Payroll is a crucial task for any business with staff, but is also time-consuming and frustrating if it isn’t your natural job. Trying to get the hang of all of the elements of payroll can take a lot of time and leave employees frustrated and worn out. But there is a simple solution to the problem – outsourcing payroll to an expert.
Save staff time
One of the biggest reasons that businesses are outsourcing tasks such as payroll is that it can save staff time. If you have employed someone for a role that isn’t to carry out full-time payroll for your business, then time spent doing payroll is taking them away from their core duties. This means you then need to have these core tasks handled by someone else and has a knock-on effect throughout the whole business.
However, if you outsource payroll to an expert, your staff member is then free to do the job they have been employed to do. They are concentrating their work efforts on the core elements of their role while an expert outside the business handles the task of payroll.
Unless you are a trained payroll expert and handle these tasks all the time, it is easy for things to go wrong. Payroll, like many areas of finance, is constantly changing in terms of the rules and regulations governing it, the software used and the industry best practices. An expert in payroll will deal with little else and will be adept in all of these areas whereas a staff member asked to do your payroll in addition to other jobs will not be. Inaccuracies in payroll can lead to a host of problems such as staff wages being incorrect, tax and national insurance amounts being wrong and many more issues.
The cost of hiring someone part-time or full-time to handle payroll within the business can be a large investment and one you might not even need. There may not be enough work for even a part-time payroll manager, but you still need to pay their wages. By outsourcing only for the tasks you require, when they are needed, you can save your business money. There are even additional cost savings – you don’t need dedicated software, a secure server to store information and you don’t risk penalties from HMRC for late or inaccurate information.
Catch payroll problems
For bigger businesses, payroll can be a complex matter and there are issues that can be overlooked by someone who isn’t experienced. By outsourcing your payroll you know that experienced payroll professionals are looking after the payment of your employees.
Payroll outsourcing can make for happier staff as they do their jobs and don’t try to manage something they aren’t trained in. In the long run, it is more efficient and cost-effective for businesses of any size. For help with outsourcing your payroll get in touch with us using the details below.