While many businesses and companies have a whole team of in-house payroll specialists, there are alternatives to consider.
Managing monthly payroll processes, end-of-year reports and other compliance-related matters can be cumbersome when you have so many other important tasks to focus on. That’s why a payroll bureau service could be the solution for you.
If you’re not sure how a payroll bureau works or how it could benefit your business, all the answers you need are right here.
What is a payroll bureau?
A payroll bureau is an outsourced specialist team, which carries out specific tasks on your behalf. This could be anything from creating and sending payslips to providing you with detailed financial reports.
While a payroll bureau service does differ from managed payroll solutions, its main aim is to alleviate some of the complex reporting pressures you might experience when running your own in-house payroll system.
Payroll bureau vs managed payroll
As mentioned, the roles of a payroll bureau and a managed payroll specialist are different.
The main function of a payroll bureau is to take over some, but not all, of your payroll processes. Your provider may only process expenses or produce payslips, but you’ll still have control and the responsibilities of running your payroll.
Meanwhile, a managed payroll service will run all of the numbers and make the deductions for your staff’s wages and salaries, meaning you won’t have to lift a finger. This can be a good way to lighten your workload, but it can come at extra cost.
Benefits of a payroll bureau
There are several advantages to hiring an outsourced payroll bureau for your business.
The first of these is the additional resource of expertise. While you might fully understand routine payroll processes, it helps to have a specialist focus on the more technical aspects of the role.
Secondly, by outsourcing part of your payroll, you’ll be able to save time and reallocate your existing staff to other vital roles in your business. Not only that, but it could help increase your overall efficiency.
Furthermore, you’ll be able to potentially minimise any room for errors and risk. As a payroll bureau will have worked with several businesses and will be a dedicated specialist, you can rest assured knowing things are running smoothly.
Lastly, your payroll will be fully compliant with the latest legislation set out by HMRC. This can help you avoid fines and penalties.
What to look for in a payroll bureau
As with most outsourced services, you’ll want to ensure you choose the right provider to suit your business needs.
Firstly, look for a provider that demonstrates payroll expertise and a proven track record of highly-accurate work. Having a reliable payroll bureau is essential if you’re going to pay them for their services.
If you’re looking to grow your business, you’ll need a payroll bureau that can scale with you. Having a provider with appropriate resources and capability is a main priority.
Payroll bureaus can benefit your business, but whether you need one is another question. If you’re unsure, we’re always happy to discuss your options.
Get in touch to discuss the role of a payroll bureau.