Benefits of outsourcing your payroll
Payroll is a crucial part of running a business and needs to be carried out correctly. Not just to make sure you are legally compliant, but for the benefit of your biggest assets, your employees. Your employees expect it to be right each and every time.
Payroll’s basic procedures can be difficult and time consuming for those in business. No matter how large or small your organisation, whether you employ a handful of people or an extensive workforce, outsourcing your payroll can help to remove the hassle. Outsourcing payroll can also give employers the opportunity to concentrate on the core business and free up key personnel to work more on strategic tasks that could ultimately affect your bottom line.
Key benefits of outsourcing payroll include:
Save time & money
Outsourcing your payroll is a much cheaper option for managing your payroll needs. If you employ someone in-house to perform the task, this can take extra time and money. Using a company that specialises in payroll means it will take a much shorter amount of time to complete and will free up your staff to focus on other areas of the business.
If you don’t have the time and resources to supervise your business payroll for time and rate abusers and other activities such as identity theft or embezzlement, outsourcing can help to reduce this risk. Payroll service providers have special technologies and procedures in place to help spot and advise clients on fraudulent activity.
Avoid penalties and mistakes
Payroll providers are specialists and can process even the most complex of payrolls accurately without mistakes. Payroll mistakes can be stressful and specialist providers will have knowledge to ensure your taxes are filed correctly and on time.
Outsourcing payroll allows you to benefit from updated and improved software and automation, which if done in-house could add more costs to your business. This will also help to improve both the accuracy and timelessness of your payroll.
Peace of mind
A good payroll provider will go above and beyond what your company can do on its own. An outsourced provider will deliver peace of mind that tasks are performed on time and correctly. Outsourcing your payroll is stress and worry-free. As a business owner you’re left to focus on running your business knowing your payroll and PAYE obligations will be dealt with correctly and efficiently and wages are correct for employees.
In-house payroll activities function as reliably as the people doing the work. With an outsourced payroll service, output, speed and quality won’t vary in accordance with holidays and sickness. With in-house team members, there’s always a risk that you may lose staff that deal with your payroll and all their knowledge. If this happens it can be hard to replace them which can cause problems come payday.
Many payroll services can offer packages to fit around your individual business and payroll requirements. This ensures that you don’t end up paying for something that includes services that you don’t need or misses key features that you do need. They’ll also make sure you receive ongoing support for your employee wages and taxes.
Sometimes businesses prefer to outsource payroll, so wages remain confidential. Utilising an outsourced payroll company will maintain privacy and confidentiality throughout your organisation.
Wages need to be submitted with the correct tax, pensions, national insurance contributions and other appropriate deductions such as student loans, so it is imperative that this is done correctly to avoid costly mistakes for both the company and employee.
At Langricks we can help businesses with their outsourcing core functions such as PAYE, Payslips, tax, pension contributions and running payroll. Our experienced payroll team are here to make life easier for you by offering bespoke payroll services built around your needs.