What Is a Managed Payroll Solution?

Payroll managed payroll can be an overwhelming task for any organization. It requires specialized knowledge of payroll systems, processes and procedures and payroll laws. When payroll mistakes occur, penalties and fines can be costly. It can also take valuable time and energy away from concentrating on core business functions. A managed payroll solution reduces the burden of processing payroll in-house and can help to avoid costly penalties and fines.

A fully managed payroll solution is where a provider effectively acts as your payroll department. They calculate wages, liaise with HMRC on your behalf, manage employee deductions such as student loan deductions and national insurance contributions and submit bank files accurately and timely. They can also provide a range of additional services such as producing payslips, filing statutory forms and managing ad hoc changes to payroll (such as adjusting pay scale structures).

Unlocking Business Potential: The Power of Managed Payroll Services

In a managed payroll service, the provider is responsible for all aspects of contingent worker payroll, which means you don’t need your HR or finance team to manage the process in-house. This can be beneficial for organizations that need to keep payroll costs down, especially if you’re using a highly specialist managed payroll provider, such as Namely.

This model is best suited for businesses with a large number of contract workers, high turnover or seasonal staffing patterns. It can also be beneficial for employers that want to make sure their payroll is accurate, compliant and backed by an accuracy guarantee.

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