Saturday, September 24, 2011
OUTSOURCING PAYROLL
Most accountants offer a payroll service. Some may even run a specific department that deals just with this.
It might make business sense to ask your accountant if they can provide you with payroll services. They&'ll already be familiar with your business and might offer you a competitive rate as part of a package of services. Alternatively, you could outsource your payroll to a payroll agency.
Either way, you can normally specify the level of involvement you want from them. For example, you may choose to completely outsource your payroll or you may simply wish them to provide you with your weekly/monthly payslips.
However, before handing over your payroll operations, you need to consider:
whether the service provider can tailor a suitable package
whether they're experienced with your type and size of business
whether they can supply weekly/monthly payslips, and provide weekly, monthly and annual returns
the charge for setting up the payroll system
the charge for administering the system
whether the fees include making all the types of deductions
whether they charge any additional fees
how easily scalable their service is - eg, if you take on another employee
what software they use
It might make business sense to ask your accountant if they can provide you with payroll services. They&'ll already be familiar with your business and might offer you a competitive rate as part of a package of services. Alternatively, you could outsource your payroll to a payroll agency.
Either way, you can normally specify the level of involvement you want from them. For example, you may choose to completely outsource your payroll or you may simply wish them to provide you with your weekly/monthly payslips.
However, before handing over your payroll operations, you need to consider:
whether the service provider can tailor a suitable package
whether they're experienced with your type and size of business
whether they can supply weekly/monthly payslips, and provide weekly, monthly and annual returns
the charge for setting up the payroll system
the charge for administering the system
whether the fees include making all the types of deductions
whether they charge any additional fees
how easily scalable their service is - eg, if you take on another employee
what software they use
Posted by
KETHARAM THAVATHARSINAN
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Managing payroll is not a very difficult task, however it requires time and effort as this aspect of business involves finances.
ReplyDeletePayroll