When you run a business, no matter what sort of business it is, if you have one employee or a thousand, you have a need for undertaking payroll. To be fair, if you only do have one employee, then you can probably just about manage to handle that yourself, but as your business grows so does your payroll and all of the complexities that will start to come with it.
For instance, you can have different employees on different rates of pay, just to start with. It gets more complicated if your employees do overtime because then you have to increase the hourly rate. It can get even worse if you have a sales team and you pay them a commission, because it is a fairly safe bet that their pay will be different each and every month.
Then you have situations where different employees have different benefits that have to be accounted for, such as car allowances, and of course there is the calculation that comes into being for their auto enrolled pension scheme. That again could vary if they are on commission or doing overtime.
At its’ simplest, outsourcing your payroll to us at PayCheck will save you a considerable amount of time, and in many cases, frustration. As one of the leading payroll outsourcing companies in the UK we have been handling payroll for our clients since 1996 and we have served thousands of happy clients who are only too happy to get rid of the whole business of payroll. After all, payroll is nothing but an overhead, and it can be a costly one at that. Our clients prefer to outsource their payroll to us so that they can concentrate on things that are far more important such as gaining new customers, rather than poring over the latest legislation from HMRC and keeping their fingers crossed that they have got it right.
In addition, by outsourcing to us we can pay taxes direct to HMRC and we can pay your employees direct into their bank accounts as well, since we are a BACS approved bureau. All we need is the name of the employee, the name of their bank, the sort code, and the account number. We can be set up as an Indirect Submitter on your behalf, and then we can make payment to your employee by Direct Credit. BACS payments arrive in your employee’s bank account on pay day as cleared funds, which keeps your employees happy because they don’t have to wait three days for a cheque to clear.
BACS has been in use since 1968 and has cleared over 130 billion transactions, and according to recent research has never lost a payment. It is SSL encrypted and requires an encrypted password also. As a BACS approved bureau, we are also monitored by inspectors to check that your payment processes are secure and compliant.
The payments work on a three-day cycle. As one of the foremost payroll outsourcing companies in the UK, we submit your payments to BACS on the first day, and these are processed by the banks on the second day. On the third day - pay day – the money is taken from your account and is credited to your employee’s account at the same moment. That means that your employee has their money, and you are able to use your money as you see fit until the last moment.
As regards security, at PayCheck we are GDPR compliant and are also ISO 9001 and ISO 27001 registered. We believe that these data security accreditations offer our clients an additional level of security and peace of mind.