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May 08, 2009

Cutting Costs with Payroll OutSourcing

Another step in the right direction...

Payroll is one of the most sensitive, personal, confidential and critical functions for any business. Getting it wrong can be hugely damaging for any organisation. It is an area which needs consistent levels of accuracy and quality and yet it can be a complex time consuming task for any organisation no matter the size. Businesses have become ever more conscious of the need to focus time, energy and resources on their core activities, so they are increasingly looking for ways to reduce costs whilst maintaining a level of service and quality. 

Payroll services can be specifically designed to provide an all-encompassing payroll facility to small, medium or large organisations who want to ensure this vital function is managed professionally while they concentrate on their core activities. Outsourcing your Payroll can significantly reduce your direct costs in terms of tools and staff.The direct cost is clearly quantifiable and the results clearly measurable.

Perhaps not so visible are the removal of risks in non-core functions by transferring the responsibilities of adherence to Employment & tax legislation and the ongoing changes we are currently experiencing. Knowing best practice is being carried out by your payroll partner in a controlled and agreed manner whilst having access to a wide range of experts in an ever-increasingly changing business environment allows you and your staff to focus on your core competencies and concentrate on issues that directly relate to the company’s business goals. This can only improve your ability to react quickly to today’s climate of change and ultimately increase your productivity.

So what does Payroll Outsourcing typically include? Most Payroll Service providers offer a flexible package which can be tailored to suit your needs and can include all of or any of the following-

  • Processing of Weekly, Fortnightly, Monthly Payrolls
  •  Electronic Fund Transfers
  •  Issue Payslips to employees
  •  Generate range of standard reports e.g. gross to net, control summary, cost analysis.
  •  Produce P45’s P60’s etc.
  •  Monthly and year end returns to Revenue
  •  Deduction Summaries for PAYE, PRSI, PRSA, Pensions, VHI, BUPA Contributions etc. 
  •  Document retention for a minimum period of seven years
  •  Payment of third party disbursements if required
  •  Total confidentiality

So as your business moves through these challenging times why not consider the next step forward to be Outsourcing your Payroll?

For further information contact Clark on 045 881888 or