There are many jobs within a business that you can tackle yourself successfully. But one that is often best handled by a professional is the payroll. One thing people may have heard of but not know too much about is a payroll bureau and how that compares to a payroll provider or outsourced payroll.
A payroll bureau is designed to be a collaboration between in-house payroll staff and an outsourced payroll company. The idea being that having in-house staff will give you more control. However, in practice what we have found is that it is much more expensive than fully outsourced payroll and with the right company you will be much better off with a payroll provider like Trace Payroll Services.
How using outsourced payroll works
When you outsource to a payroll provider, the process becomes hands-off. You can set up the service and the information can then be collected by the payroll service. They will take some basic information from you to help establish rules for the company such as if the pay is flexible or fixed and what the rate paid to employees is. Then the payroll process can begin.
Benefits of using outsourced payroll
There are a number of benefits to using a payroll provider to handle your company’s payroll needs.
- Frees up time to concentrate on core activities
For most business owners, payroll isn’t their natural area. By outsourcing this service, they can concentrate their time and efforts on the things they do best and the running of the business while leaving this potentially time-consuming job to experts
- You don’t need to be a payroll expert
Payroll, PAYE, income tax, national insurance – these are just some of the areas that a payroll expert needs to know about. When you outsource this service, you don’t need to become a payroll expert and can instead use the expertise of people who are handling payroll full time.
- More cost-effective than hiring staff
While some business like having in-house staff it is much more cost effective to opt into payroll outsourcing option.
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