10th May 2018
Payroll: Another of those business functions which seem simple at the outset but which can tangle the unwary in a wealth of legislative complexity. For larger organisations that may not be a problem, particularly if they are able to maintain their own specialist payroll department. But even the largest of businesses are finding that outsourcing their payroll function to specialists can be cost effective. And when it comes to smaller organisations, that outsourcing benefit can be significant.
The trouble is that nowadays payroll isn’t simply a matter of salary less Tax and National Insurance. Take into account a range of factors including student loan repayments, pension deductions and maternity leave adjustments; and all of a sudden that ‘simple’ payslip can become all too complex. For example, it can be all too easy to miss the implications of a pay rise on entitlement to statutory maternity pay, or to incorrectly interpret the rules relating to pension auto-enrolment.
Because of this complexity, payroll isn’t a simple mathematical exercise and those charged with delivering the payroll function need to have a wealth of legislative knowledge at their fingertips. It therefore follows that outsourcing payroll, shouldn’t simply be a matter of choosing the first organisation you come to which offers some kind of payroll program. Effective outsourcing delivers a knowledge partnership which benefits organisations and their employees.
So what should a business expect from outsourced payroll provider? Areas such as data security and compliance with the new General Data Protection Regulations which come into force on 25 May should be a given. So too should the use of up to date software which takes account of legislative changes. But what can make all the difference and turn payroll headaches into a chance to build employee confidence are additional features such as a strong knowledge base which can be deployed to provide help in areas such as employment or pension law.
With more and more businesses increasingly finding it a struggle to cope with the ever demanding range of employment and work place pension legislation, payroll providers such as Thompson Jenner are also in the advantageous position of being able to support their payroll clients by having access to “in house” tax and pension professionals which are available to advise on wider matters relating to payroll issues. With businesses having more and more complex needs this valuable resource should not be overlooked when deciding on an outsourced payroll partner.
As Thompson Jenner Partner Ruskin Wilson commented “outsourcing payroll to a specialist can be cost effective and secure, whilst delivering a payroll service which you can rely on. Choosing an outsource partner such as Thompson Jenner brings the added benefits which come from being able to draw on a broad range of expertise allied to the quality of service which arises not simply due to our ICAEW membership but also our own determination to deliver a professional service which is centred around the needs of our clients.”
If you would like to find out more or meet to discuss the Outsourcing Payroll Services which we are able to provide, please contact Ruskin Wilson or our Payroll Manager Samantha Cole on 01392 258553 or 01395 279521 to arrange a free initial meeting.
