Setting up and running a business is hard enough without having to do a multitude of tasks, that will take your attention away from the fundamental task at hand: growing your business. The best solution to this issue is outsourcing. It will reduce the cost dramatically as you wouldn’t need a payroll expert inhouse, it makes your life so much easier and gives you and your employees additional time to drum up more clients and increase sales more efficiently.
Usually, outsourcing is done on issues such as back-office functions and marketing and a key contender for outsourcing is payroll. The maintenance of payroll, with its complex methods and reams of rules and functions to consider, is a huge burden and requires a huge amount of time, especially if your company is constantly growing in size. With constant changes in the industry like pension autoenrollment, payrolling benefits, new payslip rules to name a few, It is better to allow people who know what they are doing and specialize in payroll to take the reigns. It not only gets the job done faster but it also gets it done right!
Payroll, what exactly is it?
As a business owner you will know that once you hit the growth phase of your business, it can be very rapid and too much for your current staff to handle. At this point, you will need to bring on more bodies, and these bodies need to be paid. The process of collecting information, processing these personal data and paying them is what payroll does.
The list of all the employees and a detailed breakdown of exactly how much is paid and whom to, alongside taxes and national insurance, pension, BIKs amounts, needs to be noted. These numbers will then need to be submitted to HMRC via FPS and also be shown in the accounts produced by a company. As you can see as the number of employees grows this can become a tedious and tiresome job, as well as very time-consuming.
What are your options?
Payroll cannot be avoided, that much is clear. Further to this, it is probably one of the most important aspects of your business’s finances. Obviously doing it yourself is a futile effort, especially when need to be out there doing whatever you need to do to grow your business.
One option that is available to you is hiring an in-house payroll specialist, who’s only job will be to take time-sheets and rotas and translate them into a functioning payroll after verifying them against rotas. This option, unfortunately, does have multiple setbacks. Firstly it is another salary that you have to pay, whilst also following strict legal guidelines just as you would with any other employee.
The other option you have is to outsource to Expert Payroll Services, taking a load off your shoulders and making your life easier.
What can payroll companies do for you?
There are so many advantages of outsourcing your payroll to a specialist company. The list is virtually endless but below are a few of these benefits:
To Pay your employees correctly and on time:
Expert Payroll Services will ensure your employees pay is calculated correctly by going thru various validation reports including previous to current month check. Any changes in pay is then checked against previous month and communicated to client for approval. If there is a tax change then the tax code is verified to confirm the calculation. These are some of the examples how we would run a monthly validation checks, but there is much more to this in essence we have all the tools and skills to ensure employees are paid correctly and on time every time.
We keep your data safe:
Allowing a company that is specially designed to create and handle the constant demands of payroll means that they know the repercussions of sensitive data about your company being leaked. It can not only lead to huge lawsuits but also can cause a lack of faith in your company ruining its reputation between workers and clients. Payroll companies ensure they stick to strict standards and compliance to keep your data safe.
Help you save money:
The less you spend, the more profit your business makes. This is a well-known fact. Many payroll providers will give you a package for the number of workers that you need to process. This always works out cheaper than hiring staff, especially if you need to hire more than one staff member.
Due to the knowledge and technology available to the payroll companies, which may be very expensive for you to purchase, your payroll will get done much faster than doing it in house. Fewer hours means the less you pay, thus the more that you save.
Correct filing of RTI:
The number of companies that get fined due to incorrect/late FPS submission is growing every year and can make a serious dent into profits. As the rules and regulations around payroll, pension, benefits, SL, PL and taxes change constantly, so do the number of errors made, especially by in-house staff.
When you outsource to a professional company, you are ensuring that these fines are avoided because the company is fully up to date with every change in the law, ensuring that your payroll are done right and always filed on time. Rest assured that you still have control of your companies data and can access it at any time.
In short, having your payroll outsourced gives you lower amounts or stress and a lot more freedom while saving you money.
To find out more about our outsourced payroll services Why not give us a quick call on 020 3802 1534 or email firstname.lastname@example.org, you are also welcomed to visit our website: https://www.expertpayrollservices.co.uk/payroll-outsourcing/