| > | | | | needs to be monitored in case of change which |
| Small businesses can benefit greatly from | | | | can occur regularly. As an example, in October |
| outsourcing payroll processing to payroll service | | | | 2007 the Government changed the regulations on |
| providers freeing up time and in some cases | | | | holiday pay and required that by April 2009 all |
| actually reducing costs. There is a huge amount of | | | | employees would be entitled to 5.6 weeks. It is |
| Government legislation regulating payroll which | | | | time consuming for any small business owner to |
| must be adhered to by companies big and small. | | | | research all the information required to ensure the |
| Payroll is a complex process for any business but | | | | business is adhering to all regulatory and legal |
| even more so for small businesses with few | | | | guidelines and accurately calculating employees |
| employees. Any business who has employees | | | | pay. The time spent carrying out these tasks |
| must have some form of payroll processing | | | | could be much better spent concentrating on the |
| procedures in place. So if you employ one person | | | | core product or service provided by the |
| are you then going to have to employ one more | | | | company. |
| person to deal with the payroll implications of | | | | There are a wide range of payroll service |
| being an employer? | | | | providers. Most will provide their payroll |
| Cost will always be the deciding factor when | | | | outsourcing services on a fixed fee basis for an |
| considering outsourcing anything that it is possible | | | | agreed number of staff. Businesses also have the |
| to do in-house. The benefits of outsourcing in | | | | option of a fully managed service or a bureau |
| some areas for small business will in the long run | | | | service. With the fully managed option everything |
| prove to be beneficial. | | | | is taken care of all you have to do is provide the |
| Payroll encompasses a number of elements. | | | | employees details. With the bureau option you can |
| There are many legal obligations that must be | | | | retain some control over certain aspects of the |
| adhered to when you become an employer. As | | | | payroll with which you feel comfortable. |
| well as basic salary calculations other payments | | | | If you are a small business considering taking on |
| have to be taken into consideration, for example, | | | | employees for the first time & are concerned |
| pension payments, student loan repayments, sick | | | | about implementing a payroll system consider the |
| pay & holiday pay to name but a few. A whole | | | | option of outsourcing, in the long run you may |
| number of possible payments have to be | | | | save a considerable amount of time and money. |
| considered and the legislation on such payments | | | | |