LOW VS HIGH VOLUME PAYROLL, THINGS TO CONSIDER
Processing payroll can be an exciting and profitable business but one of the main considerations to take when establishing your firm is the target client that you would like to be working with. The decision between many, low-volume clients or fewer, high-volume payrolls comes with many considerations and in the following blog, we will look at some of them and how FreshPay can make the decision that bit easier for you.
Low Volume Payroll
Typically associated with smaller businesses or director-only pay runs, and while they are simpler than their high volume counterpart, there are a few things to consider with low-volume payrolls. For starters, they can be time-consuming when there are many of them to do and, as we all know, time is money! They are generally a simple payroll with few changes that need to be made but the time taken to make all of these adjustments soon adds up and while they can be processed by one person, this does leave the potential for error much higher.
When considering taking on these smaller clients, it’s important to factor in the cost of setting up and managing their accounts. Having a dedicated payroll manager to run these, along with the necessary resources to process them properly, can be a costly exercise but this is where the automations within FreshPay shine. For director-only payrolls, once that automation is set off, you have the peace of mind that nothing is left to human error. Tax code updates, RTI, FPS and EPS submission, and payslips are all submitted on the date that you have selected, leaving you to carry on with the 101 other tasks that you need to complete before the end of the month!
High volume payroll
Taking on a payroll with a large number of employees can be a daunting task. Not only from an admin perspective but also factoring in the cost of software capable of handling these larger numbers. Sometimes, these high-volume payrolls can even come from a client who you already work with. If their business is thriving, then so is yours, but what happens when their employee base starts growing and you find yourself with more payslips to process than you bargained for? A win for the client but a potential headache for you!
As accountants and bookkeeping professionals, here at FreshPay, we have always understood how the number of employees that your clients have, whether they’re a new client, or a growing business, is not something that you can control and therefore, should not be a factor in the pricing of your software. This is why we have always been priced per employer giving you the peace of mind that, even when your clients do grow, you’re able to grow with them.
As with low-volume payrolls, time is also a factor when it comes to processing the payroll for your high-volume clients, which is why we have also implemented efficient systems and automations for any size of payroll. The ability to set company templates, bulk edit employees’ hours and submit payroll at any point within the month allows you to manage time more effectively and have the confidence that tax code changes, EPS and FPS reports along with RTIs, and payslips will be submitted and processed automatically.
High or low, come the end of the month, people need to be paid and for either, this can be a laborious task. That’s why we have a quick and easy CSV that can be downloaded by you or the client to be uploaded to the payment provider of your choosing. If you couldn’t tell, we’re all about efficiency which is why our founders choose Crezco for their secure, instant and frictionless payments, which can be processed as soon as authorised.
Looking at all the factors that need to be considered when looking at low and high-volume payrolls, we’ve concluded that with FreshPay, you don’t need to choose. As a software that has been built specifically for running any size of payroll, there are few restrictions when it comes to using FreshPay. From the automated director-only payroll, saving you time, money and errors, to the bulk edit, allowing you to populate hours worked by employees efficiently, there is no need to shy away from any size of potential client and you can fully celebrate the wins of your current clients when they grow. Transparent and secure employer and employee portals allow for all parties to check the data, minimising errors and saving you time from having to download and send reports and documents.
If you’d like to see how you can take on any size client, click the button below to book some time with one of the FreshPay team and see for yourself.