No longer being able to manage an in-house payroll team, due to continuous mistakes being made. This increases the need for a managed payroll provider as it’ll prevent receiving penalties and fines.
● Business growth makes it too complex to only manage payroll within an in-house team. Outsourced managed payroll becomes a necessity to ensure the latest rules and regulations are being followed.
● It’s too time consuming to train staff on the latest rules and regulations, making it more appealing to use an already trained outsourced payroll team.
So if you're looking to switch from manual to managed payroll, or you’re looking to change managed payroll providers, get in touch with Payescape today to see how we can help.
Payescape Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017 (register number 821826) for the provision of payment services.