Research by Paychex has revealed that 25% of payroll staff are concerned that their knowledge of regulations and the legal aspects is not as up to date as it could or should be and that 23% use desktop solutions, 22% use online services. Despite the time and technicalities involved in payroll they found that only 17% would choose to outsource their payroll activities.
A simple question: Why would you NOT choose to outsource your payroll when it makes life so much less stressful and it allows you to concentrate on other core business tasks?
Check out London payroll services provider http://rosspartners.co.uk/payroll-services-london/ to see how they can help you.
The services provided include:
- Assistance with automated payment set-up.
- Payroll completion.
- Employee payslip printing and/or emailing.
- Department reports.
- Staff costs analysis.
- Monthly payroll summary reports.
- P11D and P9D benefit and expense forms.
- New and former employee payroll support services.
- Employee Summary (P60)
- CIS returns.
- Real Time Information (RTI) returns to HMRC.
- Employer Annual Returns (P35)
With the best payroll providers, from payments to reporting, your services will be tailored to how your business needs them for you to have peace of mind and feel in control without managing the task yourself.
Below are 5 reasons to decide to have your company payroll tasks outsourced. Number 1 should probably be for your sanity but we’ll take a more conventional approach.
- Easier life. Whether you are an SME or larger business the payroll can take valuable hours away from your pressure-filled day. You’re busy and probably have a myriad of other calls on your time. When the task is outsourced, no matter how high the level of business at that time, you don’t have to make any effort towards payroll. Few staff would be calm and accommodating about receiving their salaries on different days each month depending on your availability to complete payroll. Choosing to outsource means no delays, accurate wages, references to benefits and expenses claims and complete security and confidentiality. No risk of a disgruntled workforce and inaccuracy through speed or not remembering to factor in two sick days for A or petrol for B or an eye test paid for by the company for C. Do you really need all that stress?
- You’re an expert at what you do. Dedicate your time to this and allow professionally trained, qualified and efficient payroll specialists to do what they do best, on your behalf. Time for you to focus on other aspects of the business is invaluable and can make a huge impact on company fortunes, whether your aim is to increase market share, win a particular client from a competitor, produce a new range of products or open another outlet, not carrying out the payroll allows your business to thrive not just survive.
- Outsourcing saves money. Comparing the expense of an in-house employee with payroll service soon shows that outsourcing is the most viable option for financial reasons. There are no annual salaries, holidays, sick pay, benefits or expenses to pay your payroll expert. Payroll operations are off site so a desk can be offered to another key player in the team for a beneficial task or if there is no spare desk, at least you can create space by not having another person wandering around or to squeeze into your premises.
- Compliance with current regulations can be incredibly difficult when rules change and your attention is not solely on them and any new payroll measures, tax implications, or benefits shifts from HMRC, central or local government. Meet every deadline with confidence and provide data in a way HMRC prefers by using specialists who understand the game although the rules are constantly changing. Moreover, 2020 has been a confusing time for payroll, between furlough, shielding and lockdowns, don’t tackle that on your own. Get an expert to work out the complicated wrinkles of the Covid-19 financial support schemes. You don’t need guesswork to get you through post Brexit trading either.
- Confidence. Outsourcing to a proven payroll services provider ensures continuity. What happens when an employee goes off sick in-house? Someone else, less experienced and amidst their already increasing workload takes on the task. Co-workers won’t have a universal approach and it’ll take longer to complete payroll, perhaps not as accurately as everyone would wish.
Payroll service providers have the facts and correct measures at their disposal so you know that you’ll have the right answers and practices in place.
