Real Time Information Payroll
You probably felt like you had enough headaches reporting payroll information on a monthly, quarterly, or annual basis. How do you feel about the real time information demands of reporting your employee payroll information every payday? This seemingly simple change to the laws in the United Kingdom has created a lot of new work for account and payroll departments that were already overwhelmed with work.
How is your business dealing with RTI?
How are you dealing with this major change to payroll law? Many companies are paying overtime to their accounting staffs or hiring new employees just to make sure the reporting is completed on schedule. How can you avoid all of these extra costs and headaches from the real time information policy?
The simplest way is to turn over all, or part, of your payroll processing to outsource services that specialize in payroll calculation and reporting. Their systems are designed to get the processing and reporting phases done accurately and fast at a low cost. You will discover that in most situations the cost of having your payroll calculated and reported by an outside agency is significantly lower that hiring another employee or paying overtime wages. There is one other advantage, too.
Upgrading software programs for RTI can be expensive
Many companies discovered very quickly their payroll systems did not have provisions to do the right reporting on a weekly basis. The reports were designed to be produced on other cycles, but not on a payroll-by-payroll basis. This leads to high costs to upgrade programs, replace software, or have reports customized. If you outsource the processes you eliminate the need for rush changes to your software.
Let YVO take care of your payroll
Are you struggling with all the changes these major changes created? You are not alone. Many companies accounting, human resource, and payroll departments are overwhelmed and barely keeping the required work done. This work overload leads to frustration, cost increases, and low morale in these critical departments in your company. Those factors make it nearly impossible to put a real cost on this change to the law.
Think about all the things your staff is now focusing on. They have to worry about Employer Alignment Submissions, Full Payment Submissions, Employer Payment Summaries, and National Insurance Verification Requests. They are learning new terminology, new processes, and doing all of it on a rapid-fire schedule. Is it time to give your staff a break and enroll the assistance of an outsource company that specializes in real time information requirements and all aspects of payroll in the UK?
Contact Your Virtual Office today and discover how partnering with us can help your business grow;
Tel: 01268 411269
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