Business size is no indicator of the responsibilities relating to tax regulation. Every employer has to cope with the burden of payroll taxes. Ignorance of the law is no excuse for incorrect calculations or submissions to Revenue.
Remaining up to date with payroll calculation can put an undue burden on a business regardless of its size, sector or situation. Businesses, no matter where they are located are required to calculate deductions from staff wages based on the year’s financial budget. This can add a significant administrative burden to the staff. It is certainly not something that can be taken care of as an afterthought. A poorly managed payroll can have costly consequences for a company and may even lead to stressful and time consuming audits by revenue and other regulatory agencies.
Larger and medium sized companies can typically absorb the cost of a dedicated payroll department or outsource the process to a payroll bureau without much difficulty. For smaller businesses the decision of how to handle a managed payroll can be more difficult. While software certainly provides a useful tool to assist in the payroll process, their success very much depends on the knowledge and manipulation of the operator. Specialist payroll bureaus or providers such as Paycheck Plus provide consultation, training and advice enabling businesses focus on their core competencies without the worries of payroll and legislative calculations.
Many companies are coming to the conclusion that even with the availability of comprehensive software and professional on-site training it is still better to have an externally managed payroll solution. Sometimes, it might be because the staff that would be appointed to payroll are too valuable in their other roles or may not always be available when required for payroll. Confidentiality and data security may be a consideration while others may be expecting substantial growth in the near future requiring the flexibility that an outsourced solution provides. Staff turnover, absence and other planned or unplanned may expose the company to problems at payroll time. Paycheck Plus provides comprehensive Payroll Bureau services ensuring your payroll is managed in the most cost efficient and effective way possible.
If you think a managed payroll solution would benefit your business talk to us today on +353 (0)41 686 3000 or Lo-call within Ireland on 1890 552 552. Alternatively contact our Payroll Team or request a callback at a time to suit you.