Fully Managed Payroll Services Keep You Safe From Unseen Costs
A fully managed payroll service is about more than just convenience – it can have substantial financial benefits, especially if you are at risk of making mistakes when calculating your payroll yourself.
In a medium-sized or growing business, it’s easy for payroll to get out of hand, and can quickly become a herculean task to keep accurate records of everybody’s hours, holidays and how much they’re owed.
With our fully managed payroll service, we can take the strain out of that record-keeping, as well as ensuring your payroll is fully joined-up – so there’s no risk of errors being made as data is sent from one department to another, or if the person authorising the final payments to employees is not the person with initial payroll duties.
Get it right
There’s plenty of reason to get employee payroll right first time, and many of those reasons translate into direct cost savings for your business.
By putting emphasis on getting your payroll calculations and payouts right, you prevent costly recalculations later and the difficulty of telling valued members of staff that you didn’t pay them the right amount.
In the worst cases, you risk either losing out on extra cash paid to your employees in error – which you might decide to let them keep as a gesture of good will – or losing the employees if you force them to pay back the excess amount and they feel aggrieved enough to look for work elsewhere.
Don’t get wronged
It’s not just your own accidental errors that you need to account for; unfortunately, there is also the risk of deliberate fraud by employees.
That could involve a doctored or inflated time sheet, employee advances that are never paid back, unauthorised working hours, or even employees signing in for someone who has taken the day off.
Small infringements are easy to miss, but a fully managed payroll service is careful to watch out for these common infringements and flag them up for further investigation – allowing you to recover fraudulent payments or prevent them from going out of your business account in the first place.
Obey the law
Finally, like any area of business finances, there are legal and regulatory issues relating to calculating your payroll correctly, such as your contributions to employer taxes, workplace pension schemes, and any tax-deductible expenses paid.
With a fully managed payroll service, all of this can also be taken into account, so that when it comes to paying your taxes or filing financial results, you can feel much more confident that the figures you report are complete and accurate every time.