Why use a payroll company?
When the working day is done, job satisfaction is all very well, but far more importantly you want the reassurance that you will be paid efficiently.
No one goes to work for the fun of it!
You want what is due to you, without having to question your wage slip or wonder where your cash is. It can be frustrating to find that your pay is incorrect, delayed in reaching you or unclear in some way.
However, from the employer’s point of view, payroll can be a complex and demanding part of their business. Particularly if they operate varied shift patterns or use temporary staff, or they have multiple employees at different sites.
With all their other duties and workload, operating an efficient payroll system can quickly become a nightmare for the company that employs you.
The good news is that many employers decide to subcontract their payroll to specialist companies. But how does that benefit you?
Getting paid correctly
Well, for one thing, specialist payroll companies have the technology and expertise to automate many of the processes involved. That means you are more likely to be paid on time, and at the correct level.
They bring with them a level of accuracy that is reassuring for everyone involved. Timesheets are scrutinised using the most modern systems, to make sure that your payment matches your working schedule to the minute.
Payroll companies can also make quick adjustments and reflect this in pay packets. Meaning any overtime or holiday pay you are due could come through more efficiently, for example.
Some payroll companies can also administer employee benefits smoothly, to ensure that you get what you are entitled to and your employer has stress free employee relations! This can be crucial for company pension schemes in particular, as they can be complicated unless handled with expertise.
Keeping your employer on track
The best payroll companies (and they are not all the same) are scrupulous in their management of client contracts. That means your employer will always have their legal requirement covered – paying taxes and meeting other financial obligations without fail. This includes having an efficient grasp of the different tax codes that apply to different types of employee, and meeting company pension rules too.
This can be reassuring for staff, as a company in trouble with HMRC or some other regulatory body can face large fines. Fines that on top of unpaid tax bills, can bring some organisations crashing down!
Payroll companies also help your employer to manage their wage bill more effectively, which can be an important part of making sure they remain profitable and going forwards.
Some help employers to negotiate deals on subsidiary services such as health benefits too.
It can also often save your company money, to outsource payroll to a subcontractor. It can work out far more cost effective than doing it all in-house. Plus, it saves time and speeds up payroll system updates.
Privacy and security
There is another very important benefit offered by payroll companies of the right calibre. They can keep all your information safe, protecting your privacy but also shielding the company from hackers and other data breaches.
It all adds up to feeling well cared for and efficiently rewarded for the work that you do.