This is only the last stage of the payroll process, however. Before any wages or salary actually reach the employee, a series of processes will be performed to calculate hours worked and wages owing, holiday or sick payments and tax and national insurance deductions due. Once all these computations have been made, the payslips will be printed to show each employee what their earnings and deductions are.
The advantage of payroll outsourcing services is that it removes all these tasks from the employer to an agency that is experienced and expert in this area. Here at Dataplan we provide managed payroll services to a large number of companies of varying sizes. We deal with all HM Revenue and Customs matters, distribute payslips to staff and ensure that the correct payments are made to staff bank accounts, as well as responding to enquiries from employees.
Payroll outsourcing may also include providing financial information for the accounts department and for management to make decisions on future organisation and structure for their business. With payroll outsourcing, all these services are available so that employers can leave payroll issues to the experts and concentrate on the work needed to promote and develop the core business.