Outsourced Payroll Services
Payroll is a vital part of every business and requires considerable expertise as it is subject to a raft of legal and tax compliance requirements. The ideal solution is to outsource payroll to a specialist payroll bureau team such as ours. With over 20 years’ experience and a client list spanning several sectors, o’donnell+co Chartered Accountants provide payroll services that are adaptable to the needs of SMEs, start-ups, large enterprises and multinationals. We work with each client to create complete payroll solutions which typically include everything from preparation of payrolls (weekly, fortnightly and monthly as required) to proactive advice and expertise on employee taxation and PAYE modernisation – in other words managed payroll solutions that work for you.
We provide a complete service whereby:
- We process the payroll on your behalf, based on data received from you e.g. if there are unusual/one-time payments in a particular pay period;
- We process deductions such as pension and send the relevant reports to the Pension company;
- We prepare the normal gross to net reports, company cost report, holiday pay reports and so on;
- We create the bank file for payments (for some clients we have access to their bank and upload the payment file for either payment or client authorisation to pay);
- We interact with Revenue and complete all necessary Revenue compliance on an ongoing basis; and
- We email payslips to staff.
Errors in payroll processing can have far-reaching consequences and can negatively impact staff morale – it is therefore crucial to get it right.
Outsourcing payroll can free up valuable management time – time that could be spent making sales, prospecting new clients, researching new products or services or simply focussing on your existing business. Our clients report the following as being the chief benefits of payroll outsourcing:
- Compliance – this is particularly important now that the new payroll system (PAYE Modernisation) has come into effect;
- Cost – payroll services cost is, in fact, cheaper than employing a dedicated payroll operator;
- Convenience – time-saving and convenience factors allow you to focus on growing your business; and
- Confidentiality – staff confidentiality is guaranteed when the payroll process is handled externally.
The New Payroll System – PAYE Modernisation
Since the 1st of January 2019, employers are obliged to report their employees’ PAYE tax and deductions to Revenue with real time reporting (RTR). Real Time Reporting effectively means that reports must be submitted in each pay period prior to paying employees. This new regime will also mean that employers will report details of any employees leaving their employment when they submit their payroll to Revenue. Employees will have full visibility of their payroll data submitted by their employer to Revenue in real time. Likewise, Revenue will have access to complete data on each employee in every payroll cycle. The entire payroll process and interaction with Revenue will be online with automatic reporting of all payrolls to Revenue.
Many small businesses are reluctant to consider payroll outsourcing as they fear that it will prove too expensive however this decision should be weighed against the time spent by an employee carrying out payroll processing duties and how that time could be spent developing other areas of the business to promote growth. o’donnell+co has over 22 years’ experience of providing payroll services for small business – experience which gives us the edge when it comes to managing the complexities of the entire payroll process for our clients.
Payroll services cost a lot less than you would expect when you weigh it against the benefits accrued such as compliance, cost-effectiveness and convenience. In fact, the payroll outsourcing cost per employee often works out cheaper, in the long-term, than employing a full-time member of staff to carry out business payroll duties. The best way to find out if payroll outsourcing can benefit your company is to arrange a free (no-obligation) consultation with us – we would be delighted to give you a full overview of all our payroll processing services and their associated costs.