Payroll is defined as the total amount of due or compensation a company offers to its employees for a stipulated period of time.
Typically, payroll services are handled by human resources or an accounting officer. But this could vary depending on the size of the organization or business. For example in a small business, the payroll services are generally catered by the owner or associate managers. However in recent times as the complexity and competitive nature of business is growing or is growing a need of offshore accounting that offer comprehensive payroll services and further streamline business with improved payroll processing, employee benefits and insurance, and accounting tasks aligned with the tax laws.
These outsourcing payroll services will again depend largely on the need and job role.
Let us discuss in detail how outsourcing payroll services can really benefit any type of business.
The average payroll services cost
It is important to understand the need of the payroll service and what type of business you own before looking out for payroll services.
The size of the business is the key factor that dictates payroll service cost. For example If you are a small business, you can easily pay up to £4 to £6 per employee per month, but these payroll services costs can inch up to £5 to £12 per employee per month for bigger businesses.
While you decide to hire a payroll accountant, you must consider the kind of work you are wanting him/her to do. Offshore accounting can be your viable option when you need to take care of payroll services from pre payroll phase to the post payroll phase while you support other aspects of the business and you have less number of employees too.
A comprehensive breakdown of payroll cost is as follows
- Payroll service: £4-£6 per employee per month
- Charges for setup: £2 per new employee per month
- Setup pension plan with auto-enrolment: £1.50-£2 per employee per month
- Setup HR integration: £10-£25 per employee per month
How can Offshore accounting help you get the payroll services done effectively?
Owing to the digital advancement outsourcing is by far one the most explored and trusted option when it comes to effective accounting and providing professional payroll services. If you have a fully managed payroll service provider you can better focus on other demanding business aspects.
A fully outsourced payroll service provider can help you take care of the following:
- Complete help desk support from a dedicated accounts manager handled by offshore firms to ensure if any query from you or your employee regarding payroll are handled in time efficiently.
- Professional advice and generating awareness within the business regarding updates in the UK law to ensure that your business is aligned with the UK laws and all the stages of payroll, from pre payroll, actual payroll and post payroll are files with HMRC in time. This will effectively save your time and resources.
- One of the greatest benefits of Offshore accounting is that you get complete transparency in all work related to payroll, you can track where every single pound is being invested and spent.
- Another advantage of outsourcing is that the professional accountants help you track the salary deductions and any other breakdown of amendments and calculations needed to be printed on the salary slip of the employees.
- You can take help of the payroll service provider to frame documentation such as annual P60 form. Additionally, they help in processing direct salary to the employees using the software BACS.
Outbooks UK can help you achieve comprehensive payroll services effectively and efficiently. They have been offshore accounting experts and are providing best accounting services with BACs approved solutions for your unique business needs.