Payroll Management

 

Outsourced payroll service

VPEF offers bespoke payroll services, tailored solutions to its clients’ requirements. Our clientele base is spread across small to multinational companies.

Our module includes managed service, payroll accounting, taxes, compliance management, pension enrolment, vendor’s management and money movement service. All services provided are compliant with changing legislations and GDPR rules.

Outsourcing your payrolls to VPEF will save you time and money. For example; VPEF will be monitoring and processing your payroll with care, mitigating risks, producing seamless payroll output report, reducing your administrative challenges and paying your employees accurately and on time.


Outsourced payroll service

Payroll Management

We know payroll can be time consuming and tedious. Thus, VPEF is here to take that burden from you and do it professionally and cost-efficiently. We will manage your end-to-end payroll allowing you to focus on your business operations and growth.

Our Payroll management package includes:

  • Data collection and cleansing
  • Processing payroll for all employees; starters (form P46 or starter check list) and leavers (form P45)
  • Processing changes of employees’ lifestyle: maternity, paternity, shared-parental leave, bonuses and expenses, variable and trivial payments, etc.
  • Processing year-end documents such as: form P60, P11D (b), and others.
  • Standard report writing and output of FPS and EPS (either weekly or monthly depending upon client’s request)
  • Processing HMRC EDI and monthly tax requirements
  • Generating payslips, variance reporting and payslip summary
  • Distributing payslip electronically to employees
  • Statutory payments and payroll accounting
  • Providing money movement (out of scope)
  • GL ledger and reconciliation
  • Data submission to third parties

Outsourced payroll service

Payroll Accounting

International payroll accounting

As a young UK company, your strategic goal could include commitments to global expansion, centralising processes, or team development; all of which may result in the implementation of various payroll hubs and a complex management of the Chart of Accounting. Thus, it is important that your end-to-end financial processes, general ledger posting, and control account reconciliations are monitored and supported by specialists to avoid backlogs of unreconciled accounts and auditing issues.

Process mapping and posting

Our experts understand the demands and pressure payroll accounting has on your team and consequently your budgeting. We will offer you an effective action plan which would include your global payroll postings and reconciliations. This service will ensure that changes are dealt with in a timely manner, and best practices and process catalogues are unified and implemented in each department. Our service will help to put in place processes to validate transactions by reviewing the entries for accuracy and authorise such things as payroll tax entries, withholdings and overtime (if applicable) to ensure that transactions occur correctly. The reconciliation or balancing of payroll will include making entries to distribute payroll to the appropriate cost accounts.

Operational effectiveness and readiness

We offer a unique responsibility matrix which includes; RACI, unifying stakeholders processes with HR and payroll, better concept in applying continuous improvement strategy, agility to payroll legislative changes and demands, understanding payroll and finance relationship, the importance of timely and accurate mapping plan per country, reviewing and understanding your payroll output reports provided by your Vendor, and being able to quickly identify and fix mapping and posting issues as they occur.

We will guide and support your team on how to reconcile your global payroll and finance ledgers for salaries, wages, freelancers and employees withholding - for example, national insurance, PAYE, pensions, bonuses, special payments and other flexible benefits (private medical and dental insurance, per diems, entertainment, etc.).


Outsourced payroll service

Additional Services

Above payroll outsourcing and management, VPEF can provide support on:

  • Year-end reporting
  • Payment submission to 3rd Party providers
  • Postage of documentation
  • Month-end reporting
  • Additional payslips or statutory forms
  • Account reporting
  • Account submission to 3rd party providers
  • Any other as per client’s specification.

Outsourced payroll service

Money movement service

Does your business operate in the UK and internationally? Are your employees based internationally? Is paying out salaries costly and time intensive?

We can provide you with solutions to your payroll problems and relieve you of your responsibilities.

We offer cost-effective and flexible money moving services to meet your employees’ needs.

We deliver when, where and how, as needed.

Our money movement services include:

  • Sending money in 130 currencies to SMEs and multinational companies
  • Wire payments
  • Urgent, one-off or recurring salary payments
  • Mitigating risk
  • Salary reporting
  • Revenue compliance

Our money movement services help clients:

  • Save money on currency exchanges, fees and rates.
  • Secure exchange rate & projection.
  • Hold money in 39 currencies and enjoy favourable rates.
  • Track your transactions.
  • Create and monitor your customised cash flow movements.

Outsourced payroll service

Through our global pay platform, we add value to clients’ businesses by saving them extra costs on each transaction and eliminating the burden of payment transfers.

Multiple benefits include:

  • Eliminating the frustrations around local conversion rates.
  • Wire salaries directly to employees’ accounts in 130 currencies.
  • Cash payments - using the streamlined “GlobalPay” platform.
  • Single management fee.
  • Single institution.
  • Single account manager.

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Outsourced payroll service

Why choose us?

  • Experience and Expertise
  • Quality and excellence
  • Trust
  • Community support and care