A guide for outsourcing your payroll processes
Managing payroll processes in-house can, for many, take up valuable time and resources meaning many choose to outsource to a third party.
Here, we’ve outlined why HR and finance departments make the decision to outsource payroll management, the responsibilities of a Payroll team, and the range of Payroll services offered by Gerald Edelman.
Payroll is a specialist function that requires skilled staff to run on time and completely free from human error. Every employer faces a legal obligation to effectively manage, record, and report on their payroll processes.
Often in-house HR and finance departments lack sufficient time or resources to ensure that payroll management is conducted in a way that is comprehensive and efficient.
When you outsource to an experienced firm like Gerald Edelman you are able to be more flexible and reduce the likelihood of errors meaning you can be confident your business is fully compliant with your tax obligations and PAYE responsibilities.
During pandemic times many had the added risk of meeting payroll deadlines while struggling with staff absences and department limitations. Outsourcing this process means that your provider will carry that additional work and alleviate any risks associated with pandemic-induced staff shortages.
Our outsourced Payroll services are an ideal option for businesses struggling to cover the costs involved with payroll software, security, compliance, and staff training.
The responsibilities of the Payroll team
All Payroll teams are multi-faceted and must transform to address the needs of any particular payroll issue. The extensive list of responsibilities that Payroll teams must undertake is another reason why outsourcing payroll management has become a desirable solution for many firms.
In general, the Payroll team is responsible for preparing client payrolls and ensuring the timely submission of PAYE information to HMRC, including:
- Registering new PAYE and CIS schemes with HMRC
- Setting up Payrolls taken over from other accountants, or if previously processed in-house
- Ensuring clients are registered for Auto Enrolment Pensions
The responsibilities also cover a breadth of payroll processing, including:
- Calculation of salary payable
- Adding commissions, holiday pay, payment in lieu, arrears, etc.
- Final dues for leavers
- Issuing of P45s
- Pension deductions
- Filing End of Year final returns and issuing P60s
Such responsibilities require specialist knowledge and skill to execute to a high standard. Outsourcing these tasks ensure your payroll operates seamlessly while allowing your HR and Finance teams to be free from time-consuming work.
The services we offer
At Gerald Edelman, we take pride in our diverse set of high-performing employees who are dedicated to providing quality services to clients across multiple services and sectors in an efficient and cost-effective manner.
Gerald Edelman offers seven main services related to outsourcing payroll management:
- Regulatory compliance with HMRC regulations including regulatory filings
- Calculation of salaries and issuing associated payslips utilising HMRC approved software
- Payroll services tailored to individual client needs
- Processing of client pension auto enrolments
- Processing of employee salary payments on a timely and secure basis via BACS
- Production of comprehensive management reports providing visibility and control to clients
- Access to a professional team of experienced and qualified staff who are up to date with the current legislation
Our team is here to ensure your employees are paid accurately and on time, manage your ongoing relationship with HMRC, and minimise the risk of fines, penalties, or inspections. We are primed to assist you with whatever payroll queries or needs you may have.
To learn more about payroll management visit our page for Outsourced Payroll Accountants and Services.