UHY Farrelly Dawe White Head of Accounting Services Niall Clarke
AS you may be aware January 1, 2019 is the launch date for the modernised PAYE system. This means that employers could face potential issues relating to payroll that they never considered before - including an increased administrative burden and ICT related issues.
Not to mention the extra time that will need to be spent making sure that employers are up to speed on the changes. If you’re not compliant with PAYE Modernisation, it might be time to consider outsourcing payroll so that you meet Revenue’s requirements and avoid the potential financial cost of penalties along with the added stress it brings.
This week, I've done up a brief guide which outlines the several benefits of outsourcing payroll. You’ll be wondering why you waited until now to reap the benefits of outsourcing payroll which will not only improve your peace of mind but will leave you with more time to concentrate on your day to day duties.
First, it can often be expensive to employ staff with the necessary training to operate a payroll system. If you calculate the hours your employees spend on payroll-related activities, plus payroll software costs, training costs, printers, printing and distributing payslips, creating tax documents etc you could be surprised by the result.
Compare that amount to the cost a payroll service provider can offer and you’ll be amazed with the savings you’ll make. Payroll mistakes can be painful, upsetting and stressful.
A good payroll service provider is far less likely to make a serious error than your in-house staff, as you are paying them for their expertise, knowledge and the finely-tuned checking procedures they have in place.
If you outsource payroll, you can focus on running your business knowing that your payroll obligations are dealt with correctly, efficiently and lawfully. Once PAYE Modernisation comes into effect in Ireland on the 1st January 2019 you’ll need to be confident that your business is ready for the change.
According to Revenue you must ensure that:
- You have the right PPSN for all your employees
- You have received an up to date tax credit certificate for all your employees and that you are applying the most recent one
- All your employees are registered with Revenue
A good payroll service provider will know all the ins and outs of payroll-related tax laws and the latest government legislation so you won’t have to worry about it.
With a payroll service, output, speed and quality won’t vary in accordance with holidays and sickness and you avoid a logistical nightmare on payday.
If you outsource payroll, you are guaranteed total discretion and confidentiality. Your data is fully secure and backed up, and measures for detecting fraud are in place.
To learn more about outsourcing payroll and the other services UHY FDW provides contact UHY FDW on 042 933 9955 or email email@example.com.