Outsource Your Payroll. Reap The Benefits Now.
Is your business ready for the big payroll changes that are set to come into effect in Ireland on January 1, 2019? If you’re not compliant with PAYE Modernisation, it might be time to outsource payroll so that you meet Revenue’s requirements and avoid penalties. Avoid the potential financial cost and stress by reading our brief guide to the benefits of outsourcing payroll.
There are many benefits to outsourcing payroll including cost-savings, increased productivity, expertise, compliance, continuity and confidentiality. If you haven’t yet made the decision to outsource payroll, you’re probably considering making the switch. Here is our brief guide to the benefits to outsourcing which will leave you wondering why you waited until now to improve efficiency and increase your peace of mind.
It can often be expensive to employ staff with the necessary training to operate a payroll system. If you calculate the hours your employees spend on payroll-related activities, plus payroll software costs, training costs, printers, printing and distributing payslips, creating tax documents etc, you could be surprised by the result when you compare that amount to the cost a payroll service provider can offer. In addition to cost-savings, outsourcing payroll allows your staff to concentrate on more essential tasks.
Payroll mistakes can be painful, upsetting and stressful. A good payroll service provider is far less likely to make a serious error than your in-house staff, as you are paying them for their expertise, knowledge and finely-tuned checking procedures they have in place.
If you outsource payroll, you can focus on running your business knowing your payroll obligations are dealt with correctly, efficiently and lawfully. PAYE Modernisation is due to come into effect in Ireland on January 1, 2019. Will your business be ready? According to Revenue you must ensure that the following measures are in place:
• you have the right PPSN for all your employees
• you have received an up to date tax credit certificate for all your employees and that you are applying the most recent one
• all your employees are registered with Revenue.
A good payroll service provider will know all the ins and outs of payroll-related tax laws and latest government legislation.
With a payroll service, output, speed and quality won’t vary in accordance with holidays and sickness and you avoid a logistical nightmare on payday.
If you outsource payroll, you are guaranteed total discretion and confidentiality. Your data is fully secure and backed up, and measures for detecting fraud are in place.