Proper Payroll leads to big Savings
Even though payroll is one of the biggest costs for most businesses, incredibly the function is often designated to junior staff members with little formal payroll qualifications or experience.
Far too often payroll is considered an automatable activity. And while payroll software is useful for calculating and creating the necessary documentation, it is only as good as the information inputted. Frequently inexperienced payroll processors rely on software to calculate the correct PAYE, PRSI and USC where further intervention and information is required to ensure that employees are paying the correct rates.
All too often our payroll team uncover discrepancies in calculations that can generate real savings for clients and their employees, where payrolls have been processed with inaccurate figures.
I recently spoke with a client who’s inhouse payroll processor made a clerical error that resulted in a number of employees having 4 per cent of their pay deducted unnecessarily. In just one year the employer overpaid by more than 10 per cent. By engaging the services of Paycheck Plus the client was able to rectify the issue and received refunds exceeding €35,000, a significant sum by any standard.
At Paycheck Plus we work with clients to ensure their payrolls are structured to maximise cost efficiency for both employer and employee. Our IPASS-qualified team monitor the various payroll elements and advise on the most effective treatment of various payments and deductions while ensuring transparency and regulatory compliance.
With payroll taxes being the primary source of income for the exchequer, Revenue pays close attention to the detail within any payroll process. Ignorance of the changing requirements is no excuse, so it pays to consider the best option for your business, because one fine or penalty could prove more costly than outsourcing your entire payroll operation.
Outsourcing payroll generates other efficiencies too. The cost of processing payroll in-house can be surprising. There’s the cost of the equipment, resources, office space, software, data storage, IT support and labour costs. And that is to say nothing of additional tax filing or accounting services that may be required. And processing payroll in-house brings no real value to the overall profitability of the business. It simply absorbs valuable time and resources that could be better utilised on your organisation’s core profit-making activities.
When you outsource your payroll function, you no longer have to worry about keeping up to date with ever-changing calculations, employer obligations and employee entitlements, and what you get is a transparent cost structure with no hidden surprises.
Paycheck Plus, Your Outsourced Payroll Provider
As Ireland’s most decorated payroll provider we provide comprehensive, ISO accredited payroll services to hospitality organisations throughout the UK and Ireland. Our adaptable and tailored payroll outsourcing service flexes to the needs of your operation ensuring you get exactly what you need, when you need it.