Many business owners and managers ask whether the benefits of outsourcing payroll management is for them. If you outsource payroll management functions you reduce the risk of the payroll not being processed, increase your ability to manage growth by anticipating the increased payroll responsibilities and keep up with advances in technology and changes in legislation.
Benefits of Outsourcing Payroll Management:
- It frees up time and resources to focus more on your core business.
- It gives you access to more technology and expertise to perform payroll well.
- It reduces costs and risks.
Details of Benefits
- Focus on Your Core Business – Payroll is one of those critical functions that may not directly increase sales but mistakes and delays can be costly in terms of reputation and your bottom line. Payroll issues can distract your focus away from your core business still fall short of regulatory commitments.
- Access to Expertise and Technology – Another reason to outsource is to access expertise and technology which you do not have inhouse. Every year hundreds of new laws and regulations are created or updated and it is critical that your business and payroll reflects and adapts to changes. Hefty fines and rigorous reporting will ensue, and “ignorance” is not a defence against these “over sights”. Businesses rely on technology to operate efficiently and as your company grows more time and investment is required to stay on top of it all.
- Reduction of Costs and Risks – Outsourcing payroll management can also assist with cutting costs and limiting risks. Potential penalties for violating reporting and other requirements will astound most business owners. If you or your payroll staff are not on top of employment legislation, PAYE, national insurance, statutory sick pay, statutory maternity pay, termination etc. you could join thousands of other small businesses in budgetary crisis.
Our payroll management service offers capabilities that go beyond what you can do on your own:
- computer generated payslips
- administration of PAYE, national insurance, statutory sick pay, statutory maternity pay etc.
- completion of statutory forms (including year-end returns)
- summary and analysis of staff costs
- administration of incentive schemes, bonuses and ex-gratia termination payment
If you haven’t considered an outsourced solution before, make this year the year you switch. It will deliver peace of mind for you as the owner, and free up time to focus on your business. Our confidential and comprehensive payroll management service provides peace of mind and removes the risk of penalties for non-compliance.