Payroll: it’s essential to get right every time, unless you’re comfortable with seriously damaging the morale of your employees.
It’s also a complex task, no matter how routine and repetitive it might seem from the outset. There’s a reason most businesses hire an individual or team to manage their payroll.
But not every business has the funds or office space to do that. You could do it yourself, but you didn’t start a business to administer the payroll. The solution? Consider outsourcing your payroll.
What is payroll outsourcing?
Payroll outsourcing involves hiring an external individual or organisation to handle your payroll functions on your behalf.
The level of service you outsource can vary. Some suppliers might provide a basic service, for example, while others provide the full package, including liaising with HMRC.
Typically, businesses outsource to an accountant or bookkeeper, or a specialist payroll company.
Advantages of outsourcing payroll
Outsourcing your payroll obligations carries with it a number of advantages.
First, outsourcing frees up your precious time – time that would be better spent focusing on your core business or recharging at home.
It also reduces the need for you to hire and train in-house payroll staff. In other words, by outsourcing, you can get a professional handling your payroll right away without a crossover period. And, as we said earlier, you might not have the money or space to hire in-house, in which case outsourcing will be a great advantage to you.
Furthermore, outsourcing reduces the chance for errors, omissions or late payroll filings. You should never underestimate the complexity of payroll – calculations are based on a wealth of factors, from salaries and T&Cs to benefits and deductions.
Then there’s apprentices and ages to account for, on top of part-time staff and zero-hour contracts. That’s not to mention sector-specific payroll schemes, such as the construction industry scheme, as well as IR35.
That’s a lot to get wrong when it comes to manual calculations and data entry, but with a team of professionals by your side, all this will be processed to keep your employees’ pay accurate and on time.
Using a payroll provider that invests in state-of-the-art technology with multiple server locations also means your confidential data is kept completely safe and secure.
Lastly, payroll providers naturally charge fees, but when compared to the cost of the fines and penalties that can result from mistakes, outsourcing can actually save businesses money. Depending on the size of your team, you might actually spend less outsourcing than hiring in-house, too.
Outsource your payroll to us
We understand that as a business owner, you have to handle a range of issues everyday, from contacting suppliers to managing the team and planning your business’s next step. We’re determined to prevent your payroll duties from these core business tasks.
That’s why we offer a bespoke payroll service that covers all your compliance obligations while providing you with summaries and analyses of staff costs in whatever format is most appropriate for your business.
We can also advise you on the administration of ex-gratia payments, bonuses, incentive schemes, maternity pay, statutory sick pay and other areas that may crop up.
We’re flexible, so we’re happy to provide you with as little or as much support as you need, whether you’re looking for a payroll provider to tide you over until your in-house team is trained up, or someone to run your payroll for the long term.
Contact us to outsource your payroll to a team of professional payroll experts.