Managing a recruitment agency is a time-consuming task. It involves a whole lot of processes such as dealing with the clients, placing the right candidates, administrative work and the list goes on. Recruitment Payroll is a complex task, it is not just about the recruiters getting paid but also managing the pool of temporary candidates. This ever changing management makes the recruitment payroll more complex.
Payroll refers to company’s records of its employees wages, salaries and bonuses and withheld taxes. This requires specialised and trained staff. There can be penalties for non-compliance. If your company is struggling with payroll, then you may want to outsource it. Outsourcing will save your time and money and also dealing with stress. Avoiding compliance issues makes payroll outsourcing the best option.
Payroll is a job of paying the employees and requires a range of skills and knowledge to do it right. It’s important to get things done on time and accurately. Employees are entitled to receive the pay on or before the due date. It’s vital to meet the deadline. There are also deadlines to pay to HMRC. Failure to pay on time will result in high-penalties. When outsourcing payroll ensure there is good communication between both parties.
Many recruitment agencies are choosing the option to outsource their payroll service to a reliable Payroll Service Provider. There are many benefits associated with outsourcing recruitment payroll to external provider:
Benefits of outsourcing payroll
- Cost Effective:
Outsourcing payroll can be a cost effective solution for a recruitment agency. The time, cost and resources spent on managing payroll can result in large overhead depending on the number of workers and contractors. This cost will be reduced if outsourced to external service provider.
- Reduces Administrative work:
More the number of temporary workers and contractors, more is the administrative task. Outsourcing payroll service can help reduce the administrative work and cost to hire the skilled staff. You can get your peace of mind and focus on other important work and improve productivity.
- Expert Knowledge:
It is essential to keep abreast with the changes in regulations. It can be challenging to keep track of employment status of temporary workers and the latest legislative changes, especially when it comes to recruitment payroll. Outsourcing the payroll will help with expertise and trained teams dealing with worker queries and status to ensure full UK Compliance.
- Dedicated Service:
Outsourcing your payroll means having a dedicated account manager working on your behalf. Instead of using your own finance and payroll team to deal with temporary workers and contractors queries they have their own team of experts.
As the number of workers and contractors increases so does the chances of human error. Errors with the payroll can prove to be fatal for the brand as well as client relationships. Outsourcing to an external payroll provider will ensure the accuracy in payment of the contractor, recruitment payroll as they have a specialized team. It also minimises the risk of fines, penalties and inspections.
Outsourcing your payroll is profitable to your business. Payroll rules and legislations keep changing and it requires the manager to keep updated. It can become complex for the inhouse staff to manage the payroll. So, for peace of mind it is essential to outsource your payroll service to a trusted third party. This way you can better focus on your business and work towards its growth.
To discuss your payroll requirements or for more information about our recruitment payroll service, please feel free to call today on 020 3500 2615 or email us at email@example.com