What do you actually gain from outsourcing payroll and does is bring your business any real benefit? Here are 5 key reasons that are driving the increase in payroll outsourcing and why it could make sense for your business to do the same.
Calculating payroll, filing, filling in forms, generating reports, processing and preparing payroll taxes – these are just a few of the Payroll tasks which all require attention to detail. Imagine the amount of time consumed by your staff - what’s the saying? Time is money.
Not to mention, if you calculate the cost of hours spent on payroll activities each month, also taking into account software package costs, the likely hood is you will be pleasantly surprised to find a pay roll provider can offer you something similar for their services.
Frees up time and resource
Managing and processing payroll demands a large amount of time and attention to detail which can take up a lot of your staff resources, particularly if the staff are not trained specifically to deal with payroll. As specialist in their field, a dedicated payroll service provider can provide speed in turning around even the most complex payroll queries as and when required. By outsourcing your payroll function, you can free up staff resource giving them capacity to focus on more essential parts of the business.
Compliance with HMRC
With tax regulations continuously changing making errors is increasingly easier to do. These mistakes can leave to investigations and hefty penalties – situations which no business owner, especially small business owners, want to be subjected to.
But who has the time, on top of everything else, to keep up to date with all of the latest regulations? This is where a third party professional payroll provider can fill in the missing knowledge gap. As experts, payroll service providers must keep informed about new regulations and therefore they can ensure you stay compliant. Additionally their knowledge on filing deadlines, tax codes, requirements, payroll software and government forms will ensure your Payroll is dealt with efficiently.
Compliance with The Pensions Regulator
Employers needs to ensure that employees who are eligible for a pension are enrolled into a qualifying pension scheme. This needs to be assessed each time you pay your employees. You also need to upload the contributions each pay period to your chosen pension provider. As a payroll bureau we can do with all this on their behalf.
Boosted security and reduced risk
Dealing with highly confidential data always presents a level of risk. Is your payroll data as safe and secure as it could be? Giving access to such data, even to your most trusted staff members, there is always an element of risk which can be hard to control. There is also the risk of using various cheaper software’s from companies which are not established and there are not reliable.
By outsourcing payroll to an experience provider you can have peace of mind that any confidential data is being managed and stored securely.
Outsourcing payroll can bring about a real sense of ‘peace of mind’ to business owners and managers. No stress, no worries and no hassle. You and your employees can concentrate on running other aspects of your business knowing that your payroll and payroll tax obligations are being met.
If you want to know more about the benefits of outsourcing your payroll and for a free quote, contact our Payroll Director, Jessica Haunch, today: firstname.lastname@example.org