Payroll Services

PAYROLL SERVICES

At TaylorHay we provide high quality cost effective payroll services to small and medium size businesses across Australia and the South Pacific. Our Business Payroll Packages include payroll processing, preparation of payroll journals and reporting services. By using our experienced team of qualified accountants we can assist you reduce administrative tasks, operating costs and the risk of payroll fraud.

TaylorHay provides the following payroll services:

Prepare an process payroll	Prepare and process payroll journals
Manage additions and deductions	Reconcile weekly / monthly payroll
Manage time and attendance records	Manage leave liabilities
Provide weekly / monthly payroll reports	Terminations and calculations
Preparation of monthly tax returns	Setup new employees
Prepare superannuation payments	End of Financial Year processing

WHY OUTSOURCE YOUR PAYROLL

Payroll processing is one of the most important functions for any business, and one that no business owner can afford to get wrong. Whilst numerous businesses prefer to process their payroll in-house with their own computer infrastructure, software and payroll specialist, many businesses find that choosing to outsource their payroll is the most efficient course of action.

The following explains the many benefits of having your payroll processed by TaylorHay and why outsourcing could be beneficial for your business.

BENEFITS OF OUTSOURCING

1. COST

The cost of processing payroll in-house should be comparable with the costs most outsourcing companies charge. Unfortunately, most companies are not as efficient in processing payroll compared to specialised Payroll Service Companies. When comparing costs, tasks such as hours required to prepare and process not only the payroll but also; weekly/monthly reports, PAYG returns, superannuation payments, leave management, termination calculations, etc., all need to be taken into consideration.

The following table illustrates the costs of a company to process a payroll in-house with 25 employees compared to the cost of outsourcing to TaylorHay Payroll Services.

PRICE COMPARISON

BASED ON AN AVERAGE OF 25 EMPLOYEES PER PAY CYCLE
COSTS		IN-HOUSE		ESSENTIAL PAYROLL	ESSENTIAL PAYROLL PLUS
	WEEK/MONTH/YEAR		ANNUAL
Weekly Pay Cycle	*	$300	$15,600	$250	$375
Month End Procedures	**	$240	$2,880	Included	Included
Year End Procedures	***	$720	$720	Included	Included
ANNUAL COSTS			$19,200	$13,000	$19,500
* Based on average of 10hrs per week		** Based on average of 8hrs per month		*** Based on average 24hrs per year

2. PRODUCTIVITY

Payroll management is a time-consuming activity. With this burden removed, your employees can focus on doing more productive things, and you may even be able to trim the number of staff employed.

3. ACCURACY

Payroll mistakes can be expensive. A good payroll-services provider is far less likely to make a serious error than your in-house staff. Furthermore, if a big mistake is made, you can seek financial restitution from the provider, something you can’t do with your own employees.

4. RELIABILITY

In-house payroll services function as reliably as the people doing the work. At TaylorHay Payroll Services, output speed and quality will not vary in accordance with vacations, illnesses and other priorities your payroll officer may have. You also won’t have the costs associated with training new employees on how to process your business payroll system.

5. FLEXIBILITY

Boring, repetitive payroll work can act like an anchor on your business. Your staff, when freed of rote payroll responsibilities, will be free to focus on other, more creative work.

6. SECURITY

TaylorHay Payroll Services is part of TaylorHay Business and Forensic Accountants that provide highly specialised Forensic Accounting and Fraud Investigation Services. As part of our company charter a qualified forensic accountant overseas all Payroll Services operations and conducts regular fraud prevention tests to ensure the risk of fraud is significantly reduced. Common tests include, overpayment schemes, ghost employee schemes, commission schemes and employee expense reimbursement schemes.

7. WORRY

TaylorHay Payroll Services provide business owners and managers peace of mind knowing that your payroll will be prepared accurately, reliably and is secure. This allows you to focus on running a more profitable business.

TaylorHay Business Payroll Package Solutions.

DISADVANTAGES OF OUTSOURCING

At TaylorHay we understand the disadvantages associated with outsourcing payroll services. Apart from the numerous benefits, there are a few negatives that you should always consider before deciding if outsourcing payroll services is right for your business.

1. ACCESS TO PAYROLL REPORTS AND OTHER EMPLOYEE DATA

Businesses that rely on a payroll outsourcing service do not need to employ full-time specialists and keep payroll records on their premises. It is therefore important that your payroll service provider is accessible to provide information or reports on a timely basis. At TaylorHay you are allocated a dedicated payroll specialist to answer any queries or provide additional information that you may have.

2. TIMELY CORRECTION OF MISTAKES

Employees expect to be paid all their entitlements each and every pay cycle. Unfortunately, mistakes and omissions do happen. At TaylorHay we understand the importance of correcting mistakes in a timely manner. If a mistake or omission occurs your dedicated payroll specialist will process an adjustment in a timely and efficient manner so that no employee is disadvantaged.

Although these problems do not arise frequently they do happen and strategies need to be in place to manage such occurrences. However, when weighed against the advantages of outsourcing, the disadvantages are negligible.

For further information relating to our specialist services please contact us or call on +617 5631 9862.