dataplan payroll services

Managed Payroll

Managed Payroll
Alison Clynes
Written by
Monday, 09 November 2009 10:00

What is managed payroll, and why has it become such a hot topic? The answer to the first part of this question is very straightforward, the answer to the second part is somewhat more complicated. Another name for managed payroll is payroll outsourcing or, to put it another way, using the services of a payroll bureau.

One of the chief reasons for companies transferring their payroll to a third party is cost. Even though a business will invariably get a better payroll service for their staff from a specialist payroll company than the one they are able to supply themselves, it is often less expensive as well.

This might seem too good to be true, but consider all of the hidden costs if you were to handle your own payroll. There is, of course, the cost of the staff who operate the payroll for you. Then there are the costs to support those staff, particularly if they are not payroll professionals. These can include subscriptions to magazines, training courses, manuals, telephone advice lines and the use of your accountant when they get really stuck. If staff change, then you have all the costs involved with recruiting new employees. In other words, the expenses can seem to keep increasing.

Using a payroll bureau means that you know your precise costs and, whilst you will not be able to budget for every eventuality, you will have a far clearer idea of your costs. Add to this a happier workforce as their pay and all related issues are correct first time and it is easy to see why managed payroll has become commonplace. That is why we think you should have a chat with us at Dataplan Payroll to see what we can do for you.

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