Congratulations! You have decided, as a small business owner, to get help with the payment of staff.You will soon be reaping the benefits of working with payroll companies which include having extra time to run your business (because you have freed yourself from a huge amount of work) and not having to worry about the moral and legal implications of paying your employees properly.
While many payroll companies will help you to navigate your way around the different payroll solutions, it helps if you have a bit of an idea of what the different solutions are.Here’s a quick overview of the different payroll solutions you might be offered in order to help you find the ideal solution for your business.
-Web-managed payroll: an easy to use and easy to install web based payroll system that allows you to input information and print off payslips. The ideal solution for even the smallest of business as it is easy but comprehensive. Often comes with telephone support.
-Basic or fully managed systems: the company that you choose to work with can either cover a limited aspect of your payroll or the entirety of it. Whichever you choose, you can be assured of having qualified and trained individuals taken care of the payment of your staff, and any other issues with regards to payment that may arise from sick or holiday pay.
-Bureau payroll: this is a nice compromise for the employer that doesn’t want to hand over all aspects of their payroll but who does want access to a skilled and qualified team if they need it.
-Hosted payroll: this allows business owners to access the right information they need for doing all payroll related work without having everything on site. They access the information via the web, it is held securely and comes with a fully comprehensive support team.
-BACS payroll: popular with employees because it means their money is put straight into their bank account and available on the day they are paid, BACS does away with cheques and time-consuming trips to the bank. It is also cheap and easy for employers to run.