For many small businesses, the administration of payroll can be a painstaking task that takes precious resources away from other areas of the business. While it is an essential function of any business, it can still be a complicated, time-consuming process.
Some people recognise this as a major issue in their business and instead choose to outsource payroll. Opting for the peace of mind that comes with knowing payroll is being taken care of by an expert.
There are many reasons why outsourcing may be the right option for your business and we’ve shared some of them here:
1. Save time
Let’s start with the most obvious benefit. Outsourcing your payroll will save you so much time. Time that you can spend doing what you do best, running your business.
Whether you have a team of 20, 200, or 2,000, processing payroll in-house can be a big drain on your resources every week or month – it never stops.
2. Cut costs
Believe it or not, outsourcing payroll can actually be a more cost-effective choice.
The cost of payroll includes more than just your employee’s wages. You have to add in the cost of payroll software, payslip supply, printing and distribution, training, reporting, and more.
3. Reduce risk
Because of extensive legal requirements, simply running payroll can be a risk to your business.
If any mistakes are made – due to lack of knowledge, not having the right specialist skills or failing to keep up with changes in legislation – it can end up costing even more time and money to look into and put right.
In the worst case scenario, you can face penalties from HMRC for missing payroll deadlines or making mistakes. Outsourcing payroll can effectively remove the risk so you can rest easy knowing it’s being taken care of.
4. Access expertise
Regardless of the size of your company, by choosing to work with a payroll provider you can get access to specialist expertise that your business would otherwise be lacking.
Your payroll-related queries can be answered quickly which means that your in-house team doesn’t have to spend countless hours trying to find the answers and getting lost in a neverending Google search.
5. Get flexibility
Payyroll services don’t necessarily have to be a one size fits all solution. It can be tailored to suit the needs of your business and the level of support you want.
With one-off or ongoing payroll auditing, payroll reporting, and tax efficient payroll processing just some of the services offered.
Is outsourcing payroll right for you?
With more time to focus on building your business, having peace of mind that payroll is being done properly, and reducing the level of risk and costs involved, it’s easy to see why more and more businesses are choosing to work with payroll providers.
If payroll is becoming an increasing pain, consider speaking to our team about your options. Please give us a call on 07498 506475 or drop us an email.