Our managed payroll service is an efficient and cost effective way to accurately pay your people on time. We work with each client individually to develop a bespoke payroll solution, meeting your needs and requirements. Read on to find out about our managed payroll service:
Why use our managed payroll service?
1. Reduce costs
In-house payroll services can be an expensive facility, irrespective of the numbers of employees you have. When you quantify the relevant salary cost, the relevant Employer PRSI cost, software fees, printing costs etc you would be surprised at the overall cost involved as compared to an outsourced solution.
2. Bespoke solution
At BDO we design the payroll to suit your specific requirements. Our managed payroll service is customisable to your business requirements and is adaptable to businesses of any size.
3. Professional expertise
Our staff are trained accountants, tax professionals and are trained to IPASS standard qualification. In addition to this we are able to rely on the in-house advice of specialised professionals in the areas of finance, wealth management and taxation. Therefore our team of professionals provide significant knowledge support which distinguishes us from our competitors.
In-house payroll activities function as reliable as the people doing the work. With a payroll service output timing and quality won’t vary in accordance with holidays and absence on medical grounds for example. There would be no requirement to ‘train in’ new staff should the existing payroll operator be absent. Continuous changes in payroll require on-going updating and training which may not be practical in regular businesses.
5. Increased productivity
Many companies are outsourcing their payroll because payroll management is a time consuming activity. Using an outsourced payroll services will remove this burden, which may enable your employees to focus on doing more productive things and you may even be able to reduce costs by reducing the numbers of staff you employ.
6. Security and data protection
Do you have the time and or expertise to closely supervise your business’s payroll for time and rate abuses? Most payroll services firms have technologies that can spot and alert clients to various types of payroll fraud, such as payment manipulation and “phantom workers”.
Our managed payroll services
1. Gross to net calculation
We can calculate all PAYE/PRSI/USC deductions made from employee’s salaries and remit the correct tax liability to the Revenue Commissioners on behalf of the employer. We do this by submitting the monthly Form P30.
2. Employee payment
All weekly/fortnightly/monthly salaries are calculated once approved by the client; we can transfer all payments due to employees direct to their bank account by Electronic Fund Transfer.
3. Legislative compliance
We can implement all necessary legislative changes as they arise. A significant challenge for any payroll operator will be dealing with the implications of statutory requirements arising from changes in legislation that are introduced. Failure to understand and implement these changes can prove very costly.
4. General ledger journals and interface
We can provide the interface file to feed into your General Ledger system. We can also interface directly from your HR / T&A software directly into our payroll database.
5. End of year administration, P60’s, P35 reconciliations
We can complete the Form P35 on behalf of the employer and we can submit it to Revenue before the required filing deadline. We can also issue the Form P60 to each employee.
6. Client dedicated enquiry service
BDO shall appoint one person who shall oversee administration of the payroll process and take responsibility for day to day processing, communications, support and queries. When the assigned person is unavailable, another member of the staff from the Payroll Services Centre will assist with queries.
Tel: (061) 414455
Tel: (061) 214253
Payroll Services Manager
Tel: (061) 214253