How outsourcing your payroll to an accounts team could benefit your business
Payroll is an important but sometimes overlooked process within some businesses and is often seen as a burden by owners and managers.
The ever-changing rules around pensions and rate of pay can make it a minefield for the uninitiated.
That is why outsourcing this complex administrative task to a team of accountants and payroll specialists, alongside a wider outsourced financial function, could save your time and reduce stress within your business.
Here are three common benefits that clients report after outsourcing their payroll:
Save on resources and time
If you are running a small or medium-sized business the likelihood is that you will not have the resources to operate a full-time payroll department, despite the need for regular advice and the accurate administration of employee salaries and pensions.
This is often felt more keenly by fast-growing businesses, with larger teams, who are quite yet at the point of hiring a dedicated professional.
By outsourcing your payroll, the chore of administering your payroll and the fears of being non-compliant can be eliminated. This means you can focus your time and resources on the things that count like growing your operations and winning new work.
The UK has an ever-changing regime of payroll legislation. Fail to get things right and you may not only face a significant fine but your company may be named or shamed or you could even be prosecuted.
By employing an outsourced payroll team or using the services of a wider outsourced finance team will ensure you keep on top of the latest changes and avoid a fine or investigation by HM Revenue & Customs.
As with many outsourced services, by handing over financial functions to others you can tailor the size and level of service you receive to meet your needs.
That means that as your business grows, so can the number of advisors that work with you.
Similarly, should you need to cut back or reduce the service you receive to cut costs or to reflect certain changes within your business then you can do so, without the complexity of having to constantly make staff redundant or hire new experts.
We support a wide range of businesses, both large and small, providing a valued outsourced accountancy service, including assistance with payroll functions. If you would like an initial free consultation to find out how our Outsourced Accounting Services team can help your business, please get in touch by emailing email@example.com or calling 01494 552100.
This blog is for guidance only, professional advice should be obtained before acting on any information contained herein. The information was correct at the time of publishing 24 September 2021.