A part of the RBS mentor scheme, which provides services relating to HR, law, the environment and health and safety, RBS payroll is designed to help small to medium sized enterprises (SME) focus on the running of their business by taking care of their payroll needs.
One of the most popular financial institutions in the world, RBS have a centuries old history and thorough, professional and reliable service for providing funds and services to all shapes and sizes of business.
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|Reviewed by Expert Market:||12/07/2016|
Products and Services
The RBS payroll service is one of the most meticulous and far reaching in the UK. Although no payroll provider can guarantee a package that covers all needs, RBS payroll comes close for most of their clients.
The main features include:
- Data Capturing
- Pension Auto-Enrolment
At the heart of any payroll service is data capturing. Without a high level of accuracy in this part of the process, even the best providers cannot offer a quality service and comprehensive service.
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RBS payroll is cloud based and is therefore easy to manage and transparent, offering an overview of all pertinent information relating to your finances.
Sharing sensitive information is inherent to all payroll facilities so it is essential that the provider offers the highest level of security. All major financial institutions, including RBS, utilise cutting edge security methods to provide the utmost peace of mind for their clients.
Preventing others from accessing sensitive information is not the only part of payroll security, however. As all your important information relating to payroll is fully backed up to an ISO standard, an internationally recognised benchmark, you always have access to the entire process and its information when needed.
While the standard RBS payroll service offers automated and efficient features, such as HMRC compliance and an all encompassing facility that allows you to focus on the running of your business, you can also sign up to auto-enrolment pension processing.
Because recent changes in law require businesses to enrol their employees into a workforce pension scheme, which includes making a contribution, this has added further complications to what can already be a complex process. The optional auto-enrolment service helps set up pension schemes, processes those who have opted out, sets aside default contributions and provides the appropriate NEST files.
Dealing with the manifold tasks associated with payroll is extremely time-consuming, which is why many businesses choose to outsource their needs in the first place. A payroll provider, however, cannot supply a service that deals with every need.
It is therefore vital that the package you sign up for can offer complete support and flexibility that is easily customised to suit your needs. At the heart of this is a highly functioning support service. RBS staff are highly qualified and available during working hours all year round.
Pros and Cons
The main benefit of any payroll service is that it allows your staff to focus on the tasks they are trained for. Payroll is notoriously time-consuming but it is a vital part of the running of any business.
This is not to say that it is the right choice for all, however. Small businesses, particularly those who have under 10 staff, are likely better suited to dealing with it in-house with an easy to use software that is typically free.
Complex operations, especially those who employ a large workforce or employ freelancers and sub-contractors, are those who will likely benefit most from outsourcing their needs. RBS payroll is designed to help small and medium sized enterprises who fall into this category.Outsourcing to RBS payroll may also be a huge advantage for less tech-savvy businesses as the entire system is updated and maintained as part of the service. Real time processing is essential in modern payroll, as is a high level of security. RBS offer the most effective security systems that are inherent in financial institutions.
The auto-enrolment option for processing, setting up and managing the government mandated pension scheme is an enormous boon to companies that employ full time staff at any level. As with the rest of the benefits associated with payroll services, it deals with complex and time-consuming tasks, but it also accurately calculates and sets aside payments, ensuring you are not hit with an unforeseen bill.
RBS payroll is not designed for large companies but this has allowed them to cater their service towards small and medium sized businesses and in turn direct their attentions towards the relevant issues these sizes of business will typically come across. It is this design that has made them one of the most widely used payroll services in the UK.