There’s a good deal to think about when running payroll. But the overriding concern is that your payroll must be right, as employees need to be paid correctly and on time. As an employer you are responsible for managing payments, reporting on pay, and paying HMRC, not to mention handling workplace pension contributions, administering childcare vouchers and managing salary sacrifice schemes too. Many companies seek outside help in order to handle their payroll effectively.
So what advantages should you expect from an outsourced service and how do you find the right help? As Payroll Manager at HB Accountants, I’ve compiled five key considerations when looking for specialists to manage your payroll.
Save time and keep it legal
Keeping pay legal and saving time are two very good reasons why companies outsource payroll services. If you’re not a payroll specialist, then running your own payroll is time consuming. Payroll is rarely straightforward to implement. There are many things to take into account such as tax, NI, shift patterns, statutory sick pay, maternity pay, student loans and other deductions – and all of these factors can frequently change which weighs on your time. The General Data Protection Regulation (GDPR) also makes it a legal requirement to keep personal information safe and secure.
If you consider the amount of time you would need to ensure you complete the payroll correctly and on time, as well as continually researching legislation to stay up-to-date with the law, it becomes clear that outsourcing payroll is a cost-effective exercise. So, look for payroll experts with in-depth and up-to-date knowledge.
Stay focused on your business goals
There’s always the worry that if you are not concentrating your time and energy on your core business, you could actually be losing customers as a result. Getting outside help from a practice such as HB Accountants means the onus is on the experts to ensure your payroll is run correctly and meets HMRC deadlines. Let your payroll partner concentrate on what they do best, whilst you continue to steer your business to success. By choosing a reliable payroll partner, everything that needs to be done, will get done.
Avoid a fine and disgruntled employees
If you make a mistake with payroll, apart from low morale from employees if they’ve been paid too little, and a very unhappy HMRC if you’ve filed the payroll too late, you could be subject to a fine. HMRC will send you a late filing notice if you’ve paid employees and have not sent a Full Payment Submission (FPS) or sent one late. They can also charge you a penalty, unless you have a valid reason for late reporting. Late, missing or incorrect payroll reports can also affect your employees’ Universal Credit payments. Getting outside help with your payroll is a sure way to avoid this happening.
Escape damage to your good name
We know that the social media world we live in leaves nothing hidden from view and detrimental comments online about otherwise well-run businesses can tarnish a reputation in an instant. So, if your business is struggling under the demands of payroll, ask an expert for payroll support before your hard-won reputation is put under pressure too. Assess the scope of the payroll workload in your business seek out a supplier that fits your specific requirements.
Trust a reputation
When choosing a supplier to help you with your payroll, look for references or recommendations so you can ensure your payroll is in safe hands with a fully competent and reliable professional payroll team. Check that the fees are reasonable for the work you require and there are no ‘hidden’ extras. Make sure that you can be confident in their procedures, especially their approach to resolving any payroll issues that might arise.
Finally ask yourself whether you’ll be able to have a good working relationship with the Payroll Manager handling your account – do they have good listening skills, are they reliable and are they committed to providing your business with exactly the support you need?
We can prepare your payroll for you
HB Accountants has been running payroll for many years on behalf of local organisations in Hoddesdon, Ware, Hertford and beyond. We can prepare your payroll each month, tailored to your company’s individual needs. We use HMRC digital compliant software and deal with businesses of all sizes, from sole traders and partnerships to limited companies with over 100 employees.
If you would like to find out how we can help your company with payroll services, then please contact JaneD@hbaccountants.co.uk or call 01992 444466.