It’s a simple step that many business owners can fail to overlook – but outsourcing your payroll is a real time-saver.
When you hand over an essential part of your business, like Payroll, to an external provider, you save money, compliance headaches and, most importantly, your time. It’s a no-brainer for any smart business.
An increasing number of enterprises and small business owners now hand their payroll to a third party. The peace of mind and clarity a fully-managed service will bring to you simply cannot be understated.
Let’s delve into the main ways it can benefit your company.
Streamline your business
Time and money go hand in hand in a business, and can make the difference between an okay operation and a great one.
And when it comes to payroll, it might seem counterintuitive to spend money to get someone else to manage your money. But hear us out.
Processing and managing your money takes hours of your day, and sometimes the efforts of several members of your team, to get right.
As your team grows, so does the amount of time you spend doing payroll. Unless you can employ an in-house payroll specialist, it’s not worth your time to try and do it yourself.
By outsourcing, you save the hassle of calculating taxes or sorting through statutory filings, and get back hours of your day, instead using that time productively to work on your business or support your staff.
Be more secure
You may think that your payroll is more secure because it’s managed by your team, but evidence shows it’s far from the case.
Even if you have a really secure system installed, maintaining these systems is an ongoing job, and needs a full-time attendant to moderate and update them.
A proper outsourced payroll provider will use the latest encryption technology, adhere to the correct protocols, and behave according to industry standards. Your information will be safer.
All payments will be traceable through cloud accounting and electronic payments – giving you peace of mind, and saving you a hatful on expenditure.
Access the best technology
Using the latest cloud-based systems, an outsourced payroll provider will give you access to all your information as quickly as possible, maintaining your data integrity and keeping everything in the right condition for an audit.
Automations are a real benefit – your processing will be optimised, thus providing real accuracy and timeliness to all parts of the process.
You’ll also be able to integrate your system with your HR workflows, and any existing payroll systems, saving time, driving efficiency, and reducing IT and administrative costs.
All your updates will be carried over straight away, saving loads of time for all departments and minimising the chance of an error.
And all this data is now at your fingertips for insight analysis and reporting, making it easier to make decisions quickly and correctly.
No more mistakes
Okay, maybe that’s impossible. Where humans are involved, there are inevitably going to be mistakes.
But by using an outsourced payroll service, you’re getting industry-leading professionals, who are paid specifically to do this job.
They’ll have access to all the latest changes as and when they happen – be that employment regulations, data and compliance requirements or tax legislation.
These areas are complex and prone to change, but with an expert you know you’re in safe hands.
It’s a no-brainer
Outsourcing your payroll means taking your business seriously, and providing your staff with the right security and benefits.
You’ll have your time back to work on your business, get your payroll sorted, and your data secure.
You can’t put a price on real peace of mind, especially in a busy and competitive business world.
If you want to reap the rewards of outsourced PAYE and payroll, get in touch with us today.