Traditionally, payroll has been seen as a tedious, manual process that was too costly and not very profitable. But this is now changing thanks to technology. Whether you work in practice or business, including payroll within the portfolio of services that you handle can bring substantial benefits to your team.
Expand your practice’s portfolio
There is a close relationship between a company’s taxes and their payroll obligations, so it makes sense for the same team to manage both. Payroll can bring a new revenue stream for those firms that don’t offer it yet. And the landscape is changing rapidly, with a growing number of practices now offering the service.
Processing payroll is now easier than ever, with software allowing you to work for many clients without spending too much time on administrative tasks. For example, BrightPay and its accompanying cloud add-on, BrightPay Connect, enable you to become more efficient without any hidden costs. BrightPay Connect also has the added advantage of allowing your clients and their employees to do a lot of the most time-consuming work by themselves.
This DIY approach is also convenient for clients, who can input all their employee’s personal information directly into the system and edit it when necessary, ensuring that they are GDPR compliant. They can also request and approve holidays and make last-minute changes to any relevant information before the end of the month.
Cheaper and effective payroll for businesses
But what if you work in the finance department of a business? If you are considering bringing payroll in-house in your company, here are some of the facts you might want to take into account when making your decision.
The first advantage is, of course, the cost-saving benefits it brings. Processing payroll in-house is cheaper than outsourcing in the medium to long term. When outsourcing payroll you have to consider there might be some extra costs associated with making last-minute adjustments to shifts, overtime or personal information. By bringing payroll in-house, you don’t need to pay for any of this to be done externally.
Payroll is cost efficient even with a small team. With the right payroll software, you need fewer resources and fewer specialist staff members. Solutions such as BrightPay and its cloud add-on BrightPay Connect make it easy to process payslips and calculate the correct tax, pension contributions, etc. whilst ensuring everything is accurate.
Effectiveness and control of information
When you process payroll in your company, you have more flexibility and the ability to make changes and corrections to payslips to ensure they are accurate and that they reflect any last-minute salary increases or reductions. Processing payroll in-house also allows you to keep sensitive information inside your own company’s database, including personal information and the salaries of your employees.