The top benefits of outsourcing your payroll
Getting the payroll right every month is crucial for any company, however large or small. A recent survey has identified Europe as the most complex payroll region in the world, with 65% of professionals saying that managing legislative, HR and payroll updates is their number one challenge, with issues such as GDPR, Working Time Regulations, IR35 and the gender pay gap adding to the complexity.
If you run your own business and have been struggling with managing your own payroll, or your payroll manager has just handed in their notice, then it’s time to think about the benefits of outsourcing your payroll to a specialist company.
Mistakes will be costly in terms of time and money to put right. Vitally, they will inconvenience the member/s of staff concerned, possibly even leading to them having problems paying their rent or mortgage. This will not only be very stressful for them, but it could result in reduced motivation and loyalty. And if payroll mistakes happen on a frequent basis, you could end up losing staff.
By outsourcing the work to payroll specialists, the likelihood of errors becomes minimal.
You benefit from their years of experience
When you outsource your payroll to a specialist, you get the benefit of the combined experience of every expert in their company. They will also be in a much better position to stay up-to-date with developments and make sure you are compliant with employment laws and implementing changes in legislation, e.g. auto-enrolment and GDPR.
Allows you time to do what you do best
Why would you want to struggle with a task that you’re not familiar with when the success of your business depends on you concentrating your time on doing what you do best? That’s exactly what payroll specialists are doing!
By outsourcing payroll to a specialist, you can concentrate more of your time and energy on running your business, secure in the knowledge that all your staff will be paid what they’re due, on time.
You save on the costs of staffing
If you employ a dedicated member of staff to deal with your payroll, then you will be responsible for their recruitment and training. But if you are not a payroll specialist, how well do you understand what you’re looking for in terms of skills and experience when recruiting a new member of staff? And if that person doesn’t work out and leaves your company at short notice, where will that leave you with regards to getting the payroll done? By outsourcing your payroll to an accounting specialist, you are also relieving yourself of these worries.
You will also be saving on the costs of having another member of staff in the office, including overheads, equipment costs and other resources, recruitment costs, contributions, perks etc.
Peace of mind
Essentially, by outsourcing your payroll, you are giving yourself peace of mind, enabling you to concentrate your time and energy on running the business. With no margin for error and real time reporting to the Inland Revenue, our payroll specialist team can help you fulfil your payroll needs accurately and on time, every time.
If you would like to talk to us about the possibility of outsourcing your payroll, please contact us to make an appointment.