What is payroll? Why is it important? Do I need to outsource?

Payroll plays a huge role in any business. Payroll is responsible for ensuring a business’s tax and compliance obligations, which has a serious impact on a business’s bottom line. Employees expect payroll departments to be both accurate and efficient, as their livelihoods depend on getting paid accurately and on time every month. Inaccurate payroll can cost you valuable employees too. A third of employees would consider looking for a new job if their employer paid them incorrectly just once, 44% would bem unmotivated, and 51% would lose trust in their employer.

On payday, employees responsible for payroll calculate the gross amount the employee is owed based on the agreed remuneration method over the pay period. Then deductions are made for tax, National Insurance, sick pay, and so forth. Every pay period differs thanks to overtime, statutory pay and other variables. So, in addition to understanding the complexities of tax and legislative compliance, payroll departments have to adapt to changes for every pay run.

Find out more by emailing us at pda@fmpglobal.com

Is outsourcing right for your business?

  • Is your business growing but you’ve outgrown your existing methodology?

 

  • Is payroll administration and compliance becoming a nightmare for your team?

 

  • Do you need to get back time to focus on your core

    activity?

 

  • Is your existing provider letting you down?


 

Click here to download the full guide on outsourcing payroll.