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What makes a great outsourced payroll service?

Jul 9, 2023 | Payroll

We won’t lie to you, payroll is hard. It’s a complex area of financial management affected by internal and external factors that requires constant vigilance and an almost superhuman attention to detail. As an employer, you are accountable for any and all mistakes that happen in payroll. It’s a heavy responsibility.

So, if you’re considering outsourcing this complex and highly sensitive business function, you may be on the hunt for the perfect payroll service provider fit. That’s why we’ve put together this list of potential qualities and expertise you may be looking for in your ideal partner. You are most welcome to use this list to compile your ultimate payroll provider shopping list.

Signs of a good payroll bureau, what to look for

Absolute accuracy – precise and error-free payroll processing

An outsourced payroll expert imports payroll data from sources such as from tailored spreadsheets, reducing errors and minimising risks. This meticulous approach ensures precise calculations and maintains data integrity.

Secure service – safeguarding payroll information

A payroll service securely and permanently stores payroll reports, allowing businesses to access them whenever needed. This ensures convenient and confidential access to crucial payroll data.

Perfect privacy – upholding strict privacy standards in payroll services

An outsourced payroll service provides strict confidentiality to protect sensitive employee information. This commitment is important for building employee trust and ensures the privacy of all payroll data.

Flexible payroll service – a tailored payroll processing service to fit your needs

A tailored payroll service takes care of the details, for example deductions such as pensions or staff loans, and tax incentives such as the Taxsaver Commuter Ticket Scheme or the Cycle to Work Scheme.

As often as needed – a payroll frequency that fits your business model

You will be able to have your payroll run weekly, fortnightly, four-weekly, or monthly depending on how your business works. You can also move your payroll over at any point in the tax year.

Expert guidance – professional, expert advice on all PAYE and payroll matters

An outsourced payroll service provides expert advice on various aspects of PAYE, payroll, and related benefits. This guidance helps businesses to navigate complex payroll regulations and responsibilities.

Tailored, timely reports – customised reports and summaries for informed decision-making

A payroll service offers customised reports and summaries that cater to the specific requirements of businesses. These tailored insights empower informed decision-making and provide valuable data analysis.

Cost-effective efficiency – streamlining payroll processes for optimal savings

Outsourcing payroll to a service provider offers businesses a cost-effective and highly efficient solution. An outsourced payroll can reduce the overall cost of running an in-house payroll team by as much as half.

Revenue returns done right – completing and filing with regulatory rigour

An outsourced payroll expert completes and files all necessary returns to the Revenue Commissioners, ensuring full compliance with tax regulations and minimum wage compliance checks.

Compliance and documentation – a smooth end-of-year process for all

A payroll service provider handles your end-of-year compliance tasks and ensures that employees access an accurate Employment Detail Summary through Revenue’s myAccount service. Compliance with legal requirements ensures a smooth transition into the next payroll cycle.

Data input and payroll processing – accurate payroll processing from start to finish

A payroll service efficiently handles data input and payroll processing. Businesses provide the necessary remuneration information, and the service provider manages tasks such as employee setup, calculations, and deductions. Accurate payment information is delivered to employees and tax authorities.

Digital slips – payslips securely issued to all employees

An outsourced payroll service will ensure your employees receive payslips for each payroll period, which are important when reviewing their pay, and applying for personal mortgages or loans.

Electronic ease – efficient electronic banking for seamless salary transfers

A payroll service provider facilitates electronic banking, streamlining the payment process via EFT or Bulk Files to ensure accurate and timely salary transfers to employee accounts.

Predictable payments – no hidden extras or surprise fees

Your tailored package should be transparently costed with an inclusive and predictable fixed monthly cost that allows you to budget with confidence. Add-on services will be clearly indicated and always optional.

Qualified and dedicated – a professional payroll service with a personal touch

A payroll service provider builds one-to-one relationships with its clients, ensuring continuity and reliability. A dedicated and professional team should deliver an efficient and friendly service, maintaining open lines of communication and offering the flexibility to fit with a company’s needs.

Find your ideal payroll partner

By focusing on these key areas, payroll outsourcing services prioritise accuracy, security, compliance, and efficiency in the payroll process, ultimately leading to streamlined operations and improved employee satisfaction. If you are about to embark on the task of assessing and choosing an outsourced payroll provider, check out our comprehensive how-to guide for finding the best payroll partner for your business.

At Clear Group, we become your payroll department – getting under the skin of your business to understand who you are, what you do and what you need. That’s how we create a payroll service that delivers exactly what your business needs now and keeps delivering in the future. Get in touch to learn more about our trusted outsourced payroll service in Dublin.