During the past year, turnover at the division has surged 50 per cent to just under £2.3 million, the Aberdeen-headquartered firm has revealed.
On the back of the strong demand, the firm has added to its global payroll team, which now numbers about 20 people, through a number of key appointments including Katie Lange and Simon Porter.
Payroll has been a key offering from AAB for nearly a decade, and it has developed into a dedicated global service supporting the firm’s clients expanding operations around the world.
The firm has created a global tracking software system, which utilises “interactive dashboard technology”. The software can be integrated with the payroll process, providing clients with “regular and transparent” views of their operations on a real-time basis, AAB added.
Steven Fraser, partner and head of payroll and employment taxes, said “The growth we have achieved in our team has been driven purely based on client demand as globalising operations has become a key focus area for them as they look to become more responsive to their company’s growing needs.
“Global payroll is one of the service areas that is driving today’s business transformations, and has become an increasingly popular opportunity to uniform and standardise processes across all regions that a business is operating in.”
He added: “It is encouraging to see the demand for our services increasing and that it is not only having a positive impact on our firm from a financial perspective, but that we are also attracting top talent in this space to join our growing team in Aberdeen, London and Edinburgh offices, as a result.”
The firm recently announced a sharp rise in assets under advice at its financial planning arm after a period of “sustained” growth. Its AAB Wealth business has racked up a £100m increase in assets under advice (AUA) over the last 12 months, taking its total AUA north of the £300m mark.