If you have ever been responsible for managing payroll

even for a small business you will have an idea of how time consuming and resource hungry this vital component of any business can be. Employees and contractors will have expectations and dependence on all aspects of their pay being delivered accurately and timely – with some degree of transparency, and meeting these expectations consistently has an effect on productivity and loyalty amongst your workers, and can even become a factor in retaining or attracting new staff.

Legislation on statutory worker payroll is subject to frequent changes and updates – and if your payroll section fails to keep abreast of changes, financial penalties can be imposed, damaging not just your profitability but also your credibility. 

Employee compensation has many facets – primarily to ensure that the correct wages or salary is paid, but also to ensure additional payments such as overtime, commission and bonuses are calculated and delivered accurately, and of course that all deductions are managed with similar precision. Maintaining accuracy is the key and failure to do so can have knock on effects to the ongoing detriment of your enterprise.

Outsourcing payroll commitments is the wise option for many business operators; for a relatively small fee a specialist payroll service provider such as Paypartners can bring enhanced efficiency, full compliance and consolidated invoicing to your business. Measuring the risk and reward of managing your own payroll may lead you to the conclusion that the only credible solution is to utilise a dedicated payroll service.