What are outsourced payroll services?
Business Process Outsourcing (BPO) transfers the responsibility of a particular business task, such as payroll management or marketing, to a third party service provider. This business outsourcing service can be performed in two ways: front office outsourcing, to include customer-related services such as marketing, and back office outsourcing, to cover internal business functions such as payroll management.
Outsourced payroll services therefore save you time and resource that would otherwise be invested into calculating the likes of tax and National Insurance deductions, pensions, student loan repayments and maternity pay from your employees’ wage payments each month. Payroll service providers assume this task, providing valuable payroll support to leave you the time and working capital to seek new business opportunities.
What are the benefits of outsourced payroll services?
- Outsourced payroll services reduce administration costs and paperwork.
- Such payroll solutions allow firms to reduce their wage bill as there is no longer a requirement to employ an in-house payroll management specialist.
- The accuracy of the payroll service providers will avoid any human error, ensuring the smooth running of all your financial management in the future.
- The level of involvement the payroll company has is at your discretion.
- Opting to outsource your entire business payroll or merely a select few wage payments depends on your business’ individual requirements.
- Outsourced payroll services can be provided either as a standalone product, or as part of a package that includes other commercial finance facilities to boost your cash flow, such as invoice finance.
Are outsourced payroll services right for my business?
Because of the range of payroll solutions and payroll service providers available to your business, it is important to speak to an expert regarding which solution will best suit your business’ requirements in terms of cost, flexibility and expertise.
Hilton-Baird Financial Solutions has extensive experience in sourcing the tailored outsourced payroll services on behalf of SMEs and, as the UK’s leading invoice finance broker, can introduce the cash flow solution that best suits your business funding requirements.
Call us on 0800 9774833 or email email@example.com for more information on how outsourced payroll services can boost your business’ finances.
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