Many SMEs look to outsource their payroll and it’s often due to lack of time and/or little knowledge of compliance and regulation.
As your business grows, so does the demand of admin, day-to-day tasks and managing a workforce. This is enough to keep anyone busy, but throw in a global pandemic and arguably business owner’s hands are very full.
As a result, business owners across the UK are choosing to outsource their payroll as a means to free up their time, allowing them to focus on driving their businesses forward.
There are many benefits to outsourcing your payroll, but here are some of the reasons our clients chose to outsource theirs.
Outsourcing payroll saves time and money
When you’re running a business, your time is precious. The saying “time is money” is never truer than when running a business.
In order to stay profitable you have to decide where your time is best invested, and quite often the answer is at the front leading the business, rather than being bogged down with tasks such as payroll and admin.
Payroll requires a high level of attention to detail and involves managing considerable amounts of data and making calculations – all which are time consuming tasks, with no room for errors.
By outsourcing payroll, you’re able to hand over tasks such as; calculating payroll taxes, payroll enquiries and statutory filling.
Outsourcing payroll means that tasks are completed as and when, rather than hiring someone full time, so you’re only paying for the time required.
Outsourcing payroll helps improve data security
By outsourcing payroll, you’re able to take advantage of outsourced payroll providers secure cloud-based servers and use cutting-edge encryption technology to keep information and employee data protected. So, you won’t be left to rely on your own server security, which requires increasing upkeep and money invested to keep it secure.
By choosing to outsource your payroll you won’t have to invest in costly equipment to keep employee’s financial information secure.
Outsourcing payroll helps to avoid costly mistakes
Employment regulations, data/ compliance requirements and tax legislations tend to change frequently and often require expert knowledge of how they work.
A payroll specialist is required to refresh their knowledge on ever-changing regulation and will prepare your payroll data based on these legal requirements.
Outsourcing your payroll offers you peace of mind that your employees are being paid correctly, your business is meeting compliance on time and correctly and means you’re able to focus on running your business.
If you’d like to discuss how we can support your business, email martyn@cheneypayrollservices.co.uk