What is managed payroll?

When it comes to running a business, payroll is one of those things you must do. And with that comes all the complexities that makeup what payroll is. 

However, for a large majority of business owners, payroll is not on their list of expertise. Which is why so many businesses search for alternative solutions to handling their own payroll processes.  

This is where managed payroll comes into play. Helping to streamline payroll management and simplify the intricacies of payroll.  

But what exactly is a managed payroll service and how does it benefit your business? 

In this guide for employers, we uncover all the details you need to know about managed payroll services. Including why you may choose this solution for your business.  

Managed payroll definition  

At their core, payroll service providers are specialised companies skilled in handling payroll and tax filing for a range of businesses. This enables you, as a business owner, to concentrate on your primary activities, confident that your payroll is being managed effectively and in compliance with regulations. 

In a nutshell, managed payroll services offer more than just payroll processing. They bring efficiency, compliance, cost-effectiveness, and peace of mind to businesses. 

Business operations frequently rely on managed payroll services as essential partners. These services take on crucial tasks like helping to streamline the payroll process, whilst saving a business crucial time.  

How do managed payroll services work?  

Managed payroll services streamline payroll responsibilities, including: 

• Calculating and confirming employee pay 

• Disbursing employees pay 

• Distributing payslips  

• Handling tax filings 

• Ensuring compliance with HMRC 

• Optimising workflows including payroll reports  

By switching to a managed payroll solution, you will not only save your business time but protect your business from potential errors and ensure compliance with employment laws and HMRC regulations.  

Reasons to switch to a managed payroll service  

Adopting managed payroll equates to recruiting a highly efficient, cost-effective team that’s always at your service. It allows businesses to redirect their limited manpower towards core business functions and growth initiatives. While gaining peace of mind knowing payroll is covered.  

There are so many reasons why businesses choose to switch to managed payroll, including:  

• Saving time  

• Reducing costs 

• Accessing the expertise of payroll professionals  

• Compliance with HMRC  

• Reducing the risk of penalties  

• Peace of mind  

For more on the benefits of managed payroll services, read our dedicated article for businesses making the decision to switch. 

Integrated payroll and HR solutions  

By integrating managed payroll with HR solutions, you can enhance payroll operations, reducing administrative tasks. Picture a system where you press a button, and payroll is processed automatically. This simplifies your workload, boosts efficiency, and minimises costly errors. 

Discover a managed payroll solution with BrightHR  

Imagine a fully managed payroll service provider as your all-in-one solution, overseeing the entire payroll process while also offering extra services related to payroll and HR management, including the backing of a dedicated payroll team. Well, with BrightHR payroll software and support services, you don’t have to.  

Combining our HR software with our payroll software and managed payroll services, means you get an all-in-one solution for your people and payroll management. Making sure to tick every box.  

Our team of CIPP-qualified professionals ensures that your payroll is in safe hands, providing you with the assurance of full and timely reconciliation. Reclaim your time and let us take care of it all. 

Register your interest with us for our managed payroll service.