Resource-intensive, time-consuming and complex, payroll services are often poorly regarded by most accountants. Where accountants do offer a payroll processing service many do so reluctantly, offering payroll processing as part of a wider portfolio of accountancy services in order to provide clients with a ‘full service’ solution.
For most accountants outsourcing payroll services can alleviate the challenges associated with delivering payroll services in-house, increasing profit margins while enhancing the portfolio of services they can offer. Through payroll outsourcing accountants can benefit from an increase in the amount of time they have available for developing their core accountancy services and improving their client relationships, instead of managing an resource-intensive and costly in-house payroll service
Some of the world’s largest international accountancy firms and payroll providers choose Paycheck Plus to manage Irish and UK payrolls for their clients.
- Save Time and ResourceBy outsourcing your payroll service, you no longer need to staff and resource an inhouse team. Not only will this free up valuable office space but the administrative burden of overseeing the payroll function is eliminated and you will avoid the recruitment costs associated with hiring payroll staff.
- Avoid conflicts of interestBy outsourcing your payroll service, you can avoid any conflicts of interest that may arise from other services you offer to clients. In particular conflicts arising from the Code of Ethics for Professional Accountants (the Code) issued by the International Ethics Standards Board for Accountants (IESBA) and Articles 4 & 5 of the European Regulation 537/2014 which prohibit auditors from providing payroll services to their clients.
- Increase ProfitPayroll is a low margin, resource-heavy service to provide, particularly when associated costs such as specialist software, payroll experts and general office overheads are accounted for. By outsourcing your payroll service, the need for specialist staff and software is eliminated, increasing your margins whilst still invoicing clients directly.
- Enhance your payroll serviceWhen you outsource your payroll service to Paycheck Plus, you will immediately have access to our full portfolio of payroll features, including e-payslips, highly automated payroll operations, a collaboration platform, and detailed reports. These enhancements will allow you to improve the payroll service you offer to your clients giving you a competitive advantage, and the ability to charge a little more and increase your margin.
- Reduce your riskPayroll processing is subject to regular legislative change. It requires expertise and frequent training to keep abreast of the latest payroll processing protocols. Without this, the risk of calculation errors is increased. By outsourcing your payroll service, you have access to a team of specialists, all of whom are experts in payroll legislation, and will ensure that your clients’ payrolls are completed in accordance with current payroll legislation.