Outsourced Payroll Cost Savings - Payroll Bureau Cost Savings
Many outsource payroll providers (payroll bureaus) will claim to be able to save employers money, but few will actually explain how this can be done. Depending on your requirements, there are different options available in relation to how your payroll is processed and thus potentially different ways you maybe able to save money!
1. Out-sourcing payroll is cheaper then hiring a payroll operator
(a) This is the obvious savings in relation to having to hire a dedicated payroll person:
i. No Cost of Employment (No Wages or Employer’s PRSI)
ii. If you are VAT registered you can claim VAT back (if needs be we can help with that to!)
iii. No Employer’s PRSI
iv. No Annual or Sick Leave
v. No Loss of cover!
(b) Alternatively if you do the payroll yourself, or designate an employee to do it part time:
i. How much time and energy does it take?
ii. How much is your time and energy worth?
iii. Do you have something better to do with your time?
iv. Do you enjoy the task?
v. Would you be better spending your time doing something else?
2. No Capital Costs for Software, Annual Maintenance and/or Training
(a) We incur these costs on your behalf while also providing the same level of constant assistance with all payroll related queries.
(b) If you decide to take the payroll in-house, we will provide your own data backups and provide Software & Training at discounted prices.
3. Ensuring compliance with the relevant Payroll Legislation - Avoid Fines and Penalties
(a) We can assist with Revenue Audits, Welfare Audits and NERA Audits
(b) We can provide the relevant paper trails and records
(c) We can assist in developing the appropriate policies and procedure for best practice and compliance.
(d) We know Payroll, we know the pitfalls and the problem areas, thus we know how and when to act best to avoid issues
(e) We can confirm compliance by providing a mini-audit of your payroll process
(f) We can file your returns and organise your payments so you will never miss any dead line!
4. Ensuring the proper efficiently in the payment of wages (Don’t Pay too much Tax!)
(a) We can assist on the setting up of payments in the most (tax) efficient method
(b) Provide assistance and advice on how best to trace and record details and receipts for expenses.
(c) We can determine and advise on Benefit In Kind costs.
(d) We can advise on the costs of processing various payments (Sick Pay/Illness Benefit, Maternity, etc)
5. Ensuring both the Employee and Employer get the most out of their wages
(a) Maximising Revenue “Freebees” and tax exempt payments and/or deductions
(b) We will advise and assist on any Revenue Schemes that could save you money, ensuring you don’t miss out!