Payroll Management

Payroll management is one of the key operational aspects of a business. It involves the administration of the financial records of employees' salaries, wages, bonuses, net pay, and deductions.

Payroll in any business is a priority. Staff must be paid on time every time and be paid correctly. It is the least employees should expect. Failure to comply can result in highly valued employees leaving to rival organisations who will pay on time.

An option many businesses choose is payroll outsourcing. Specialist payroll companies, such as PBS of Nottingham, UK assure conformity with all the necessary legislation. As a result of payroll outsourcing, business owners do not have to be aware of the frequent changes to legislation in relation to both UK payroll and international payroll. This ensures that the employer stays out of legal trouble, whilst also freeing up time to concentrate on other areas of the business.

Benefits of outsourcing:

o Avoid governmental taxation penalties - most payroll service providers offer assurance that customers will not incur penalties as the outsourcing company takes responsibility for any penalties accrued.
o Reduce costs - the direct costs of payroll management can be greatly reduced by outsourcing to a provider.
o Eliminate stress of payroll management - payroll is an unwelcome headache for employers, businesses that outsource payroll eliminate such problems.
o Offer direct deposit - employees prefer to receive payments via direct deposit services, such as BACS and Direct Debit, outsourcing payroll presents small businesses with the opportunity to provide a direct deposit service.
o Free up staff time - payroll is a time-consuming procedure; outsourcing allows staff to free up more time to engage in more important value-adding and revenue generating activities.
o Avoid technological problems - businesses that do not outsource payroll management must ensure that they have the most up to date version of their payroll software to make sure that they do not incur penalties for using incorrect tax tables. Outsourcing payroll management removes this requirement and keeps payroll running efficiently
o Leverage expertise - outsourcing service providers have up to date knowledge regarding changes to legislation, rates and governmental forms. Business can take advantage of this knowledge by outsourcing payroll management.
o Avoid isolating expertise - if the internal payroll controller of an organisation leaves for another job, they take with them their knowledge of payroll management and the processes involved. Outsourcing payroll management can eliminate this risk to a business.

Payroll outsourcing Nottingham based company PBS, provides payroll outsourcing for UK payroll and international payroll, BACS payments, Direct Debit services, HR Audit and a range of HR documents. Visit the PBS website for a range of online HR documents including Standard Contract of Employment, Absence Policy, Sickness Policy and Grievance Policy.