As a business owner, you’ll already be contending with a mountain of paperwork even before you factor in your payroll obligations.
The good news is that you don’t need to tough it out alone; outsourcing your payroll will help you pay your employees on time while you can focus on the broader aspects of your business.
Keep reading to learn more about the benefits of outsourcing your payroll.
Gain back some time
Carrying out your weekly, fortnightly and monthly payroll is no small task; even if you have a small team, the calculations and deductions alone can take up a considerable chunk of your day.
Then, after you’ve finally sent off your staff’s payslips, you still have to fill out a PAYE submission and send it to HMRC. Sounds like a lot, doesn’t it?
Outsourcing could be the solution. By handing over your payroll to an external professional, you can reduce your admin hours and repurpose that time to focus on the more pressing tasks on your to-do list.
Save some money
Although paying for an outsourced payroll officer sounds expensive, it can actually be cheaper than hiring an in-house professional.
After all, if you hire an extra team member to carry out your payroll, you would have to account for recruitment and training costs, as well as an ongoing salary.
Outsourcing, on the other hand, means paying for the service as and when you actually need it — rather than a salary for someone who might not be essential all the time. Plus, you won’t have to worry about things like benefits and National Insurance contributions.
Accuracy and efficiency
It’s essential for your payroll to be correct, not only to reward your employees for all their hard work and to fulfil your promise to pay, but also to keep compliant with HMRC’s regulations.
When you have to keep so many plates spinning, it’s difficult to comb through your paperwork and ensure everything is in order. Unfortunately, if something were to go wrong, resulting in under— or late payment, that can be detrimental to your employees and your reputation as an employer.
Furthermore, if your deductions are incorrect, HMRC may query your PAYE returns, chasing you for any outstanding NICs. And of course, if you overpay employees, that can hurt your finances and potentially cause tensions if you try to go back on the payment.
Rather than risk any of this, you can outsource your payroll to a specialist. They’ll have an eye for detail, not to mention years of experience carrying out the same process for other clients.
That means your staff will receive their pay on schedule and HMRC will have your PAYE reports on time, every time.
The risks of running payroll in-house goes beyond making errors; there’s always the chance of employee-fraud, embezzlement and data breaches.
Your outsourced firm, however, will use the latest and most secure software available, all stored on private servers and locked behind firewalls to keep your data safe.
They’ll also use electronic payment methods, which can track any transaction should something go awry, and help you protect against fraud.
Let us handle it
As your payroll is so integral to your business, it’s worth doing everything you can to avoid error, mistakes and fraud. The surest way of doing that is to outsource your payroll to a specialist.
At Stapletons, we specialise in payroll and are happy to work with you. We’ll take care of your payroll so your employees are paid accurately and so you can focus on the core functions of your business without getting sidetracked by admin.
Get in touch to discuss our payroll services.